Stock-Based Compensation

9 Months Ended

Sep. 30, 2013

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

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

3.     Stock-Based Compensation

2006 Equity Incentive Plan

The Company’s 2006 Incentive Plan provides for the grant or issuance to officers, directors, employees and consultants of options with terms of up to ten years, restricted stock, stock unit awards (SUA’s), issuances of stock bonuses or other stock-based awards, covering up to 500,000 shares of common stock. As of September 30, 2013, 181,581 shares remained available for future grant under the 2006 Incentive Plan.

The Company granted SUAs covering 56,500 shares of common stock on May 23, 2013. The SUAs vest over a period of two years for non-employee board members and four years for employees and are convertible into an equivalent number of shares of the Company’s common stock provided that the director or employee receiving the award remains continuously employed throughout the vesting period. The Company records compensation expense related to the SUAs on a straight-line basis over the vesting term of the SUAs. Employees are issued shares upon vesting, net of tax withholdings, unless the employee chooses to receive all shares and pay for the associated employment taxes. No other types of equity-based awards have been granted or issued under the 2006 Incentive Plan.

A summary of activity for SUAs under the Company’s 2006 Incentive Plan for the nine months ended September 30, 2013 is as follows:

			Aggregate
	Number of		Intrinsic
	Shares		Value (1)
			(000s)
Unvested, December 31, 2012		137,475
Granted		56,500
Forfeited/expired		(18,012)
Converted to common stock		(36,988)
Unvested, September 30, 2013		138,975	$	1,841
Available for grant, September 30, 2013		181,581

(1)       The aggregate intrinsic value on this table was calculated based on the closing market value of the Company’s stock on September 30, 2013 ($13.25).

Expired Plans

As of September 30, 2013, the Company also had outstanding an aggregate of 176,950 options to acquire common stock under plans that had previously expired. A summary of stock option activity for the Company’s expired stock option plans for the nine months ended September 30, 2013 is as follows:

			Weighted		Weighted
			Average		Average
			Exercise		Remaining		Aggregate
	Number of		Price Per		Contractual		Intrinsic
	Shares		Share		Life		Value (2)
							(000s)
Outstanding, December 31, 2012		199,838	$	13.62
Granted		-		-
Exercised		(14,988)	$	8.58
Terminated/Expired		(7,900)	$	13.75
Outstanding, September 30, 2013		176,950	$	14.04		1.5 years	$	36
Exercisable, September 30, 2013		176,950	$	14.04		1.5 years	$	36
Available for grant, September 30, 2013		-

(2)     The aggregate intrinsic value on this table was calculated based on the amount, if any, by which the closing market value of the Company’s stock on the September 30, 2013 ($13.25) exceeded the exercise price of the underlying options, multiplied by the number of shares subject to each option.

All Stock-Based Compensation Plans

As of September 30, 2013, a total of 497,506 shares of common stock were reserved for issuance under the various stock option and stock-based plans. As of September 30, 2013, the unamortized fair value of awards relating to outstanding SUAs and options was $1.2 million, which is expected to be amortized over a weighted average period of 2.9 years.