Note 10 - Stock Based Compensation

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

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

(

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. No stock options were granted during the three months ended March 31, 2016. The weighted-average fair value per share for the stock options granted to employees during the three months ended March 31, 2015 was $9.31.

For the three months ended March 31, 2016 and 2015, the Company recorded $852 and $605, respectively, in selling, general and administrative expenses for stock options. As of March 31, 2016, the total compensation cost related to unvested stock options not yet recognized was $7,863. The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 2.4 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, 2015		1,631,913		$	19.17
Exercised		(44,279	)		9.47
Forfeited or expired		(5,250	)		16.45
Outstanding at March 31, 2016		1,582,384			19.45
Exercisable at March 31, 2016		679,851		$	12.65

The aggregate intrinsic values for all stock options exercised for the three months ended March 31, 2016 and 2015 were $1,354 and $5,340, respectively. The aggregate intrinsic values for all stock options outstanding and exercisable as of March 31, 2016 were $38,843 and $21,317, 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, 2015		922,658		$	10.35		178	$	46.91
Vested during period		(14,875	)		8.11		-		-
Forfeited		(5,250	)		7.76		-		-
Nonvested at March 31, 2016		902,533		$	10.40		178	$	46.91

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 net revenue and EBITDA growth as compared to the net 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, 2016 and 2015, the Company recorded $679 and $472, respectively, in selling, general and administrative expenses related to these PS awards.