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Stock Plans and Equity Transactions
 12 Months Ended
Dec. 31, 2013
Stock Plans and Equity Transactions [Abstract]  
Stock Plans and Equity Transactions
9.  Stock Plans and Equity Transactions

Stock Plans

The company's share-based incentive plans permit the company to grant restricted stock units, restricted stock, incentive or non-qualified stock options, and certain other instruments to employees, directors, consultants and advisers of the company.  Restricted stock units and stock options generally vest over three years and are not subject to any performance criteria.  Options expire no more than ten years following the grant date.  Shares issued under the plans upon option exercise or stock unit conversion are generally issued from authorized but previously unissued shares.
 
The company also has an Employee Stock Purchase Plan ("ESPP") whereby employees may purchase shares of stock at the lesser of 85% of the fair market value of shares at the beginning or the end of quarterly offering periods.  As of December 31, 2013, approximately 326,000 shares of common stock were available for purchase under the ESPP.  Compensation expense associated with the ESPP was $0.4 million, $0.3 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Equity Transactions

The following tables summarize information related to stock-based compensation transactions and plans:

 
 
Restricted Stock Units
  
Stock Options
 
 
 
Number of
Units
  
Weighted Average
Measurement
Date Fair Value
  
Number of
Options
  
Weighted Average
Exercise
Price
 
Outstanding at December 31, 2010
  
684,674
  
$
16.38
   
1,226,582
  
$
6.46
 
Granted (1)
  
442,110
   
17.39
   
-
   
-
 
Exercised
  
-
   
-
   
(317,647
)
  
4.26
 
Vested
  
(330,356
)
  
18.47
   
-
   
-
 
Forfeited
  
(14,316
)
  
16.57
   
(448
)
  
5.79
 
Expired
  
-
   
-
   
(6,200
)
  
3.91
 
Outstanding at December 31, 2011
  
782,112
   
16.07
   
902,287
   
7.25
 
Granted (1)
  
529,446
   
12.90
   
-
   
-
 
Exercised
  
-
   
-
   
(343,734
)
  
6.28
 
Vested
  
(345,945
)
  
15.77
   
-
   
-
 
Forfeited
  
(29,980
)
  
14.85
   
-
   
-
 
Expired
  
-
   
-
   
(599
)
  
5.79
 
Outstanding at December 31, 2012
  
935,633
   
14.42
   
557,954
   
7.84
 
Granted (1)
  
513,490
   
18.65
   
-
   
-
 
Exercised
  
-
   
-
   
(480,379
)
  
7.19
 
Vested
  
(476,811
)
  
14.70
   
-
   
-
 
Forfeited
  
(23,468
)
  
15.38
   
-
   
-
 
Expired
  
-
   
-
   
(2,575
)
  
7.16
 
Outstanding at December 31, 2013
  
948,844
  
$
16.55
   
75,000
(2) 
 
$
12.07
 
  ____________
(1)The fair value of restricted stock unit grants is determined based on the closing market price of Orbital's common stock on the date of grant.  Such value is recognized as expense over the service period, net of estimated forfeitures.
(2)The weighted average remaining contractual term is 1.5 years, and the range of exercise prices is $9.71-$12.98.  All outstanding options were exercisable as of December 31, 2013.
 

 
 
 
Years Ended December 31,
 
(in millions)
 
2013
  
2012
  
2011
 
Stock-based compensation expense recognized
 
$
7.7
  
$
6.4
  
$
6.2
 
Income tax benefit related to stock-based compensation expense
  
3.0
   
2.5
   
2.0
 
Intrinsic value of options exercised, computed as the market price on the exercise date less the price paid to exercise the options
  
4.4
   
2.6
   
3.8
 
Cash received from exercise of options
  
3.5
   
2.1
   
1.4
 
Grant date fair value of vested restricted stock units
  
7.0
   
5.5
   
6.1
 
Tax benefit recorded as an increase to additional paid-in capital related to stock-based compensation transactions
  
2.4
   
0.2
   
1.2
 

(in millions)
 
As of
December 31, 2013
 
Shares of common stock available for grant under the company's stock-based incentive plans
  
2.5
 
Aggregate intrinsic value of restricted stock units that are expected to vest
 
$
22.1
 
Unrecognized compensation expense related to non-vested restricted stock units, expected to be recognized over a weighted-average period of 2.09 years
  
12.4
 
Aggregate intrinsic value of stock options outstanding, all fully vested
  
0.8