Accounting for Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

The following table summarizes stock option activity during the three year period ended December 31, 2013:

Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2010		2,132,506		$	6.34
Granted		609,642			12.31
Exercised		(571,964	)		5.88
Forfeited		(6,359	)		5.66
Outstanding at December 31, 2011		2,163,825		$	8.12		6.74	$	15,408
Granted		160,000			12.88
Exercised		(176,896	)		4.46
Forfeited		(17,000	)		4.05
Outstanding at December 31, 2012		2,129,929		$	8.82		6.99	$	5,640
Granted		510,000			19.64
Exercised		(672,753	)		7.21
Forfeited		(24,000	)		11.27
Outstanding at December 31, 2013		1,943,176		$	12.19		5.31	$	28,379
Exercisable at December 31, 2011		1,222,959		$	7.23		6.07	$	9,831
Exercisable at December 31, 2012		1,520,720		$	7.57		6.20	$	5,966
Exercisable at December 31, 2013		1,055,176		$	12.21		4.58	$	19,314

Fair Value of Option on Date of Grant

The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model. This model incorporates certain assumptions for inputs including a risk-free interest rate, expected dividend yield of the underlying common stock, expected option life and expected volatility in the market value of the underlying common stock. The following assumptions were used for options issued in the following periods:

	2013	2012	2011
Expected volatility	34%	47%	49-55%
Weighted average expected volatility	34%	47%	55%
Expected lives	3 yrs.	3 yrs.	3 - 5 yrs.
Risk-free interest rate	0.57-0.65%	0.43%	0.37-0.94%
Expected dividend yield	none	none	none

Restricted Stock Activity

The following table summarizes restricted stock activity during the three year period ended December 31, 2013:

Unvested Restricted Shares	Shares			Weighted- Average Grant-Date Fair Value
Nonvested at December 31, 2010		1,350		$	13.64
Granted		36,000			16.80
Vested		(12,450	)		16.69
Forfeited		—			—
Outstanding at December 31, 2011		24,900		$	16.69
Granted		155,280			12.94
Vested		(17,922	)		15.54
Forfeited		—			—
Outstanding at December 31, 2012		162,258		$	13.23
Granted		179,967			18.90
Vested		(102,258	)		13.59
Forfeited		—			—
Outstanding at December 31, 2013		239,967		$	17.32

SARs Activity

The following table summarizes SARs activity during the period ended December 31, 2013:

Stock Appreciation Rights	Units		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2012		—	$	—
Granted		495,000		19.19
Exercised		—		—
Forfeited		—		—
Outstanding at December 31, 2013		495,000	$	19.19		6.5		3,770
Exercisable at December 31, 2013		—	$	—		—		—