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Share-Based Payments and Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2014

Changes in Non-Vested Shares of Restricted Common Stock

Restricted common stock awards are granted with various vesting schedules ranging from immediately to five years. Grants that vest immediately have restrictions on transfer of the common stock for approximately one year. The following table provides details of nonvested restricted common stock for the three months ended March 31, 2014 and the year ended December 31, 2013:

	Three Months Ended March 31, 2014					Year Ended December 31, 2013
	Shares			Weighted Average Grant Date Fair Value Per Share		Shares			Weighted Average Grant Date Fair Value Per Share
Beginning nonvested restricted shares		139,641		$	4.94		357,522		$	4.32
Shares vested		(87,660	)		5.14		(356,886	)		4.61
Shares granted		62,776			10.35		139,005			5.70
Ending nonvested restricted shares		114,757		$	7.76		139,641		$	4.94

Weighted Average Assumptions used in Determining Fair Value of Common Stock Options

No common stock options were issued in three months ended March 31, 2014. The following table provides assumptions used in determining the fair value of common stock option grants for the year ended December 31, 2013:

	Year Ended
	December 31,
(Weighted averages)	2013
Expected volatility		55.00	%
Risk-free interest rate		1.15	%
Expected term (in years)		5.60
Dividend yield		—	%
Grant date fair value per share	$	2.75

Activity of Non-Vested Stock Options

The following table presents activity of nonvested common stock options during the three months ended March 31, 2014 and the year ended December 31, 2013:

	Three Months Ended March 31, 2014					Year Ended December 31, 2013
	Shares			Weighted Average Exercise Price Per Share		Shares			Weighted Average Exercise Price Per Share
Beginning nonvested common stock options		673,833		$	6.59		872,373		$	5.41
Common stock options granted		—			—		205,000			9.52
Common stock options vested		(472,200	)		5.59		(383,208	)		5.47
Common stock options forfeited		—			—		(20,332	)		3.62
Ending nonvested common stock options		201,633		$	8.47		673,833		$	6.59

Activity of Exercisable Common Stock Options

The following table presents activity of exercisable common stock options during the three months ended March 31, 2014 and the year ended December 31, 2013:

	Three Months Ended March 31, 2014				Year Ended December 31, 2013
	Shares		Weighted Average Exercise Price Per Share		Shares			Weighted Average Exercise Price Per Share
Beginning vested common stock options		543,867	$	5.76		181,327		$	5.21
Common stock options exercised		—		—		(20,668	)		3.00
Common stock options vested		472,200		5.59		383,208			5.47
Ending vested common stock options		1,016,067	$	5.68		543,867		$	5.76

Intrinsic Value of Options Outstanding and Exercisable

The following table provides information pertaining to the intrinsic value of common stock options outstanding and exercisable as of March 31, 2014 and December 31, 2013:

	March 31,		December 31,
(Dollars in thousands)	2014		2013
Intrinsic value of common stock options outstanding	$	4,989	$	5,520
Intrinsic value of common stock options exercisable		4,644		2,716

Intrinsic Value of Options Exercised and Fair Value of Options Vested

The following table presents the intrinsic value of common stock options exercised and the fair value of common stock options that vested during the three months ended March 31, 2014 and the year ended December 31, 2013:

	Three Months		Year Ended
	Ended March 31,		December 31,
(Dollars in thousands)	2014		2013
Intrinsic value of common stock options exercised ⁽¹⁾	$	—	$	137
Fair value of common stock options vested⁽²⁾		933		756

⁽¹⁾	The intrinsic value of common stock options exercised is the difference between the fair market value of the Company’s common stock on the exercise date and the exercise price.

⁽²⁾The fair value of common stock options vested is based on the grant date fair value.