Note 10 - Stock Based Compensation

9 Months Ended

Sep. 30, 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. The weighted-average fair value per share for the stock options granted to employees during the nine months ended September 30, 2016 was $13.82. The weighted-average fair value per share for the stock options granted to employees during the nine months ended September 30, 2015 was $10.59.

For the three months ended September 30, 2016 and 2015, the Company recorded $1,012 and $776, respectively, in “Selling, general and administrative expenses” for stock options. For the nine months ended September 30, 2016 and 2015, the Company recorded $2,836 and $2,114, respectively, in “Selling, general and administrative expenses” for stock options. As of September 30, 2016, the total compensation cost related to unvested stock options not yet recognized was $6,159. The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 1.9 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
Granted		20,264			45.12
Exercised		(165,210	)		9.30
Outstanding at June 30, 2016		1,437,438			20.98
Exercised		(6,420	)		24.84
Outstanding at September 30, 2016		1,431,018			20.96
Exercisable at September 30, 2016		520,904		$	13.64

The aggregate intrinsic values for all stock options exercised for the three and nine months ended September 30, 2016 were $173 and $8,195, respectively. The aggregate intrinsic values for all stock options exercised for the three and nine months ended September 30, 2015 were $6,807 and $14,229, respectively. The aggregate intrinsic values for all stock options outstanding and exercisable as of September 30, 2016 were $33,636 and $16,053, 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
Granted		20,264			13.82		10,640			45.12
Vested during period		(12,683	)		8.49		(178	)		46.91
Nonvested at June 30, 2016		910,114			10.50		10,640			45.12
Nonvested at September 30, 2016		910,114		$	10.50		10,640		$	45.12

For the three months ended September 30, 2016 and 2015, the Company recorded $240 and $175, respectively, in “Selling, general and administrative expenses” for restricted stock awards. For the nine months ended September 30, 2016 and 2015, the Company recorded $406 and $292, respectively, in “Selling, general and administrative expenses” for restricted stock awards. As of September 30, 2016, total compensation cost

related to unvested restricted stock not yet recognized was $80. The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 0.1 years.

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 September 30, 2016 and 2015, the Company recorded $637 and $482, respectively, in “Selling, general and administrative expenses” related to these PS awards. For the nine months ended September 30, 2016 and 2015, the Company recorded $1,947 and $1,431, respectively, in “Selling, general, and administrative expenses” related to PS awards.