(11)	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 nine months ended September 30, 2014 was $6.49. The weighted-average fair value per share for the stock options granted to employees during the nine months ended September 30, 2013 was $5.53.

For the three months ended September 30, 2014 and 2013, the Company recorded $636 and $516, respectively, in selling, general and administrative expenses for stock options. For the nine months ended September 30, 2014 and 2013, the Company recorded $1,785 and $1,441, respectively, in selling, general and administrative expenses for stock options. As of September 30, 2014, the total compensation cost related to unvested stock options not yet recognized was $4,853. The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 2.2 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
Granted		38,788		$	21.69
Exercised		(57,650	)	$	6.98
Forfeited or expired		(18,900	)	$	13.41
Outstanding at June 30, 2014		2,054,657		$	9.76
Exercised		(315,660	)	$	5.64
Forfeited or expired		(5,500	)	$	9.40
Outstanding at September 30, 2014		1,733,497		$	10.51
Exercisable at September 30, 2014		725,459		$	6.76

The aggregate intrinsic values for all stock options exercised for the three and nine months ended September 30, 2014 were $5,234 and $7,641, respectively. The aggregate intrinsic values for all stock options exercised for the three and nine months ended September 30, 2013 were $298 and $2,187, respectively. The aggregate intrinsic values for all stock options outstanding and exercisable as of September 30, 2014 were $14,296 and $8,646, 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, 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		-	$	-
Granted		38,788		$	6.11		18,906	$	20.90
Vested during period		(66,250	)	$	3.28		-	$	-
Forfeited		(18,900	)	$	7.13		-	$	-
Nonvested at June 30, 2014		1,026,038		$	6.77		18,906	$	20.90
Vested during period		(12,500	)	$	2.67		-	$	-
Forfeited		(5,500	)	$	5.39		-	$	-
Nonvested at September 30, 2014		1,008,038		$	6.83		18,906	$	20.90

For the three months ended September 30, 2014 and 2013, the Company recorded $198 and $200, respectively, in selling, general and administrative expenses for restricted stock awards. For the nine months ended September 30, 2014 and 2013, the Company recorded $322 and $361, respectively, in selling, general and administrative expenses for restricted stock awards. As of September 30, 2014, the total compensation cost related to unvested restricted stock not yet recognized was $73. The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of one month.

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 September 30, 2014 and 2013, the Company recorded $69 and $48, respectively, in selling, general and administrative expenses related to these PS awards. For the nine months ended September 30, 2014 and 2013, the Company recorded $744 and $204, 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 September 30, 2014 and 2013, the Company recorded $34 and $117, respectively, in selling, general and administrative expenses for PSU awards. For the nine months ended September 30, 2014 and 2013, the Company recorded $645 and $978, respectively, in selling, general and administrative expenses for PSU awards.