|
Share-based Compensation (Tables)
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6 Months Ended |
12 Months Ended |
|
Jun. 30, 2013
|
Dec. 31, 2012
|
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
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|
| Summary of Non Vested Stock Option Activity |
The following table
summarizes the nonvested stock options activity for the six months
ended June 30, 2013:
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|
|
|
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Nonvested
stock options
|
|
Shares |
|
|
Weighted-average
exercise prices |
|
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Nonvested at
December 31, 2012
|
|
|
4,571,258 |
|
|
$ |
2.16 |
|
|
Vested
|
|
|
(3,436,392 |
) |
|
|
2.11 |
|
|
|
|
|
|
|
|
|
|
|
Nonvested at June 30,
2013
|
|
|
1,134,866 |
|
|
$ |
2.30 |
|
|
|
|
|
|
|
|
|
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|
The following
table summarizes the nonvested stock options activity for the years
ended December 31, 2012 and 2011:
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Nonvested
stock options
|
|
Shares |
|
|
Weighted-average
exercise prices(2) |
|
|
Nonvested at
December 31, 2010
|
|
|
— |
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|
$ |
— |
|
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Granted(1)
|
|
|
5,739,140 |
|
|
|
1.30 |
|
|
Vested(3)(4)
|
|
|
(326,574 |
) |
|
|
1.30 |
|
|
Forfeitures
|
|
|
(350,592 |
) |
|
|
1.30 |
|
|
|
|
|
|
|
|
|
|
|
Nonvested at
December 31, 2011
|
|
|
5,061,974 |
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|
$ |
1.30 |
|
|
Granted
|
|
|
1,020,000 |
|
|
|
4.95 |
|
|
Vested(3)(4)
|
|
|
(279,750 |
) |
|
|
1.30 |
|
|
Forfeitures
|
|
|
(1,230,966 |
) |
|
|
1.30 |
|
|
|
|
|
|
|
|
|
|
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Nonvested at
December 31, 2012
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|
|
4,571,258 |
|
|
$ |
2.16 |
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|
|
|
|
|
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|
| (1) |
Includes 100,000 of stock
options that were not granted under the Equity Incentive Plan, but
are subject to certain terms of the Equity Incentive
Plan. |
| (2) |
Exercise price was
retroactively adjusted to reflect the equitable adjustment of $3.71
per share as discussed below. |
| (3) |
Amount of options
exercisable as of December 31, 2012 and 2011, respectively.
The weighted average remaining contractual term of these options is
7.85 years and 8.75 years as of December 31, 2012 and 2011,
respectively. |
| (4) |
At December 31, 2012
and 2011, the aggregate intrinsic value amounted to $1.6 million
and $1.2 million, respectively. |
|
| Nonvested Restricted Shares Activity |
The following table
summarizes the nonvested restricted shares activity for the six
months ended June 30, 2013:
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|
|
|
|
|
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Nonvested
restricted shares
|
|
Shares |
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|
Weighted-average
grant date fair value |
|
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Nonvested at
December 31, 2012
|
|
|
115,420 |
|
|
$ |
5.90 |
|
|
Vested
|
|
|
(115,420 |
) |
|
|
5.90 |
|
|
|
|
|
|
|
|
|
|
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Nonvested at June 30,
2013
|
|
|
— |
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|
$ |
— |
|
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|
|
|
|
|
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The following
table summarizes the nonvested restricted shares activity for the
years ended December 31, 2012 and 2011:
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Nonvested
restricted shares
|
|
Shares |
|
|
Weighted-average
grant date fair value |
|
|
Nonvested at
December 31, 2010
|
|
|
— |
|
|
$ |
— |
|
|
Granted
|
|
|
160,000 |
|
|
|
5.00 |
|
|
Vested(1)
|
|
|
(33,884 |
) |
|
|
5.00 |
|
|
|
|
|
|
|
|
|
|
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Nonvested at
December 31, 2011
|
|
|
126,116 |
|
|
|
5.00 |
|
|
Granted
|
|
|
29,292 |
|
|
|
8.54 |
|
|
Vested(1)
|
|
|
(86,128 |
) |
|
|
5.00 |
|
|
|
|
|
|
|
|
|
|
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Nonvested at
December 31, 2012
|
|
|
69,280 |
|
|
$ |
6.50 |
|
|
|
|
|
|
|
|
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|
| (1) |
At December 31, 2012
and 2011, the aggregate intrinsic value amounted to $0.2 million
and $0.1 million, respectively. |
|
| Share-Based Compensation Recognized |
Share-based compensation
recognized was as follows:
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| |
|
Three months ended June 30, |
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Six months ended June 30, |
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| (Dollar amounts in thousands) |
|
2013 |
|
|
2012 |
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|
2013 |
|
|
2012 |
|
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Share-based compensation
recognized, net
|
|
|
|
|
|
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|
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|
|
|
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Stock options, net of
income tax of $488, $40, $500 and $87
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|
$ |
5,062 |
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|
$ |
134 |
|
|
$ |
5,212 |
|
|
$ |
291 |
|
|
Restricted shares, net of
income tax of $11, $49, $26 and $80
|
|
|
90 |
|
|
|
163 |
|
|
|
271 |
|
|
|
266 |
|
|
Share-based
compensation recognized was as follows:
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|
|
|
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|
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| |
|
Year ended December 31, |
|
| (Dollar amounts in thousands) |
|
2012 |
|
|
2011 |
|
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Share-based compensation
recognized, net
|
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|
|
|
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Stock options, net of
income tax expense of $62 and $214
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|
$ |
595 |
|
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$ |
714 |
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Restricted shares, net of
income tax expense of $47 and $51
|
|
|
609 |
|
|
|
170 |
|
|
| Assumptions used to Estimate Fair Value of Stock Option Granted |
|
The fair value
of the stock options granted during 2011 and 2012 was estimated
using the Black-Scholes-Merton (“BSM”) option pricing
model for Tranche A options granted under the Equity Incentive Plan
and the Monte Carlo simulation analysis for Tranche B and Tranche C
options, with the following assumptions:
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Years ended
December 31, |
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| |
|
2012 |
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|
2011 |
|
| |
|
Stock options granted
under the Stock
Incentive Plan |
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|
Stock options granted
under the Stock
Incentive Plan |
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|
Stock options not
granted under the
Stock Incentive Plan |
|
|
Stock
Price(1)
|
|
$ |
5.19 per share |
|
|
$ |
1.30 per share |
|
|
$ |
1.30 per share |
|
|
Risk-free rate
|
|
|
0.59 |
% |
|
|
2.14 |
% |
|
|
2.06 |
% |
|
Expected
volatility
|
|
|
31.12 |
% |
|
|
35.00 |
% |
|
|
35.00 |
% |
|
Expected annual dividend
yield
|
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
Expected term
|
|
|
3.87 years |
|
|
|
4.60 years |
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|
|
4.49 years |
|
| (1) |
As discussed above, on
May 9, 2012 an equitable adjustment to stock options was
approved with caused a reduction of $3.71 per share of the exercise
price of the outstanding options. Accordingly, the stock price
presented above reflects this equitable adjustment for both periods
as applicable. |
|