(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, immediately. Restricted stock generally vests over periods of one-half to three 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, 2014, 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 $1,102, $934 and $1,082 for stock-based compensation expense related to stock options and shares of restricted stock for 2014, 2013 and 2012, respectively. The amounts included in cost of revenues were $185, $174 and $188 and in selling, general and administrative expense were $917, $760 and $894, for 2014, 2013 and 2012, respectively.

A summary of the Company's stock option and restricted stock activity and related information for the year ended December 31, 2014 and certain other information for the years ended December 31, 2014, 2013 and 2012 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, 2013		54,800		$	42.58	$	1,019			20,280		$	51.69
Granted		9,900			68.36		45			16,015			65.81
Exercised (stock options); vested (restricted stock)		(17,000	)		32.50		(657	)		(16,227	)		58.81
Forfeited		—			—		—			(373	)		54.10

Outstanding (stock options); non-vested (restricted stock) at December 31, 2014		47,700		$	51.52	$	1,018			19,695		$	54.69


Exercisable at December 31, 2014		47,700		$	51.52	$	1,018			n/a			n/a

	2014		2013		2012
Weighted-average fair value of stock options granted during the year	$	14.62	$	12.47	$	9.51

Weighted-average remaining contractual life for stock options in years		6.46		6.04		6.21


Total fair value of stock options vested during the year	$	145	$	123	$	94
Total intrinsic value of stock options exercised during the year	$	657	$	263	$	559
Total fair value of restricted stock vested during the year	$	955	$	811	$	988

There were no non-vested stock options at December 31, 2014, and the weighted-average remaining contractual life of the outstanding and exercisable stock options at such date was 6.46 years. The total compensation cost not yet recognized for restricted stock at December 31, 2014 was $929, which will be recognized over the weighted average of 1.08 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 2014, 2013 and 2012 grants: risk-free interest rates of 0.89% to 1.17% (weighted average 1.10%) in 2014, 0.34% to 0.77% (weighted average 0.65%) in 2013, and 0.36% to 0.51% (weighted average 0.40%) in 2012; a dividend yield of 0.70% to 0.90% (weighted average 0.75%) in 2014 and 0% in 2013 and 2012; and a volatility factor of .294 to .316 (weighted average .299) in 2014, .304 to .307 (weighted average .306) in 2013, and .278 to .288 (weighted average .286) in 2012, 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.