11.	EQUITY INSTRUMENTS

Equity Incentive Plans

The Company has three equity incentive plans: the 1999 Equity Incentive Plan, the 2000 Equity Incentive Plan and the Amended and Restated 2008 Long-Term Incentive Plan (collectively, the “Equity Incentive Plans”). The Amended and Restated 2008 Long-Term Incentive Plan is currently the only plan under which new awards may be granted. Under that plan, a variety of equity instruments can be granted to key employees and directors including incentive and nonqualified stock options to purchase shares of the Company’s common stock, restricted stock, restricted stock units or shares of common stock. The 1999 Equity Incentive Plan, the 2000 Equity Incentive Plan and the Amended and Restated 2008 Long-Term Incentive Plan authorize up to 1,000, 5,600 and 5,400 shares of common stock, respectively, for issuance. At December 31, 2015, the Amended and Restated 2008 Long-Term Incentive Plan had 1,476 shares available for grant.

Under each of the plans, the Board of Directors determines the term of each award, but no award can be exercisable more than 10 years from the date the award is granted. The stock options issued under the Equity Incentive Plans generally expire between seven and 10 years from the grant date. The Board also determines the vesting provisions of all awards and the exercise price per share of stock options issued under the plans, which is the fair market value at date of grant. Awards issued to employees generally vest over terms ranging from two to four years.

The following table summarizes the Company’s stock option activity for 2013, 2014 and 2015:

	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Outstanding, January 1, 2013		634		$	11.92
Granted		536		$	8.68
Exercised		(1	)	$	0.58
Forfeited/expired		(375	)	$	13.70
Outstanding, December 31, 2013		794		$	8.91
Granted		179		$	14.95
Exercised		(32	)	$	9.60
Forfeited/expired		(49	)	$	11.16
Outstanding, December 31, 2014		892		$	9.97
Granted		194		$	19.82
Exercised		(335	)	$	9.50
Forfeited/expired		(25	)	$	16.54
Outstanding, December 31, 2015		726		$	12.60		4.92	$	6,563
Exercisable at December 31, 2015		131		$	8.56		4.21	$	1,709
Expected to vest at December 31, 2015		712		$	12.60		4.92	$	6,432

In 2015, 2014 and 2013, the Company recorded compensation expense of $647, $426 and $382, respectively, for stock option awards. The weighted-average grant date fair value of stock options granted in 2015, 2014 and 2013 was $5.18, $3.88 and $1.61, respectively. The total intrinsic value of stock options exercised in 2015, 2014 and 2013 was $5,520, $219 and $7, respectively.

The fair value of each stock option was estimated on the date of grant using the Black-Scholes option pricing model and the following weighted average assumptions:

	2015			2014			2013
Expected dividend yield		3.48	%		4.58	%		7.78	%
Expected volatility		40.81	%		43.76	%		44.08	%
Risk-free interest rate		1.55	%		1.62	%		0.79	%
Expected life (in years)		4.42			4.75			4.71

In 2015, 2014 and 2013, the Company authorized the issuance of 22, 27 and 50 fully vested shares of common stock, respectively, as compensation to the Board of Directors resulting in compensation expense of $509, $455 and $455, respectively. In addition, in 2014, the Company issued 2 shares of common stock to consultants for services. No shares were issued to consultants during 2015 or 2013, although certain shares issued in 2012 vested during 2013 resulting in expense upon vesting. Costs recognized for shares issued to non-employees for services were $30 and $195 in 2014 and 2013, respectively. No expense was recognized in 2015.

The Company has issued restricted stock to employees generally with vesting terms ranging from two to four years. The fair value is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes the restricted stock activity for 2013, 2014 and 2015:

	Number of Shares			Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value
Nonvested, January 1, 2013		830		$	13.71
Granted		312		$	8.84
Vested		(293	)	$	12.72
Forfeited		(163	)	$	12.64
Nonvested, December 31, 2013		686		$	12.17
Granted		116		$	14.99
Vested		(303	)	$	11.31
Forfeited		(77	)	$	12.21
Nonvested, December 31, 2014		422		$	13.56
Granted		89		$	19.72
Vested		(183	)	$	11.30
Forfeited		(52	)	$	13.51
Nonvested, December 31, 2015		276		$	17.05	$	5,958

Additionally, the Company grants performance-based stock units. The performance-based units have performance conditions and service-based vesting conditions. Each vesting tranche is treated as an individual award and the compensation expense is recognized on a straight-line basis over the requisite service period for each tranche. The requisite service period is a combination of the performance period and the subsequent vesting period based on continued service. The level of achievement of such goals may cause the actual amount of units that ultimately vest to range from 0% to 200% of the original units granted. The Company recognizes expense ratably over the vesting period for performance-based restricted stock units when it is probable that the performance criteria specified will be achieved. The fair value is equal to the market price of the Company’s common stock on the date of grant.

The following table summarizes the restricted stock unit activity:

	Number of Restricted Stock Units			Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value
Nonvested, January 1, 2013		133		$	11.76
Granted		162		$	8.68
Performance factor adjustment		(1	)	$	10.70
Vested		(34	)	$	17.53
Forfeited		(29	)	$	12.01
Nonvested, December 31, 2013		231		$	8.74
Granted		93		$	14.95
Performance factor adjustment		76		$	8.60
Vested		(24	)	$	14.72
Forfeited		(10	)	$	11.69
Nonvested, December 31, 2014		366		$	9.81
Granted		123		$	19.28
Performance factor adjustment		62		$	12.48
Vested		(237	)	$	8.64
Forfeited		(1	)	$	16.67
Nonvested, December 31, 2015		313		$	14.92	$	6,771

The Company recorded compensation expense of $4,312, $4,740 and $4,800 in the accompanying consolidated statements of operations for 2015, 2014 and 2013, respectively, in connection with the restricted stock and restricted stock units. As of December 31, 2015, the Company expects 264 shares of restricted stock and 308 restricted stock units to vest.

The Company recognized a decrease/(increase) in taxes payable of $2,750, $(68) and $(203) in 2015, 2014 and 2013, respectively, from the exercise of certain stock options and restricted stock and payment of certain dividends and recorded these amounts as decreases and increases to additional paid-in capital in the accompanying consolidated statements of stockholders’ equity.

As of December 31, 2015, there was $5,714 of total unrecognized compensation expense related to unvested share-based compensation arrangements, which is expected to be recognized over a weighted-average period of 1.1 years. The total unrecognized compensation expense will be fully charged to expense through the fourth quarter of 2018.