Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

Assumptions of Estimated Fair Value of Options

We used the following weighted average assumptions in estimating the fair values of the options granted in the periods indicated below:


	Nine Months Ended September 30,
	2014			2013
Stock Incentive Plans:
Expected volatility		56.7	%		66.0	%
Risk-free interest rate		2.39	%		2.64	%
Expected dividend yields		N/A			N/A
Expected lives		10 years			10 years

Summary of Stock Option Activity

The following tables summarize stock option activity during the nine month period ended September 30, 2014:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Average Intrinsic Value
Outstanding as of January 1, 2014		279,000		$	3.31
Granted		8,000			3.30
Exercised		(140,000	)		1.13
Forfeited		(28,000	)		6.34

Outstanding as of September 30, 2014		119,000		$	5.16		4.2 years	$	22,000

Exercisable as of September 30, 2014		111,000		$	5.29		3.7 years	$	22,000

Options vested and expected (as of September 30, 2014) to vest in the future		119,000		$	5.16		4.2 years	$	22,000

Summary of Share Based Compensation Option Unvested

A summary of the status of the Company’s unvested options as of September 30, 2014 and changes during the nine month period ended September 30, 2014 is presented below:


	Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2014		10,000		$	2.77
Granted		8,000			3.23
Vested		(10,000	)		2.77
Forfeited		—			—

Unvested as of September 30, 2014		8,000		$	3.23

Summary of Restricted Share Activity

A summary of the status of the Company’s restricted share activity follows:


	Shares			Weighted Average Grant Date Fair Value
Unvested restricted shares outstanding as of January 1, 2014		318,600		$	3.27
Granted		164,500			3.66
Vested		(103,503	)		(3.44	)
Forfeited		—			—

Unvested as of September 30, 2014		379,657		$	3.40