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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Valuation Assumptions of Granted Stock Options

The following table summarizes information about these granted stock options:

 

     2014     2013      2012  

Weighted-average risk-free interest rate

     1.83     N/A         N/A   

Dividend yield

     —          N/A         N/A   

Weighted-average expected volatility

     45.18     N/A         N/A   

Total weighted-average expected forfeiture rate

     7.88     N/A         N/A   

Weighted-average expected life (years)

     5.90        N/A         N/A   

Total weighted-average remaining vesting period in years (1)

     5.83        2.45         3.38   

Total fair value of options granted

   $ 7,262,000        N/A         N/A   

Stock-based compensation expense - Cost of sales (1)

   $ 255,000      $ 227,000       $ 278,000   

Stock-based compensation expense - SG&A (1)

   $ 1,660,000      $ 1,315,000       $ 1,374,000   

Income tax benefit (1)

   $ (747,000   $ (601,000    $ (603,000

 

(1) Information relates to stock options granted since 2006.
Stock Option Activities of Stock Option Plans

The following information relates to our stock option plans:

 

     December 31, 2014  
     2008 Plan      1998 Plan      Outside
Director
Plan
 

Maximum number of securities for issuance

     1,975,000         N/A         400,000   

Number of awards available to be granted

     869,170         N/A         280,000   

Number of options outstanding

     828,848         7,000         —     

Number of options exercisable

     228,748         7,000         —     

 

 

     2014  
     Shares      Weighted-
Average
Exercise
Price
 

Outstanding at beginning of year

     599,630       $ 18.57   

Granted

     489,000       $ 33.13   

Exercised

     (121,742    $ 8.82   

Cancelled, forfeited or expired

     (11,040    $ 33.71   
  

 

 

    

Outstanding at end of year

  955,848    $ 27.09   
  

 

 

    

Exercisable at end of year

  265,748    $ 19.36   
  

 

 

    

 

     2014      2013      2012  

Weighted-average fair value per option granted during year

   $ 14.85         N/A         N/A   
  

 

 

       

Total intrinsic value of options exercised during the year

$ 3,461,000    $ 2,970,000    $ 2,469,000   
  

 

 

    

 

 

    

 

 

 

Total fair value of options vested during the year

$ 1,502,000    $ 1,565,000    $ 1,592,000   
  

 

 

    

 

 

    

 

 

 
Stock Options Outstanding and Exercisable
     Stock Options Outstanding At December 31, 2014  

Exercise Prices

   Shares
Outstanding
     Weighted-
Average
Remaining
Contractual Life
in Years
     Weighted-
Average Exercise
Price
     Intrinsic Value of
Shares
Outstanding
 
$ 5.10      7,000         0.92       $ 5.10       $ 184,000   
$ 7.86 - $8.17      162,950         2.19       $ 7.97         3,825,000   
$ 9.69 - $9.97      75,248         3.73       $ 9.69         1,636,000   
$29.99 - $34.50      710,650         8.81       $ 33.53         8,000   
  

 

 

          

 

 

 
$  5.10 - $34.50   955,848      7.22    $ 27.09    $ 5,653,000   
  

 

 

          

 

 

 
     Stock Options Exercisable At December 31, 2014  

Exercise Prices

   Shares
Outstanding
     Weighted-
Average
Remaining
Contractual Life
in Years
     Weighted-
Average Exercise
Price
     Intrinsic Value of
Shares
Outstanding
 
$ 5.10      7,000         0.92       $ 5.10       $ 184,000   
$ 7.86 - $8.17      72,950         2.73       $ 7.92         1,716,000   
$ 9.69 - $9.97      75,248         3.73       $ 9.69         1,636,000   
$29.99 - $34.50      110,550         6.80       $ 34.40         4,000   
  

 

 

          

 

 

 
$  5.10 - $34.50   265,748      4.66    $ 19.36    $ 3,540,000