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Stock Option And Stock Award Plans
 12 Months Ended
Dec. 31, 2015
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. 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, 2015, 2014 and 2013, and changes during those years, is presented below:
 
 
 
Option Exercise Price/Share
  
Number of
Options
 
Range
 
Weighted
Average
Outstanding at January 1, 2013
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

Granted
—

 
—

 
to
 
—

 
—

Forfeited and Expired
(60,207
)
 
17.13

 
to
 
30.01

 
22.30

Exercised
(222,400
)
 
14.06

 
to
 
19.84

 
16.34

Outstanding at December 31, 2015
881,513

 
$
17.13

 
to
 
$
30.01

 
$
20.22


The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2015:
 
 
 
 
 
 
Options Outstanding at
December 31, 2015
 
Options Exercisable at
December 31, 2015
 
 
 
 
 
 
 
 
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

 
—

 
0.0
 
$
—

 
$
—

 
—

 
$
—

 
$
—

15.01

 
to
 
17.50

 
164,500

 
1.1
 
17.13

 
—

 
164,500

 
17.13

 
—

17.51

 
to
 
20.00

 
424,330

 
2.3
 
19.02

 
—

 
410,155

 
19.00

 
—

20.01

 
to
 
25.00

 
289,033

 
7.4
 
23.62

 
—

 
194,095

 
23.78

 
—

25.01

 
to
 
30.01

 
3,650

 
5.9
 
30.01

 
—

 
2,250

 
30.01

 
—

Total
 
881,513

 
3.8
 
$
20.22

 
$
—

 
771,000

 
$
19.84

 
$
—


During 2015, the Board of Directors approved the acceleration vesting of stock options and restricted stock for several Tredegar executives who left the Company in recognition of their many years of service. Compensation expense recognized in 2015 for accelerated stock option vestings (0.4 million shares) and accelerated restricted stock vestings (0.1 million shares) totaled $0.4 million and $1.0 million, respectively.
The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2015, 2014 and 2013:
 
Unvested Restricted Stock
 
Maximum Unvested 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, 2013
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

Granted
147,666

 
18.87

 
2,786

 
144,582

 
18.47

 
2,670

Vested
(174,145
)
 
20.57

 
(3,582
)
 
—

 
—

 
—

Forfeited
(29,226
)
 
21.42

 
(626
)
 
(107,167
)
 
20.78

 
(2,227
)
Outstanding at December 31, 2015
132,353

 
$
21.19

 
$
2,805

 
167,128

 
$
22.04

 
$
3,684


The total intrinsic value of stock options exercised was $1.0 million in 2015, $0.1 million in 2014 and $1.3 million in 2013. The grant-date fair value of stock option-based awards vested was $1.9 million in 2015, $0.7 million in 2014 and $1.7 million in 2013. As of December 31, 2015, there was unrecognized compensation cost of $0.2 million related to stock option-based awards and $1.4 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 0.9 years for stock option-based awards and 1.6 years for non-vested restricted stock and other stock-based awards.
Stock options exercisable totaled 771,000 at December 31, 2015 and 800,050 shares at December 31, 2014. Stock options available for grant totaled 2,520,632 shares at December 31, 2015.