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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2014
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | NOTE 3 - STOCK-BASED COMPENSATION Employee Stock Purchase Plan Under the Company’s Employee Stock Purchase Plan (“ESPP”), employees are able to acquire shares of common stock at 90% of the price at the end of each current quarterly plan term. The most recent term ended March 31, 2014. The ESPP is considered compensatory under current Internal Revenue Service rules. At March 31, 2014, after giving effect to the shares issued as of that date, 32,434 shares remain available for purchase under the ESPP. 2011 Executive Incentive Compensation Plan On March 28, 2011 the Board adopted and on May 19, 2011 the Company’s shareholders approved the Company’s 2011 Executive Incentive Compensation Plan (“2011 Incentive Plan”). The 2011 Incentive Plan authorizes incentive awards to officers, key employees and non-employee directors in the form of options (incentive and non-qualified), stock appreciation rights, restricted stock, restricted stock units, performance stock units (“deferred stock”), performance cash units, and other awards in stock, cash, or a combination of stock and cash. Up to 1,000,000 shares of our common stock may be issued pursuant to awards under the 2011 Incentive Plan. During 2014, stock options covering 134,271 shares were awarded to key executive employees, which options expire seven years from the date of award and vest 25% each year beginning one year after the date of award. The Company also granted deferred stock awards of 43,330 shares to key employees during 2014 under the Company’s long-term incentive plan that vest over three years with the first vesting period at March 28, 2015. At March 31, 2014, 456,212 shares remained available for future issuance under the 2011 Incentive Plan. Stock Option Plan for Directors Shares of common stock are reserved for issuance to non-employee directors under options granted by the Company prior to 2011 under its Stock Option Plan for Non-Employee Directors (the “Director Plan”). Under the Director Plan nonqualified stock options to acquire shares of common stock were automatically granted to each non-employee director concurrent with annual meetings of shareholders in 2010 and earlier years, with t he exercise price of options granted being the fair market value of the common stock on the date of the respective shareholder meetings. Options granted under the Director Plan expire 10 years from date of grant. No options were granted under the Director Plan in 201 3 or 201 4. The Director Plan was amended as of May 19, 2011 to prohibit option grants in 2011 and future years. 1992 Stock Plan Under the Company’s 1992 Stock Plan (“the Stock Plan”), shares of common stock may be issued pursuant to stock options, restricted stock or deferred stock grants to officers and key employees. Exercise prices of stock options under the Stock Plan cannot be less than fair market value of the stock on the date of grant. Rules and conditions governing awards of stock options, restricted stock and deferred stock are determined by the Compensation Committee of the Board of Directors, subject to certain limitations in the Stock Plan. When seeking approval of the 2011 Incentive Plan at the 2011 Annual Meeting of Shareholders, the Company committed to amending the Stock Plan to prohibit the issuance of future equity awards if such approval was given. Effective August 11, 2011, the amendment to prohibit future stock options or other equity awards was approved by the Board. At March 31, 2014, after reserving for stock options and deferred stock awards granted in prior years and adjusting for forfeitures and issuances during the year, there were 60,598 shares reserved for issuance under the Stock Plan. The Company has not awarded stock options or deferred stock under this plan in 201 4. Changes in Stock Options Outstanding The following table summarizes changes in the number of outstanding stock options under the 2011 Incentive Plan, the Director Plan and Stock Plan over the period December 31, 2013 to March 31, 2014:
|  |  | Weighted average |  | Weighted average
|  |  | exercise price |  | remaining
| Options |  | per share |  | contractual term
Outstanding – December 31, 2013 | 309,439 |  | $ |  | 11.66 |  | 4.13
Awarded | 134,271 |  |  |  | 12.97 |  |
Exercised | - |  |  |  | - |  |
Forfeited | (20,293) |  |  |  | 13.78 |  |
Outstanding – March 31, 2014 | 423,417 |  |  |  | 11.97 |  | 4.84
Excercisable at March 31, 2014 | 235,135 |  | $ |  | 11.57 |  | 3.45
Expected to vest March 31, 2014 | 423,417 |  |  |  | 11.97 |  | 4.84
The aggregate intrinsic value of all options (the amount by which the market price of the stock on the last day of the period exceeded the market price of the stock on the date of grant) outstanding at March 31, 2014 was $480,000. The intrinsic value of all options exercised during the three months ended March 31, 2014 was $0. Net cash proceeds from the exercise of all stock options were $0 and $0 for the three months ended March 31, 2014 and 2013, respectively. Changes in Deferred Stock Outstanding The following table summarizes the changes in the number of deferred stock shares under the Stock Plan and 2011 Incentive Plan over the period December 31, 2013 to March 31, 2014:
|  |  |  |  | Weighted Average
|  |  |  |  | Grant Date
|  |  | Shares |  | Fair Value
Outstanding – December 31, 2013 |  |  | 200,140 |  | $ | 11.47
Granted |  |  | 47,330 |  |  | 12.53
Vested |  |  | (11,254) |  |  | 15.15
Forfeited |  |  | (7,136) |  |  | 10.99
Outstanding – March 31, 2014 |  |  | 229,080 |  |  | 11.53
Changes in Restricted Stock Units Outstanding The following table summarizes the changes in the number of restricted stock units under the 2011 Incentive Plan over the period December 31, 2013 to March 31, 2014:
|  |  |  |  | Weighted Average
|  |  |  |  | Grant Date
|  |  | Shares |  | Fair Value
Outstanding – December 31, 2013 |  |  | 53,193 |  | $ | 10.44
Granted |  |  | - |  |  | -
Vested |  |  | - |  |  | -
Forfeited |  |  | - |  |  | -
Outstanding – March 31, 2014 |  |  | 53,193 |  |  | 10.44
Compensation Expense Share-based compensation expense recognized for the three-month period ended March 31, 2014 was $48,000 before income taxes and $31,000 after income taxes. Share-based compensation expense recognized for the three-month period ended March 31, 2013 was $177,000 before income taxes and $115,000 after income taxes. Unrecognized compensation expense for the Company’s plans was $1,010,000 at March 31, 2014 and is expected to be recognized over a weighted-average period of 3.2 years. Excess tax benefits from the exercise of stock options and issuance of stock included in financing cash flows for the three month periods ended March 31, 2014 and 2013 were $ (9,000) and $0, respectively. Share-based compensation expense is recorded as a part of selling, general and administrative expenses.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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