LONG-TERM STOCK INCENTIVE PLAN

12 Months Ended

Dec. 31, 2013

LONG-TERM STOCK INCENTIVE PLAN

14.     LONG-TERM STOCK INCENTIVE PLAN

The Company adopted the 2010 Equity Incentive Plan, which authorizes the Compensation Committee of the Board of Directors to grant options, stock appreciation rights, dividend equivalent rights, or other share-based awards, including restricted shares up to an aggregate of 25,000,000 shares, subject to adjustments as provided in the 2010 Equity Incentive Plan.   The Company had previously adopted a long term stock incentive plan for executive officers, key employees and non-employee directors (the Prior Plan).  The Prior Plan authorized the Compensation Committee of the Board of Directors to grant awards, including non-qualified options as well as incentive stock options as defined under Section 422 of the Code.  The Prior Plan authorized the granting of options or other awards for an aggregate of the greater of 500,000 shares or 9.5% of the diluted outstanding shares of the Company’s common stock, up to a ceiling of 8,932,921 shares.  No further awards will be made under the Prior Plan, although existing awards remain effective.

Stock options were issued at the market price on the date of grant, subject to an immediate or four year vesting in four equal installments with a contractual term of 5 or 10 years. 

The Company has issued and outstanding the following stock options as of December 31, 2013 and 2012:

	For the Years Ended
	December 31, 2013					December 31, 2012
	Number of Shares			Weighted Average Exercise Price		Number of Shares			Weighted Average Exercise Price
Options outstanding at the beginning of year		5,618,686		$	15.74		6,216,805		$	15.57
Granted		-			-		7,500			17.11
Exercised		(166,375	)		13.25		(603,169	)		13.98
Forfeited		(1,513,934	)		16.22		(2,450	)		16.15
Expired		(356,625	)		17.91		-			-
Options outstanding at the end of period		3,581,752		$	15.44		5,618,686		$	15.74
Options exercisable at the end of the period		3,581,752		$	15.44		4,988,124		$	16.06

The weighted average remaining contractual term was approximately 3.8 years for stock options outstanding and exercisable as of December 31, 2013. As of December 31, 2013, there was no unrecognized compensation cost related to nonvested share-based compensation awards.

The weighted average remaining contractual term was approximately 4.3 years for stock options outstanding and approximately 4.0 years for stock options exercisable as of December 31, 2012.  As of December 31, 2012, there was approximately $0.7 million of total unrecognized compensation cost related to nonvested share-based compensation awards.