Equity (Tables)

12 Months Ended

Dec. 31, 2012

A summary of stock option activity during the three years ended December 31, 2012 is as follows:


	Number of options			Weighted average exercise price		Weighted average fair value per option		Aggregate intrinsic value
Outstanding and exercisable at January 1, 2010		75,000		$	4.41	$	0.89
Granted		60,000		$	4.45	$	1.58
Surrendered		(15,000	)	$	4.41	$	0.89

Outstanding and exercisable at December 31, 2010		120,000		$	4.43	$	1.24
Granted		60,000		$	5.92	$	1.87

Outstanding and exercisable at December 31, 2011		180,000		$	4.93	$	1.45
Granted		1,503,000		$	6.03	$	1.26
Expired		(60,000	)	$	4.41	$	0.89

Outstanding and exercisable at December 31, 2012		1,623,000		$	5.97	$	1.29	$	12,741

Exercisable at December 31, 2012								$	1,584
Expected to vest after December 31, 2012								$	11,157

Option Granted by Company

Details of the options granted by the Company in 2010, 2011 and 2012 are as follows:


Number of options granted	Vesting period	Exercise price	Exercisable period	Weighted remaining contractual life in months
In 2010
60,000	100% vested at date of grant	$4.45	June 3, 2010 to June 2, 2013		5.0

In 2011
60,000	100% vested at date of grant	$5.92	June 10, 2011 to June 9, 2014		17.3

In 2012
600,000	100% will vest in April 2013*	$6.66	April 1, 2013 to February 9, 2015		25.3
831,000	50% vested in January 2013 and 50% will vest in January 2014*	$5.63	January 1, 2013 to April 26, 2015		27.9
60,000	100% vested at date of grant	$5.34	June 6, 2012 to June 5, 2015		29.2
12,000	1,000 shares monthly from August 1, 2012	$5.95	August 1, 2012 to July 31, 2014		19.0

*	Subject to achievement of performance target.

Weighted Average Fair Value Options Granted, Assumptions

The weighted average fair value of options granted during 2010, 2011 and 2012 was $1.58, $1.87 and $1.26, respectively, using the Black-Scholes option-pricing model based on the following assumptions:


Year ended December 31,	2010			2011			2012
Risk-free interest rate		1.25	%		0.75	%		0.30% to 0.39	%
Expected life		3 years			3 years			2 years to 3 years
Expected volatility		51.23	%		50.99	%		38.57 % to 41.45	%
Expected dividend yield		—			1.69	%		3.30% to 4.49	%