9. STOCK AND INCENTIVE COMPENSATION PLANS

EVA Incentive Compensation Plan

The Company’s EVA Incentive Compensation Plan is intended to maximize shareholder value by aligning management’s interests with those of shareholders by rewarding management for sustainable and continuous improvement in operating results. The Company recorded $0.8 million, $1.3 million and $0.4 million in expense related to this plan in the years ended December 31, 2013, 2012 and 2011, respectively.

2005 Executive Incentive Compensation Plan

Under the Company’s 2005 Executive Incentive Compensation Plan, which was adopted in 2005 and subsequently amended in 2007, 2009, and 2012 (“2005 Plan”), incentive awards of up to 6,125,000 shares of common stock may be granted. In addition, upon adoption of this plan, no further awards may be issued under either the 1999 Stock Incentive Plan or the 2001 Stock Incentive Plan; however, shares forfeited under those plans are available for subsequent issuance under this 2005 Plan. The 2005 Plan allows the Company to grant awards to key employees, including restricted stock awards and stock options, subject primarily to the requirement of continued employment. The awards for the 2005 Plan are available for grant over a ten-year period unless terminated earlier by the Board of Directors. No options were issued in 2013, 2012 or 2011. The Company granted 570,680, 970,250, and 1,149,750 shares of restricted stock in 2013, 2012, and 2011, respectively. No monetary consideration is paid to the company by employees who receive restricted stock. The restricted shares vest ratably over three years. Restricted stock can be granted with or without performance restrictions.

2005 Non-Employee Directors’ Restricted Stock Plan

Under the Company’s 2005 Non-Employee Directors’ Restricted Stock Plan, which was adopted in 2005 and subsequently amended in 2007, 2009, and 2012, incentive awards of up to 575,000 shares of common stock may be granted. The awards for this plan are available for grant over a ten-year period unless terminated earlier by the Board of Directors. The Company granted 34,818, 78,064, and 52,500 restricted stock units in 2013, 2012, and 2011, respectively. These grants vest approximately one year later on the date of the following annual shareholders’ meeting.

Accounting For Stock-Based Compensation

The Company recognized approximately $1.0 million, $0.8 million, and $0.5 million in non-cash stock compensation expense for restricted stock awards in 2013, 2012 and 2011, respectively.

At December 31, 2013, the Company had 2,062,273 shares available under all of the stock compensation plans. On January 28, 2014, the Company issued 456,253 restricted shares.

Stock Options

The fair value of each option award is estimated as of the date of grant using the Black-Scholes option pricing model. The Company has not granted stock options in 2013, 2012 or 2011.

The following table summarizes the stock option transactions pursuant to the Company’s stock incentive plans for the three years ended December 31, 2013:


	Shares (000’s)			Weighted Average Exercise Price Per Share		Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (000’s)		Average Remaining Vesting Period (months)		Unrecognized Compensation Expense (000’s)
Options Outstanding at January 1, 2011		251		$	7.81
Granted		—			—
Exercised		—			—
Forfeited		(40	)		4.34

Options Outstanding at December 31, 2011		211			8.47
Granted		—			—
Exercised		—			—
Forfeited		(6	)		9.13

Options Outstanding at December 31, 2012		205			8.46
Granted		—			—
Exercised		—			—
Forfeited		(18	)		9.01

Options Outstanding at December 31, 2013		187		$	8.40		1.2		—		—	$	—

Exercisable at December 31, 2013		187		$	8.40		1.2		—		N/A		N/A

The following table summarizes information about stock options outstanding at December 31, 2013:


	OPTIONS OUTSTANDING						OPTIONS EXERCISABLE
Range of Exercise Price	Number Outstanding (000’s)		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable (000’s)		Weighted Average Exercise Price
$7.23		76		0.3	$	7.23		76	$	7.23
$8.78		71		2.1		8.78		71		8.78
$9.12		5		1.6		9.12		5		9.12
$10.09		35		1.3		10.09		35		10.09

Total		187		1.2	$	8.40		187	$	8.40

Restricted Stock and Restricted Stock Units

Restricted stock grants are recorded as unearned compensation on the date of grant in additional paid in capital at fair market value. The unearned compensation is being amortized to expense over the respective vesting periods.

The following summary presents the information regarding the restricted stock and restricted stock units for the three years ended December 31, 2013:


	Shares (000’s)			Weighted Average Grant Date Fair Value		Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (000’s)		Average Remaining Vesting Period (months)		Unrecognized Compensation Expense (000’s)
Outstanding at January 1, 2011		1,420		$	1.09
Granted		1,202			0.75
Restricted stock vested		(568	)		1.21
Forfeited		(17	)		1.37

Outstanding at December 31, 2011		2,037			0.85
Granted		1,048			0.87
Restricted stock vested		(854	)		0.71
Forfeited		(65	)		0.71

Outstanding at December 31, 2012		2,166			0.92
Granted		605			2.35
Restricted stock vested		(947	)		0.75
Forfeited		(16	)		1.09

Outstanding at December 31, 2013		1,808		$	1.48		8.1	$	6,946		7.6	$	1,314

Restricted stock units vested at December 31, 2013		208		$	2.28		6.4	$	803		N/A		N/A