STOCK-BASED AWARDS

Stock Option Awards

Our board of directors adopted the 2005 Equity Incentive Plan and it was most recently amended and restated and re-approved by the stockholders on May 3, 2012 (as so amended and restated, the "Plan"). Under the Plan, the board of directors may issue incentive stock options to employees and directors of the Company and non-qualified stock options to consultants, as well as restricted stock units and other types of equity awards of the Company. Options granted under this Plan generally expire at the end of ten years and vest on a straight line basis in accordance with a vesting schedule determined by our board of directors, usually over four years from the grant date. We did not grant any options during the years ended December 31, 2013, 2012 and 2011. At December 31, 2013, 2.8 million shares of stock remained available for future grants under the Plan. We settle stock option exercises with newly issued common shares.

The following is a summary of stock option activity (in thousands, except per share data):



	2013				2012				2011
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding—beginning of year	364		$	17.34	405		$	17.58	496		$	18.09
Exercised	(89	)	17.45		—		—		—		—
Expired/Forfeited	(2	)	17.08		(41	)	20.06		(91	)	20.55
Outstanding—end of year	273		$	17.30	364		$	17.34	405		$	17.58
Options exercisable at year-end	273		$	17.30	364		$	17.34	404		$	17.59

The following table summarizes information about stock options as of December 31, 2013 (in thousands, except per share data):



Options Outstanding						Options Exercisable
Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Life	Aggregate Intrinsic Value		Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Life	Aggregate Intrinsic Value
273	$	17.30	3.11	$	3,695	273	$	17.30	3.11	$	3,695

Stock options vest over four years at 28% at the end of the first year and 2% each month thereafter. During the years ended December 31, 2013, 2012 and 2011, we recorded stock based compensation related to stock options of $0, $3,000 and $200,000, respectively.

Total unrecognized compensation costs related to nonvested stock option awards was approximately $0, $0 and $3,000 as of December 31, 2012, 2012 and 2011, respectively.

The aggregate intrinsic value in the table above represents the total pretax intrinsic value, based on our stock price of $30.79 as of December 31, 2013, which would have been received by the option holders had all option holders exercised their options as of that date.

The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $728,000, $0, and $0, respectively. The total cash received from employees as a result of employee stock option exercises during the years ended December 31, 2013, 2012 and 2011 were approximately $1.6 million, $0, and $0, respectively. In connection with these exercises, there was no tax benefit realized due to our net operating loss position.

Restricted Stock Awards

For the years ended December 31, 2013, 2012 and 2011, we granted 275,000, 795,000 and 268,000 restricted stock units, respectively. The cost of restricted stock units is determined using the fair value of our common stock on the date of the grant and we recognize compensation expense over the three year vesting schedule on a straight line basis or on an accelerated schedule when vesting of restricted stock awards exceeds a straight line basis. The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2013, 2012 and 2011 was $16.12, $6.75 and $15.47, respectively.

The following table summarizes restricted stock award activity (in thousands):



	2013				2012				2011
	Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Outstanding—beginning of year	1,003		$	8.81	522		$	13.40	685		$	12.08
Granted at fair value	275		16.12		795		6.75		268		15.47
Vested	(339	)	10.23		(240	)	12.11		(318	)	12.20
Forfeited	(235	)	9.38		(74	)	8.25		(113	)	13.88
Outstanding—end of year	704		$	10.79	1,003		$	8.81	522		$	13.40

Restricted stock units granted in 2013 vest over three years at 40% at the end of the first year, 30% at the end of the second year and 30% at the end of the third year. Restricted stock units granted in or prior to 2012 vest over three years at 25% at the end of the first year, 25% at the end of the second year and 50% at the end of the third year. Each restricted stock unit represents the right to one share of common stock upon vesting. During the years ended December 31, 2013, 2012 and 2011, we recorded stock based compensation related to restricted stock units of $3.3 million, $3.5 million and $2.8 million, respectively. Changes to the estimated forfeiture rate are accounted for as a cumulative effect of change in the period of such change.

Subsequent to 2013, we granted 232,000 additional restricted stock units. These restricted stock units vest over three years at 33.3% at the end of each of the first, second and third years.