Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock-Based Compensation

Stock Options

The Company did not grant stock options during the three months ended June 30, 2014. During the six months ended June 30, 2014, the Company granted 15,000 time-based stock options, which vest in equal amounts on each of the four anniversaries of the grant date. The following table presents the Company's time-based and performance-based stock option activity for the current period:

	Time-Based								Performance-Based
	Options Outstanding		Weighted Average Exercise Price (in dollars per share)		Options Exercisable		Weighted Average Exercise Price (in dollars per share)		Options Outstanding	Weighted Average Exercise Price (in dollars per share)		Options Exercisable	Weighted Average Exercise Price (in dollars per share)
Balance, December 31, 2013	1,930,407		$	4.22	1,806,251		$	3.98	289,306	$	8.46	—	$	—
Granted	15,000		8.27		—		—		—	—		—	—
Vested	—		—		3,125		2.81		—	—		—	—
Exercised	(391,389	)	3.10		(391,389	)	3.10		—	—		—	—
Canceled/forfeited	(74,176	)	7.90		(74,176	)	7.90		—	—		—	—
Balance, June 30, 2014	1,479,842		$	4.37	1,343,811		$	4.02	289,306	$	8.46	—	$	—
Weighted average remaining contractual term at June 30, 2014 (in years)	3.5				3.0				8.3			—

The following table presents the weighted average assumptions used to estimate the fair values of all stock options granted during the six months ended June 30, 2014:

	Assumptions
Expected term (years)	6.25
Expected volatility	33.83	%
Expected dividends	—	%
Risk-free rate	2.19	%

Restricted Stock Awards

The Company granted 9,944 time-based restricted stock awards during the three months ended June 30, 2014, which vest in equal amounts on each of the three anniversaries of the grant date. During the six months ended June 30, 2014, the Company also granted 30,000 time-based restricted stock awards to its Chief Executive Officer and 75,000 time-based restricted stock awards, equally distributed to five of its Directors. These awards will vest in equal amounts on each of the three anniversaries of the grant date.

The following table presents the Company's time-based and performance-based restricted stock award activity for the current period:

	Time-Based				Performance-Based
	Shares		Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Balance at December 31, 2013	139,680		$	8.59	130,629	$	10.20
Grants	114,944		7.24		—	—
Vests	(45,651	)	8.50		—	—
Forfeitures	—		—		—	—
Balance at June 30, 2014	208,973		$	7.87	130,629	$	10.20

Stock-based Compensation Expense

The following table presents the total time-based and performance-based stock-based compensation expense and the related income tax benefit recognized on the Consolidated Statements of Income:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2014			2013			2014			2013
Personnel costs	$	156		$	204		$	315		$	388
Other operating expenses	135			124			266			242
Income tax benefit	(111		)	(126		)	(222		)	(241		)
Net stock-based compensation expense	$	180		$	202		$	359		$	389

Additional information on total non-vested stock-based compensation is as follows:	At June 30, 2014
	Stock Options		Restricted Stock Awards
Unrecognized compensation cost related to non-vested awards	$	338	$	1,357
Weighted-average recognition period (in years)	3.0		3.3

For the three and the six months ended June 30, 2014, the Company did not recognize expense on 149,306 performance-based stock options and 49,768 performance-based restricted stock awards since the attainment of the performance metrics associated with these awards was not probable based on current projections.

Employee Stock Purchase Plan ("ESPP")

The following table presents the information related to the Company's ESPP for the six-month offering period ending on:

	June 30, 2014		June 30, 2013
Common stock issued under the ESPP (in shares)	18,642		26,019
Weighted-average purchase price per share by participant in the ESPP	$	6.04	$	5.83
Total cash proceeds received from the issuance of common shares under the ESPP	$	113	$	152
ESPP compensation costs recognized	$	32	$	46