Stock-Based Compensation

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

8.	STOCK-BASED COMPENSATION

The Company has one stock-based compensation plan, the 2005 Stock Incentive Plan (the “Plan”). The Plan is administered by the Compensation Committee of the Company’s Board of Directors. Stock-based compensation is granted to officers, directors and certain key employees in accordance with the provisions of the Plan. The Plan provides for grants of stock options, stock appreciation rights (“SARs”), restricted stock and performance share awards. As of June 30, 2013, the total aggregate number of shares of the Company’s common stock that may be issued under the Plan is 3,150,000.

The fair value of each SAR is estimated on the date of grant using a Black-Scholes option-pricing formula. For SARs issued in the six months ended June 30, 2013 and 2012, respectively, the assumptions shown in the following table were used:


	Six Months Ended June 30,
	2013			2012
Weighted-average fair value of grants	$	23.35		$	14.01
Dividend yield		0	%		0	%
Average risk-free interest rate		0.7	%		0.8	%
Expected term (years)		5			5
Expected volatility		64	%		66	%

The following table summarizes the Company’s stock-based compensation grants for the six months ended June 30, 2013:


	Stock Awards Granted		Weighted-Average Grant Price Per Share
Stock appreciation rights		60,306	$	43.87
Restricted stock		39,660	$	43.88

The following table summarizes the Company’s stock-based compensation expense for the three and six months ended June 30, 2013 and 2012 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Stock appreciation rights	$	307	$	418	$	638	$	720
Restricted stock		586		530		1,123		933
Employee stock purchase plan		9		9		36		40

Total stock-based compensation	$	902	$	957	$	1,797	$	1,693

Total unrecognized compensation cost related to unvested awards as of June 30, 2013 was $6.7 million. The cost of these unvested awards is being recognized over the requisite vesting period of each award.

- 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.

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