Stock Based Compensation

3 Months Ended

Mar. 31, 2014

Stock Based Compensation [Abstract]

Stock Based Compensation

(9) 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 the stock options granted to employees during the three months ended March 31, 2014 and 2013 were $7.21 and $6.55, respectively.

For the three months ended March 31, 2014 and 2013, the Company recorded $554 and $408, respectively, in selling, general and administrative expenses for stock options.  As of March 31, 2014, the total compensation cost related to unvested stock options not yet recognized was $5,995.  The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 2.6 years.

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

Options	Number of Shares			Weighted Average Exercise Price
Outstanding at December 31, 2013		2,229,969		$	9.39
Granted		20,000		$	17.66
Exercised		(139,000	)	$	9.47
Forfeited or expired		(18,550	)	$	6.99
Outstanding at March 31, 2014		2,092,419		$	9.49
Exercisable at March 31, 2014		1,020,019		$	6.51

The aggregate intrinsic value for all stock options exercised for the three months ended March 31, 2014 and 2013 was $1,641 and $766, respectively.  The aggregate intrinsic values for all stock options outstanding and exercisable as of March 31, 2014 were $19,633 and $12,605, respectively.

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

	Number of Shares			Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2013		1,080,900		$	6.50
Granted		20,000		$	7.21
Vested during period		(22,500	)	$	3.32
Forfeited		(6,000	)	$	5.21
Nonvested at March 31, 2014		1,072,400		$	6.59

For the three months ended March 31, 2014 and 2013, the Company recorded $0 and $22, respectively, in selling, general and administrative expenses for restricted stock awards.  As of March 31, 2014, there were no restricted stock units outstanding.

The Company granted equity-settled performance shares (“PS”) 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.  For the three months ended March 31, 2014 and 2013, the Company recorded $360 and $63, respectively, in selling, general and administrative expenses related to these PS awards.

The Company granted cash-settled performance share units (“PSU”) 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.  For the three months ended March 31, 2014 and 2013, the Company recorded $193 and $541, respectively, in selling, general and administrative expenses for PSU awards.