(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 741,413 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, 2015, 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 126,912.

The Company recorded $1,199, $1,102 and $934 for stock‑based compensation expense related to stock options and shares of restricted stock for 2015, 2014 and 2013, respectively. The amounts included in cost of revenues were $154, $185 and $174 and in selling, general and administrative expense were $1,045, $916 and $760, for 2015, 2014 and 2013, respectively.

A summary of the Company’s stock option and restricted stock activity and related information for the year ended December 31, 2015 and certain other information for the years ended December 31, 2015, 2014 and 2013 are as follows:


		Weighted-					Weighted-
		Average		Aggregate			Average
	Stock	Exercise		Intrinsic		Restricted	Grant-Date
	Options	Price		Value		Stock	Fair Value
Outstanding (stock options); non-vested (restricted stock) at December 31, 2014	47,700	$	51.52	$	1,018	17,290	$	65.46
Granted	9,900		57.80		—	16,346		60.48
Exercised (stock options); vested (restricted stock)	(1,000)		27.98		(30)	(16,140)		68.10
Forfeited	—		—		—	(85)		64.05
Outstanding (stock options); non-vested (restricted stock) at December 31, 2015	56,600	$	53.03	$	357	17,411	$	57.75
Exercisable at December 31, 2015	56,600	$	53.03	$	357	n/a		n/a


	2015		2014		2013
Weighted-average fair value of stock options granted during the year	$	10.79	$	14.62	$	12.47
Weighted-average remaining contractual life for stock options in years		6.32		6.46		6.04
Total fair value of stock options vested during the year	$	107	$	145	$	123
Total intrinsic value of stock options exercised during the year	$	30	$	657	$	263
Total fair value of restricted stock vested during the year	$	1,099	$	955	$	811

There were no non‑vested stock options at December 31, 2015, 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, 2015 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 2015, 2014 and 2013 grants: risk‑free interest rates of 0.98% to 1.28% (weighted average 1.05%) in 2015, 0.89% to 1.17% (weighted average 1.10%) in 2014, and 0.34% to 0.77% (weighted average 0.65%) in 2013; a dividend yield of 0.80% to 0.91% (weighted average 0.83%) in 2015 and 0.70% to 0.90% (weighted average of 0.75%) in 2014 and 0% in 2013; and a volatility factor of .272 to .284 (weighted average .275) in 2015, .294 to .316 (weighted average .299) in 2014, and .304 to .307 (weighted average .306) in 2013, 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.