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Employee Benefits
12 Months Ended
Dec. 31, 2014
Employee Benefits [Abstract]  
Employee Benefits

 

 

Note 16:  Employee Benefits

 

We sponsor a 401(k) defined contribution savings plan. The plan covers all employees who have completed one year of service and have attained the age of 21.  The plan is subject to the Employee Retirement Income Security Act of 1974, as amended.  This plan permits participants to make before or after-tax contributions in an amount not exceeding 90% of eligible compensation and subject to dollar limits from Internal Revenue Service regulations.  We will make an annual nonelective contribution of 3% of eligible compensation.  We made contributions of $0.6 million, $1.0 million, and $0.7 million in 2014, 2013, and 2012, respectively.

 

Stock Options – We recorded no share-based compensation expense with respect to stock options for the years ended December 31, 2014, 2013, and 2012. The share-based compensation is calculated using the accrual method, which treats each vesting tranche as a separate award and amortizes expense evenly from grant date to vest date for each tranche.  The amortization of stock-based compensation reflects actual forfeitures, and as of December 31, 2014, there was no unrecognized compensation expense.  The deferred tax asset that was recorded related to this compensation expense was approximately $0 for tax years 2014, 2013, and 2012.

 

We have computed the estimated fair values of all share-based compensation using the Black-Scholes option pricing model.  No options were granted in 2014, 2013, or in 2012. 

 

As of December 31, 2012, 5,000 options were outstanding with a weighted average exercise price of $16.93. During 2013, all 5,000 outstanding options expired at a weighted average exercise price of $16.93. There were no outstanding options as of December 31, 2013 and 2014.

 

No stock options were exercised in 2014, 2013 and 2012.

 

Restricted Stock - Restricted shares granted as of December 31, 2014, 2013 and 2012 was 477,987,  401,844, and 200,798, respectively.  We recognized $0.9 million for the year ended December 31, 2014 and $0.7 million for the year ended December 31, 2013 and $0.1 million for the year ended December 31, 2012, in compensation expense, related to all restricted shares outstanding.  At December 31, 2014, there was $1.6 million of total unrecognized compensation expense related to restricted shares granted under the 2008 Stock Plan. Of the total unrecognized compensation expense at December 31, 2014, $0.9 million will be recognized in 2015, and the remainder will be recognized the following two years.

 

The 2014 and 2013 grants of restricted stock have a vesting period between one to three years.  The restrictions on the shares expire one year after the award date or upon the earlier to occur of satisfaction of vesting conditions, a change in control of us, or the permanent and total disability or death of the participant.  We recognize compensation expense over the restricted period.