Note 17 - Equity Based Compensation

9 Months Ended

Sep. 30, 2014

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

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

17. Equity-Based Compensation

1997 Stock Compensation Plan

The following table summarizes stock option activity for the 1997 Stock Compensation Plan (the “1997 Plan”) at the dates and for the periods indicated.

	Stock options outstanding			Weighted- average exercise price per share
Outstanding, December 31, 2013		6,450		$	103.89
Forfeited		(1,250	)		109.20
Expired		(2,250	)		93.20
Outstanding, September 30, 2014		2,950			109.80

The following table summarizes information regarding stock options under the 1997 Plan that were outstanding and exercisable at September 30, 2014.

Weighted- average exercise price		Number of stock options outstanding and exercisable		Weighted- average remaining contractual life (years)
$	106.40		250		0.30
	109.20		2,500		1.67
	121.60		200		2.30
Total			2,950		1.60

At September 30, 2014 and December 31, 2013, the fair value of the Company’s common stock did not exceed the exercise price of any options outstanding and exercisable under the 1997 Plan and, therefore, the stock options had no intrinsic value.

2008 Restricted Stock Plan

There were no grants or forfeitures of restricted stock under the Company’s 2008 Restricted Stock Plan (the “2008 Plan”) during the nine months ended September 30, 2014. The weighted-average grant date fair value per share of granted shares under the 2008 Plan net of forfeitures was $27.55 at both December 31, 2013 and September 30, 2014.

Of the 62,386 net restricted stock awards granted under the 2008 Plan, 4,255 shares vested during the nine months ended September 30, 2014, and 6,989 shares remained unvested at September 30, 2014 and are expected to vest through 2016. Remaining shares available for issuance under the 2008 Plan totaled 114 shares at September 30, 2014.

2011 Stock Incentive Plan

The following table summarizes stock option and restricted stock information for the 2011 Stock Incentive Plan (the “2011 Plan”) at the dates and for the periods indicated.

	Total shares			Stock options outstanding			Weighted- average exercise price per share		Shares of restricted stock			Weighted- average grant date fair value per share
2011 Grants		473,002			383,251		$	10.51		89,751		$	10.48
2012 Grants		8,020			-			-		8,020			6.50
2013 Grants		8,811			-			-		8,811			13.70
2013 Forfeitures		(575	)		-			-		(575	)		13.95
2013 Exercises		-			(11,250	)		11.00		-			-
2014 Grants		14,451			4,000			12.96		10,451			13.07
2014 Forfeitures		(625	)		-			-		(625	)		6.50
Granted, net of forfeitures, September 30, 2014		503,084								115,833
Outstanding, September 30, 2014					376,001			10.52
Total shares available for grant under the 2011 Plan		700,000
Remaining shares available for grant, September 30, 2014		196,916

During the nine months ended September 30, 2014, 5,404 shares of restricted stock with a total grant date fair value of $70 thousand were granted to the non-management members of the Board of Directors as compensation for their annual Board retainers and 2,500 shares of restricted stock and 4,000 stock options were awarded to certain teammates in recognition of performance and/or upon initial employment. The 2,500 shares of restricted stock and 4,000 stock options are subject to time vesting conditions and, assuming the time vesting conditions are met, will vest from 2015 to 2017. In addition, during the nine months ended September 30, 2014, 2,547 shares of restricted stock were granted to certain directors in conjunction with his/her reelection to the Board in 2014.

The following table summarizes the activity in unvested shares of restricted stock under the 2011 Plan at the dates and for the period indicated.

	Shares of restricted stock
Unvested, December 31, 2013		103,507
Grants		10,451
Forfeited		(625	)
Vested		(36,870	)
Unvested, September 30, 2014		76,463

For both the 2008 Plan and the 2011 Plan, a portion of the restricted shares that vested during the nine months ended September 30, 2014 were net-settled to cover the required withholding taxes, and the grantee received the common stock equal to the vested shares less the net-settled shares. Withholding taxes for the remaining shares that vested during the nine months ended September 30, 2014 were paid in cash by the grantee. The net-share settlements reduced the number of common shares outstanding.

The following table summarizes information regarding stock options under the 2011 Plan that were outstanding and exercisable at September 30, 2014.

		Options outstanding						Options exercisable
Weighted- average exercise price		Number of stock options		Weighted- average remaining contractual life (years)		Value of outstanding in-the- money stock options		Number of stock options		Weighted- average remaining contractual life (years)		Value of exercisable in-the- money stock options
$	10.40		312,501		6.63	$	1,168,754		104,167		6.63	$	389,585
	11.00		59,500		6.80		186,830		14,750		6.80		46,315
	12.96		4,000		9.39		4,720		-		-		-
	Total		376,001		6.69	$	1,360,304		118,917		6.65	$	435,900

Determining Fair Value. The following table summarizes the fair value of stock option awards granted under the 2011 Plan during the nine months ended September 30, 2014 as estimated on the date of grant using the Black-Scholes option-pricing model and the assumptions used to determine the fair value of such grant.

	2014 grant
Option exercise price, per share	$	12.96
Fair value of stock option awards granted, per share	$	6.87
Expected dividend yield		-	%
Expected volatility		50
Risk-free interest rate		2.19
Expected term (years)		7
Vesting period (years)		3

Compensation Expense Relating to Equity-Based Compensation

The following table summarizes compensation expense for the 1997 Plan, the 2008 Plan and the 2011 Plan charged against pretax income for the periods indicated (in thousands).

	For the three months ended September 30,				For the nine months ended September 30,
	2014		2013		2014		2013
Compensation expense
1997 Plan	$	-	$	-	$	-	$	-
2008 Plan		11		67		73		269
2011 Plan		156		196		531		627
Total equity-based compensation expense	$	167	$	263	$	604	$	896
Income tax benefit	$	61	$	-	$	222	$	-

At September 30, 2014, the total unrecognized pretax compensation expense related to unvested equity awards granted under the 2008 Plan and the 2011 Plan was $60 thousand and $646 thousand, respectively. This expense is expected to be recognized through 2016 under the 2008 Plan and 2017 under the 2011 Plan.