Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

Share-based Compensation [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Company recognizes stock-based compensation in accordance with the provisions of ASC Topic 718, Compensation-Stock Based Compensation. Stock-based compensation expense was $1,003 and $1,082 for the three months ended March 31, 2014 and March 31, 2013, respectively. As of March 31, 2014, there was $2,237 of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.13 years. As of March 31, 2014, there was $5,414 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 3.19 years.

The Company granted 225 and 226 restricted stock awards to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan during the three months ended March 31, 2014 and 2013, respectively. The restricted stock awards vest ratably over four years from the date of grant subject to the recipient remaining employed through the applicable vesting dates. Compensation expense for restricted stock awards is measured at fair value on the date of grant based on the number of shares granted and the quoted market closing price of the Company’s common stock. Such value is recognized as expense over the vesting period of the award, net of estimated forfeitures.

There were no stock options granted to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan during the three months ended March 31, 2014 and 2013.