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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2013
Stock-Based Compensation  
Stock-Based Compensation

(7) Stock-Based Compensation

        The Company has implemented the Amended and Restated 2001 Long-Term Incentive Plan (the "2001 Plan"). The 2001 Plan provides for stock options, restricted stock and dollar-denominated cash awards, including performance-based awards. In addition to stock options, restricted stock and cash awards, the 2001 Plan provides for the grant of stock appreciation rights, deferred stock and other stock-based awards to directors, officers, employees and consultants.

        The number of shares of common stock that may be subject to outstanding awards granted under the 2001 Plan (determined immediately after the grant of any award) may not exceed 650,000 from the inception of the 2001 Plan. In addition, no individual may receive awards in any one calendar year of more than 100,000 shares of common stock. Stock options granted under the 2001 Plan expire ten years from the date of grant and generally become exercisable, or vest, over periods of zero to three years from the grant date. Restricted stock generally vests over periods of one-half to five years. Upon the exercise of stock options, the Company issues common stock from its non-issued authorized or treasury shares that have been reserved for issuance pursuant to the 2001 Plan. At December 31, 2013, the number of shares of common stock remaining available for future grants of stock options, restricted stock or other forms of stock-based compensation under the 2001 Plan was 87,202.

        The Company recorded $934, $1,082 and $848 for stock-based compensation expense related to stock options and shares of restricted stock for 2013, 2012 and 2011, respectively. The amounts included in cost of revenues were $174, $188 and $158, and in selling, general and administrative expense were $760, $894 and $690, for 2013, 2012 and 2011, respectively.

        A summary of the Company's stock option and restricted stock activity and related information for the year ended December 31, 2013 and certain other information for the years ended December 31, 2013, 2012 and 2011 are as follows:

 
   Stock
Options		   Weighted-
Average
Exercise
Price		   Aggregate
Intrinsic
Value		   Restricted
Stock		   Weighted-
Average
Grant-Date
Fair Value		  

Outstanding (stock options); non-vested (restricted stock) at December 31, 2012

     55,400   $ 38.13   $ 603     22,378   $ 44.59  

Granted

     9,900     57.74     34     16,425     55.55  

Exercised (stock options); vested (restricted stock)

     (10,500 )   33.41     (263 )   (18,315 )   46.46  

Forfeited

     —     —     —     (208 )   52.54  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding (stock options); non-vested (restricted stock) at December 31, 2013

     54,800   $ 42.58   $ 1,019     20,280   $ 51.69  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Exercisable at December 31, 2013

     54,800   $ 42.58   $ 1,019     n/a     n/a  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       


 

 
   2013   2012   2011  

Weighted-average fair value of stock options granted during the year

   $ 12.47   $ 9.51   $ 13.99  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Weighted-average remaining contractual life for stock options in years

     6.04     6.21     5.64  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Total fair value of stock options vested during the year

   $ 123   $ 94   $ 133  

Total intrinsic value of stock options exercised during the year

   $ 263   $ 559   $ 606  

Total fair value of restricted stock vested during the year

   $ 811   $ 988   $ 715  

        There were no non-vested stock options at December 31, 2013, and the weighted-average remaining contractual life of the outstanding and exercisable stock options at such date was 6.04 years. The total compensation cost not yet recognized for restricted stock at December 31, 2013 was $853, which will be recognized over the weighted average of 1.05 years.

        The fair value for the stock options was estimated at the date of grant using a lattice-based option valuation model, with the following weighted-average assumptions for the 2013, 2012 and 2011 grants: risk-free interest rates of 0.34% to 0.77% (weighted average 0.65%) in 2013, 0.36% to 0.51% (weighted average 0.40%) in 2012, and 0.39% to 1.21% (weighted average 0.56%) in 2011; a dividend yield of 0%; and a volatility factor of .304 to .307 (weighted average .306) in 2013, .278 to .288 (weighted average .286) in 2012, and .351 to .411 (weighted average .364) in 2011, based on the monthly per-share closing prices for three years preceding the date of issuance. In addition, the fair value of these options was estimated based on an expected life of three years. The fair value of restricted stock is based on the closing per-share price of the Company's common stock on the date of grant.