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STOCK OPTION PLAN (Tables)

12 Months Ended

Dec. 31, 2014

A summary of changes in stock options outstanding during the year ended December 31, 2014, is as follows:

	2014
	Numberof Options (in thousands)			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Outstanding at beginning of year		188		$	14.29
Granted		95		$	18.17
Exercised		(16	)	$	5.56
Forfeited or expired		(18	)	$	9.14
Outstanding at end of year		249		$	16.71		7.4		2,474
Options exercisable at year end		129		$	19.46		6.1		4,138

Assumptions used to calculate compensation expense and fair value of stock options granted

The following assumptions were used to calculate the compensation expense and the calculated fair value of stock options granted each year:

	2014			2013
Dividend yield:		—	⁽¹⁾		—	⁽¹⁾
Risk-free interest rate:		1.3 - 1.5	%		0.7 - 1.4	%
Expected market price volatility:		77.1 – 80.5	%		80.3 – 82.3	%
Average expected life of stock options:	4.5 years			4.5 years

⁽¹⁾ The Company declared no dividends in 2014 or 2013.

Share-based compensation expense

The Company recorded the following amounts related to the expense of the fair values of options during the years ended December 31, 2014 and 2013 (in thousands):

	2014			2013
Selling, general and administrative expenses and income from operations before income taxes	$	512		$	173
Benefit for income taxes		(137	)		(33	)
Effect on net income	$	375		$	140

Unrecognized compensation cost

As of December 31, 2014, the Company had approximately $0.6 million of total unrecognized compensation expense related to stock options currently outstanding, to be recognized in future years, ending December 31,

as follows (in thousands):

	Total gross unrecognized compensation expense		Total tax benefit associated with unrecognized compensation expense		Total net unrecognized compensation expense
2015	$	425	$	82	$	343
2016		225		18		207
2017		69		—		69
	$	719	$	100	$	619