Stock-Based Compensation

6 Months Ended

Jun. 30, 2013

Share-based Compensation [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

2005 Incentive Compensation Plan

On May 10, 2010, our stockholders approved the Amended and Restated 2005 Incentive Compensation Plan (the “2005 Plan”) which replaced our 2003 Stock Option Plan (the “2003 Plan”) as to future grants. The 2005 Plan extends through March 2015 and allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to officers and a selected number of employees.

Stock-Based Compensation

For the six months ended June  30, 2012, we had $22,000 of total compensation expense related to stock options. This expense is included in corporate general and administrative expenses in our results of operations. The associated future income tax benefit recognized for the six months ended June  30, 2012 was $9,000. The stock options were fully expensed at March 31, 2012, therefore there was no compensation expense related to stock options for the three months ended June 30, 2012 or the three and six months ended June 30, 2013.

The following summarizes the stock option transactions for the 2005 and 2003 Plans for the  six months ended June  30, 2013:

					Weighted Average
					Remaining		Aggregate
	Number of		Weighted Average		Contractual Term		Intrinsic
	Options		Exercise Price		(Years)		Value
Outstanding at January 1, 2013		260,660	$	34.69		3.0	$	1,253,039
Exercised		(5,403)		28.22
Expired		(15,299)		57.66
Outstanding at June 30, 2013		239,958	$	33.67		2.6	$	3,173,242
Exercisable at June 30, 2013		239,958	$	33.67		2.6	$	3,173,242

All stock options were fully vested at December 31, 2012. 

The following summarizes the restricted stock transactions for the six months ended June 30, 2013:

			Weighted Average
			Grant Date Fair
	Shares		Value
Outstanding at January 1, 2013		5,531	$	17.97
Vested		(5,531)		17.97
Non-vested and outstanding at June 30, 2013		—	$	—

For the six months ended June  30, 2013 and the three and six months ended June 30, 2012, we had $16,000, $25,000 and $ 60,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. This expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the six months ended June 30, 2013 and the three and six months ended June 30, 2012, was $7,000, $10,000 and $ 24,000, respectively. The restricted stock was fully expensed at March 31, 2013, therefore there was no compensation expense related to restricted stock for the three months ended June 30, 2013.