|
Stock-Based Compensation (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockAbstract |
|
| Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
The components of stock-based compensation for the years ended December 31, 2013, 2012 and 2011 were as follows:
| | | | | | | | | | | | | For the Year Ended December 31, | | | 2013 | | 2012 | | 2011 | Stock options | | (245 | ) | | (66 | ) | | 2,077 |
| Restricted stock units | | 2,043 |
| | 1,314 |
| | 672 |
| Deferred directors fees | | — |
| | 58 |
| | 61 |
| Total stock-based compensation expense | | 1,798 |
| | 1,306 |
| | 2,810 |
| Tax benefit of stock-based compensation expense | | (671 | ) | | (472 | ) | | (959 | ) | After-tax effect of stock based compensation | | 1,127 |
| | 834 |
| | 1,851 |
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used |
Based on the results of the model, the weighted-average fair value of the stock options granted during the 12-month periods ended December 31, 2013, 2012 and 2011, respectively, were $1.79, $1.72 and $4.08 per share using the following weighted average assumptions: | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Expected dividend yield | | — | % | | — | % | | — | % | Risk-free interest rate | | 1.01 | % | | 0.67 | % | | 1.80 | % | Expected volatility | | 55.2 | % | | 58.6 | % | | 57.2 | % | Expected life of option | | 4.7 years |
| | 4.8 years |
| | 5.0 years |
|
|
| Schedule of Share-based Compensation, Stock Options, Activity |
The following table provides additional information regarding our stock option activity for the 12 months ended December 31, 2013: | | | | | | | | | | | | | | | | | Number of Options | | Weighted- Average Exercise Price | | Weighted- Average Remaining Contractual Life | | Aggregate Intrinsic Value | Outstanding on January 1, 2013 | | 1,914,000 |
| | $ | 11.38 |
| | | | | Granted | | 80,000 |
| | 3.85 |
| | | | | Exercised | | (195,000 | ) | | 4.16 |
| | | | | Expired or forfeited | | (110,500 | ) | | 10.93 |
| | | | | Outstanding on December 31, 2013 | | 1,688,500 |
| | $ | 11.88 |
| | 3.8 years | | $ | 1,038 |
| Exercisable on December 31, 2013 | | 1,678,500 |
| | $ | 11.92 |
| | 3.8 years | | $ | 1,027 |
|
The following table presents a summary of our stock option activity and related information for the years ended December 31: | | | | | | | | | | | | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | | | Number of Options | | Weighted- Average Exercise Price | | Number of Options | | Weighted- Average Exercise Price | | Number of Options | | Weighted- Average Exercise Price | Outstanding at beginning of year | | 1,914,000 |
| | $ | 11.38 |
| | 1,902,000 |
| | $ | 11.51 |
| | 2,856,125 |
| | $ | 14.68 |
| Granted | | 80,000 |
| | 3.85 |
| | 70,000 |
| | 3.55 |
| | 60,000 |
| | 8.16 |
| Exchanged for RSUs | | — |
| | — |
| | — |
| | — |
| | (814,500 | ) | | 22.06 |
| Exercised | | (195,000 | ) | | 4.16 |
| | — |
| | — |
| | (81,500 | ) | | 4.61 |
| Expired or forfeited | | (110,500 | ) | | 10.93 |
| | (58,000 | ) | | 6.33 |
| | (118,125 | ) | | 18.48 |
| Outstanding at end of year | | 1,688,500 |
| | $ | 11.88 |
| | 1,914,000 |
| | $ | 11.38 |
| | 1,902,000 |
| | $ | 11.51 |
| Exercisable at end of year | | 1,678,500 |
| | $ | 11.92 |
| | 1,833,500 |
| | $ | 11.48 |
| | 1,718,062 |
| | $ | 11.72 |
| Weighted-average fair value of options granted during the year | | | | $ | 1.79 |
| | | | $ | 1.72 |
| | | | $ | 4.08 |
|
|
| Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range |
The following table summarizes information about stock options outstanding at December 31, 2013: | | | | | | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | Range of Exercise Prices | | Number of Options | | Weighted- Average Remaining Contractual Life | | Weighted- Average Exercise Price | | Number of Options | | Weighted- Average Exercise Price | $ 3.55 - $ 5.51 | | 328,500 |
| | 5.3 years | | $ | 4.44 |
| | 328,500 |
| | $ | 4.44 |
| $ 5.52 - $11.03 | | 775,875 |
| | 4.0 years | | 8.88 |
| | 765,875 |
| | 8.92 |
| $11.04 - $22.06 | | 267,250 |
| | 2.2 years | | 14.57 |
| | 267,250 |
| | 14.57 |
| $22.07 - $27.57 | | 316,875 |
| | 3.0 years | | 24.69 |
| | 316,875 |
| | 24.69 |
| $ 3.55 - $27.57 | | 1,688,500 |
| | 3.8 years | | $ | 11.88 |
| | 1,678,500 |
| | $ | 11.92 |
|
|
| Schedule of Nonvested Share Activity |
Non-vested stock option activity for the 12 months ended December 31, 2013 was as follows: | | | | | | | | | | | Non-Vested Stock Options Outstanding | | Weighted-Average Grant Date Fair Value | Outstanding on January 1, 2013 | | 80,500 |
| | $ | 5.35 |
| Granted | | 80,000 |
| | 1.79 |
| Vested | | (148,000 | ) | | 3.53 |
| Forfeited | | (2,500 | ) | | 5.98 |
| Outstanding on December 31, 2013 | | 10,000 |
| | 3.58 |
|
|
| Schedule of Nonvested Restricted Stock Units Activity |
A summary of restricted stock unit activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | | | | | | | | | | | Shares | | Weighted Average Grant Date Fair Value | Unvested restricted stock units at January 1, 2011 | | 149,000 |
| | $ | 8.63 |
| Granted | | 80,000 |
| | 9.14 |
| Converted from stock options | | 267,372 |
| | 6.53 |
| Forfeited | | (9,207 | ) | | 6.76 |
| Vested | | — |
| | — |
| Unvested restricted units at December 31, 2011 | | 487,165 |
| | 7.59 |
| Granted | | 349,000 |
| | 4.82 |
| Forfeited | | (11,891 | ) | | 7.15 |
| Vested | | (72,250 | ) | | 8.63 |
| Unvested restricted stock units at December 31, 2012 | | 752,024 |
| | 6.21 |
| Granted | | 485,000 |
| | 4.62 |
| Forfeited | | (70,070 | ) | | 5.58 |
| Vested | | (394,938 | ) | | 2.94 |
| Unvested restricted stock units at December 31, 2013 | | 772,016 |
| | 5.35 |
|
|