Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

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 March 31, 2014, 181,581 shares remained available for future grant under the 2006 Incentive Plan.

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 three months ended March 31, 2014 is as follows:

	Number of Shares	Aggregate Intrinsic Value (1)
		(000s)
Unvested, December 31, 2013	138,975
Granted	-
Forfeited/expired	-
Converted to common stock	-
Unvested, March 31, 2014	138,975	$	2,381
Available for grant, March 31, 2014	181,581

(1) The aggregate intrinsic value on this table was calculated based on the closing market value of the Company’s stock on March 31, 2014 ($17.13).

Expired Plans

As of March 31, 2014, the Company also had outstanding an aggregate of 136,050 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 three months ended March 31, 2014 is as follows:

		Weighted Average		Weighted Average
	Number of Shares	Exercise Price Per Share		Remaining Contractual Life	Aggregate Intrinsic Value (2)
					(000s)
Outstanding, December 31, 2013	176,950	$	14.04
Granted	-		-
Exercised	(40,900)	$	12.84
Terminated/Expired	-		-
Outstanding, March 31, 2014	136,050	$	14.40	1.2 years	$	371
Exercisable, March 31, 2014	136,050	$	14.40	1.2 years	$	371
Available for grant, March 31, 2014	-

(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 March 31, 2014 ($17.13) 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 March 31, 2014, a total of 456,606 shares of common stock were reserved for issuance under the various stock option and stock-based plans. As of March 31, 2014, the unamortized fair value of awards relating to outstanding SUAs and options was $905 thousand, which is expected to be amortized over a weighted average period of 2.6 years.