Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

10.    Stock-based Compensation

Stock Option Plans

In May of 2008, the Company adopted the 2008 Long-term Incentive Plan (“2008 Plan”) which provides for the grant of stock options, stock appreciation rights and restricted stock to certain designated employees of the Company, Non-Employee directors of the Company and certain other persons performing significant services for the Company as designated by the Compensation Committee of the Board of Directors. 750,000 shares of common stock have been reserved for issuance under the 2008 Plan.

The Company’s stock options have a maximum term of ten years from the date of grant. Options granted prior to 2006 have a ten year term. Since 2006, the Company has been granting stock options with a seven year term. Options generally vest over a four-year period, with 25% vesting on each of the first four anniversaries of the date of grant. The 2007 annual option grant to employees vested 25% of the grant upon the grant date with the balance to vest equally over the next three years. The 2008 annual grant vests over 4 years. The Company’s general policy is to issue new shares upon the exercise of stock options. The Company’s current policy is to utilize shares held in treasury to settle option exercises and issue new shares for restricted stock grants.

A summary of the status of the Company’s stock option plans as of December 31, 2013 is as follows:

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value (in thousands)
Vested		301,384		$	17.34			$	—
Unvested		192,515			11.85				—
Outstanding, December 31, 2012		493,899			15.22		3.24 years		—
Granted		88,749			4.97
Exercised		(2,030	)		5.28				4,380
Forfeited		(301,420	)		16.09
Outstanding, December 31, 2013		279,198		$	11.09		4.53 years	$	212,386
Vested		119,561			15.07		3.27 years		16,622
Unvested		159,637			8.11				195,764
Vested or expected to vest, December 31, 2013		279,198		$	11.09		4.53 years	$	212,386
Exercisable, December 31, 2013		119,561		$	15.07		3.27 years	$	16,622

The intrinsic value of options exercised in 2013, 2012, and 2011, respectively, were $4,380, $0, and $2.5 million.

Restricted stock grants consist of grants of the Company’s common stock that may vest in the future. The Board has set a one, two, or four year vesting period for most of the issued restricted shares except annual grants to independent Directors which vest at the next annual meeting of stockholders. The fair value of each restricted share grant is equal to the market price of the Company’s common stock at the date of grant. Expense relating to restricted shares is at the closing price amortized ratably over the vesting period.

A summary of the Company’s restricted stock activity and related information for the year ended December 31, 2013 is as follows:

	Shares			Weighted Average Grant Date Fair Value
Unvested, December 31, 2012		22,059		$	5.44
Granted		28,083		$	5.34
Vested		(22,059	)	$	5.44
Forfeited		—		$	—
Unvested, December 31, 2013		28,083		$	5.34

As of December 31, 2013, there was $0.1 million of total unrecognized compensation costs related to non-vested restricted share-based compensation. The remaining cost is expected to be recognized over a weighted average period of 0.46 years. The total fair value of shares vested during the year ended December 31, 2013 was $0.1 million.