Equity (Tables)

12 Months Ended

Dec. 31, 2013

A summary of stock option activity during the three years ended December 31, 2013 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, 2011		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
Granted		60,000		$	7.50	$	1.88
Exercised		(469,000	)	$	5.54	$	1.13
Expired		(30,000	)	$	4.45	$	1.58

Outstanding and exercisable at December 31, 2013		1,184,000		$	6.26	$	1.62	$	1,046

Exercisable at December 31, 2013								$	419
Expected to vest after December 31, 2013								$	627

Option Granted by Company

Details of the options granted by the Company in 2011, 2012 and 2013 are as follows:


Number of options granted	Vesting period	Exercise price		Exercisable period	Weighted remaining contractual life in months
In 2011
60,000	100% vested at date of grant	$	5.92	June 10, 2011 to June 9, 2014		5.3

In 2012
600,000	100% vested in April 2013	$	6.66	April 1, 2013 to April 30, 2016*		28.0
831,000	50% vested in January 2013 and 50% will vest after 2013 at the time when the option certificates are issued to the grantees	$	5.63	January 1, 2013 to April 26, 2015		15.9
60,000	100% vested at date of grant	$	5.34	June 6, 2012 to June 5, 2015		17.2
12,000	1,000 shares monthly from August 1, 2012	$	5.95	August 1, 2012 to July 31, 2014		7.0

In 2013
60,000	100% vested at date of grant	$	7.50	May 31, 2013 to May 31, 2016		29.0

*	Exercisable period modified in 2013

Weighted Average Fair Value Options Granted, Assumptions

The weighted average fair value of options granted during 2011, 2012 and 2013 was $1.87, $1.26 and $1.88, respectively, using the Black-Scholes option-pricing model based on the following assumptions:


Year ended December 31,	2011			2012			2013
Risk-free interest rate		0.75	%		0.30% to 0.39	%		0.52	%
Expected life		3 years			2 years to 4.2 years			3 years
Expected volatility		50.99	%		38.57 % to 48.23	%		52.36	%
Expected dividend yield		1.69	%		3.30% to 4.49	%		5.87	%