Equity Compensation Plans

3 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Equity Compensation Plans

5. Equity Compensation Plans

As of March 31, 2013, the Company’s equity compensation plans consisted of the 2003 Stock Incentive Compensation Plan (the “2003 Plan”) and the 2012 Stock Incentive Plan (the “2012 Plan” and together with the 2003 Plan, the “Plans”) under which incentive and non-qualified stock options and time and performance based restricted shares have been granted to employees and directors from authorized but unissued shares of common stock or treasury shares. The 2003 Plan is not active, but continues to govern all outstanding awards granted under the plan until the awards themselves are exercised or terminate in accordance with their terms. The 2012 Plan, approved by shareholders on April 27, 2012, authorized 1.75 million shares of common stock for awards. The 2012 Plan also authorizes an additional 1.2 million shares of common stock to the extent awards granted under prior stock plans that were outstanding as of April 27, 2012 are forfeited. The 2012 Plan provides for the following type of awards: options, restricted stock, restricted stock units and other stock-based awards.

The Company incurred compensation expense of $0.5 million and $0.4 million for the quarters ended March 31, 2013 and March 31, 2012, respectively, for the Plans, including restricted stock awards. No compensation costs were capitalized as part of inventory.

Stock Options

The following table is a summary of outstanding and exercisable options as of March 31, 2013:

In thousands except per share amounts and years	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at March 31, 2013		772	$	9.63		6.1	$	4,454
Exercisable at March 31, 2013		463	$	9.11		4.4	$	2,925
Expected to Vest at March 31, 2013		295	$	10.39		8.8	$	1,464

There were no stock options granted and 70,649 stock options exercised during the quarter ended March 31, 2013. The amount of cash received from the exercise of stock options was $0.7 million during the quarter ended March 31, 2013. The intrinsic value of stock options exercised was $0.4 million with a tax benefit of $0.1 million during the quarter ended March 31, 2013. There were no stock options granted and 1,250 stock options exercised during the quarter ended March 31, 2012. The amount of cash received from the exercise of stock options during the quarter ended March 31, 2012 and the intrinsic value of the stock options exercised was minimal. At March 31, 2013, the total unrecognized compensation cost related to nonvested stock option awards was approximately $1.4 million, with a weighted average expected amortization period of 3.0 years.

Restricted Stock

Restricted stock includes both performance-based and time-based awards. There were 5,000 time-based restricted shares granted during the quarter ended March 31, 2013. There were 77,290 performance-based restricted shares granted during the quarter ended March 31, 2013, which have a 2015 earnings per share target. During the quarter ended March 31, 2013, there were 61,800 performance-based shares that vested in accordance with Plan provisions. There were no shares granted or vested in the first quarter ended March 31, 2012. At March 31, 2013, there were 319,440 unvested restricted stock awards with total unrecognized compensation cost related to these awards of $2.6 million with a weighted average expected amortization period of 2.3 years.