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Stock Option And Stock Award Plans
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Option And Stock Award Plans
STOCK OPTION AND STOCK AWARD PLANS
Tredegar has one equity incentive plan under which stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. In addition, the Company has one other equity incentive plan under which there are options that remain outstanding, but no future grants can be made. Prior to 2012, employee options ordinarily vested two years from the date of grant. Employee options granted in 2012 and thereafter ordinarily vest over a four-year period, with a quarter of the options granted vesting on each year on the grant date anniversary. The option plans also permit the grant of stock appreciation rights (“SARs”), stock, restricted stock, stock unit awards and incentive awards. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment and/or the achievement of certain performance targets. No SARs have been granted since 1992 and none are currently outstanding.
A summary of stock options outstanding at December 31, 2014, 2013 and 2012, and changes during those years, is presented below:
 
 
 
Option Exercise Price/Share
  
Number of
Options
 
Range
 
Weighted
Average
Outstanding at January 1, 2012
1,121,500

 
$
14.06

 
to
 
$
19.84

 
$
17.40

Granted
182,100

 
18.51

 
to
 
19.40

 
19.34

Forfeited and Expired
(50,300
)
 
15.80

 
to
 
19.84

 
19.34

Exercised
(176,600
)
 
14.72

 
to
 
18.12

 
16.33

Outstanding at December 31, 2012
1,076,700

 
14.06

 
to
 
19.84

 
17.81

Granted
184,700

 
24.84

 
to
 
30.01

 
24.97

Forfeited and Expired
(34,000
)
 
15.11

 
to
 
24.84

 
21.10

Exercised
(180,600
)
 
14.27

 
to
 
19.84

 
17.32

Outstanding at December 31, 2013
1,046,800

 
14.06

 
to
 
30.01

 
19.06

Granted
181,476

 
19.84

 
to
 
22.49

 
22.41

Forfeited and Expired
(22,581
)
 
15.80

 
to
 
24.84

 
21.42

Exercised
(41,575
)
 
15.80

 
to
 
19.84

 
17.55

Outstanding at December 31, 2014
1,164,120

 
$
14.06

 
to
 
$
30.01

 
$
19.59


The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2014:
 
 
 
 
 
 
Options Outstanding at
December 31, 2014
 
Options Exercisable at
December 31, 2014
 
 
 
 
 
 
 
 
Weighted Average
 
Aggregate Intrinsic Value
(In Thousands)
 
 
 
 
 
Aggregate Intrinsic Value
(In Thousands)
Range of
Exercise Prices
 
Shares
 
Remaining Contractual Life (Years)
 
Exercise
Price
 
 
Shares
 
Weighted
Average
Exercise
Price
 
$
—

 
to
 
$
15.00

 
26,000

 
0.9
 
$
14.06

 
$
219

 
26,000

 
$
14.06

 
$
219

15.01

 
to
 
17.50

 
314,500

 
1.2
 
16.53

 
1,873

 
314,500

 
16.53

 
1,873

17.51

 
to
 
20.00

 
488,870

 
3.3
 
19.03

 
1,693

 
417,550

 
18.97

 
1,470

20.01

 
to
 
25.00

 
330,250

 
8.7
 
23.61

 
—

 
40,875

 
24.84

 
—

25.01

 
to
 
30.01

 
4,500

 
8.6
 
30.01

 
—

 
1,125

 
30.01

 
—

Total
 
1,164,120

 
4.2
 
$
19.59

 
$
3,785

 
800,050

 
$
18.17

 
$
3,562


The following table summarizes additional information about non-vested restricted stock outstanding at December 31, 2014:
 
Non-vested Restricted Stock
 
Maximum Non-vested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria
 
Number
of Shares
 
Weighted Avg. Grant Date Fair Value/Share
 
Grant Date
Fair Value
(In Thousands)
 
Number
of Shares
 
Weighted Avg. Grant Date Fair Value/Share
 
Grant Date
Fair Value
(In Thousands)
Outstanding at January 1, 2012
126,150

 
$
18.25

 
$
2,302

 
85,000

 
$
19.35

 
$
1,645

Granted
94,949

 
19.06

 
1,810

 
87,200

 
18.79

 
1,638

Vested
(60,357
)
 
18.01

 
(1,087
)
 
—

 
—

 
—

Forfeited
(16,842
)
 
18.82

 
(317
)
 
(80,400
)
 
19.31

 
(1,553
)
Outstanding at December 31, 2012
143,900

 
18.82

 
2,708

 
91,800

 
18.85

 
1,730

Granted
93,425

 
25.45

 
2,378

 
77,200

 
27.82

 
2,148

Vested
(58,175
)
 
20.15

 
(1,172
)
 
—

 
—

 
—

Forfeited
(21,300
)
 
20.70

 
(441
)
 
(36,700
)
 
19.83

 
(728
)
Outstanding at December 31, 2013
157,850

 
22.00

 
3,473

 
132,300

 
23.81

 
3,150

Granted
95,707

 
22.18

 
2,123

 
59,675

 
21.54

 
1,285

Vested
(54,921
)
 
20.73

 
(1,139
)
 
—

 
—

 
—

Forfeited
(10,578
)
 
21.76

 
(230
)
 
(62,262
)
 
19.18

 
(1,194
)
Outstanding at December 31, 2014
188,058

 
$
22.48

 
$
4,227

 
129,713

 
$
24.99

 
$
3,241


The total intrinsic value of stock options exercised was $0.1 million in 2014, $1.3 million in 2013 and $0.5 million in 2012. The grant-date fair value of stock option-based awards vested was $0.7 million in 2014, $1.7 million in 2013 and $2.1 million in 2012. As of December 31, 2014, there was unrecognized compensation cost of $1.3 million related to stock option-based awards and $2.3 million related to non-vested restricted stock and other stock-based awards. This cost is expected to be recognized over the remaining weighted average period of 1.4 years for stock option-based awards and 1.4 years for non-vested restricted stock and other stock-based awards.
Stock options exercisable totaled 800,050 at December 31, 2014 and 769,825 shares at December 31, 2013. Stock options available for grant totaled 2,198,235 shares at December 31, 2014.