Stock Based Compensation

3 Months Ended

Mar. 31, 2013

Stock Based Compensation [Abstract]

Stock Based Compensation

(10)       Stock Based Compensation

The Company recognizes compensation costs for stock options awarded to employees based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average fair value per share for stock options granted to employees during the three months ended March 31, 2013 was $6.55. No stock options were granted during the three months ended March 31, 2012.

For the three months ended March 31, 2013 and 2012, the Company recorded $408 and $316, respectively, in selling, general and administrative expenses for stock options. As of March 31, 2013, the total compensation cost related to unvested stock options not yet recognized was $3,972. The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 2.5 years.

For the three months ended March 31, 2013 and 2012, the Company recorded $22 and $41, respectively, in selling, general and administrative expenses for restricted stock awards. As of March 31, 2013 the total compensation cost related to unvested restricted stock not yet recognized was $5. The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 0.2 years.

The Company grants equity-settled performance shares ("PSs") to certain executives. PS awards provide the recipient the right to receive a certain number of shares of the Company's common stock in the future, which depends on the Company's level of achievement of revenue and EBITDA growth as compared to the revenue and EBITDA growth of the members of a specified peer group of companies over a three-year period. The peer group consists of publicly-traded life sciences companies competing in the same industry as the Company. For the three months ended March 31, 2013 and 2012, the Company recorded $63 and $0, respectively, in selling, general and administrative expense related to these PS awards.

The Company grants cash-settled performance share units ("PSUs") to certain executives. PSU awards provide the recipient the right to receive the cash value of a certain number of shares of the Company's common stock in the future, which depends on the Company's level of achievement of revenue and EBITDA growth as compared to the revenue and EBITDA growth of the members of a specified peer group of companies over a three-year period. The peer group consists of publicly-traded life sciences companies competing in the same industry as the Company. For the three months ended March 31, 2013 and 2012, the Company recorded expense of $541 and a benefit of $24, respectively, in selling, general and administrative expenses for PSU awards. The increase is primarily the result of the Company's recent performance compared to a peer group and the Company's higher share price.

The following table is a summary of the Company's stock options: 

Options	Number of Shares			Weighted Average Exercise Price
Outstanding at December 31, 2012		2,264,399		$	7.02
Granted		10,000		$	11.44
Exercised		(114,599	)	$	5.40
Forfeited or expired		(2,950	)	$	10.42
Outstanding at March 31, 2013		2,156,850		$	7.13
Exercisable at March 31, 2013		1,143,074		$	6.16

The aggregate intrinsic value for all stock options exercised for the three months ended March 31, 2013 and 2012 was $766 and $33, respectively. The aggregate intrinsic values for all stock options outstanding and exercisable as of March 31, 2013 were $12,308 and $7,672, respectively.

The following table is a summary of the Company's nonvested stock options and restricted stock:

	Nonvested Stock Options					Nonvested Restricted Stock
	Number of Shares			Weighted- Average Grant-Date Fair Value		Number of Shares			Weighted- Average Grant-Date Fair Value
Nonvested at December 31, 2012		1,029,776		$	4.62		31,145		$	5.76
Granted		10,000		$	6.55		-		$	-
Vested during period		(25,000	)	$	2.69		(29,450	)	$	5.54
Forfeited		(1,000	)	$	3.39		-		$	-
Nonvested at March 31, 2013		1,013,776		$	4.69		1,695		$	9.64