Note 9 - Equity-Based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE i—EQUITY-BASED COMPENSATION

Grants for the Three Months ended September 30, 2015 and September 30, 2014:

The weighted-average estimated fair value of restricted stock units ("RSUs") granted during the three months ended September 30, 2015 and September 30, 2014 was $8.43 and $8.87 per share, respectively, with the following weighted-average assumptions (annualized percentages):

	Three months ended September 30, 2015			Three months ended September 30, 2014
Pre-vest cancellation rate		4.40	%		4.57	%

Employee Stock Benefit Plans

As of September 30, 2015, the Company had two equity incentive plans from which the Company may grant future equity awards and three expired equity incentive plans from which no future equity awards may be granted but had outstanding equity awards granted prior to expiration. The Company also had one employee stock purchase plan. As of September 30, 2015, approximately 1,170,000 shares of common stock remain available for grant under the Company’s employee stock purchase plan and 1,052,000 shares of common stock remain available for grant under the Company’s equity incentive plans.

The table below presents a summary of information relating to the Company’s stock option, RSU and SAR grants pursuant to its equity incentive plans:

	Number of Options/SARs/RSUs			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years) (3)		Aggregate Value (*)
	in thousands							in thousands
Outstanding at June 30, 2015		4,012		$	5.97
Options granted		-			-
RSUs granted		8			-
Options / SARs / RSUs cancelled/forfeited/expired		(6	)		-
Options / SARs exercised and RSUs vested		(134	)	$	0.92
Outstanding at September 30, 2015 (1)		3,880		$	6.14		3.48	$	12,971
Exercisable at September 30, 2015 (2)		2,556		$	7.47		2.96	$	5,255

(*) Calculation of aggregate intrinsic value is based on the share price of the Company’s common stock on September 30, 2015 ($9.11 per share).

(1) Due to the ceiling imposed on the SAR grants, the outstanding amount above can be exercised for a maximum of 3,266,336 shares of the Company’s common stock as of September 30, 2015. SAR grants made prior to January 1, 2009 are convertible for a maximum number of shares of the Company’s common stock equal to 50% of the SARs subject to the grant. SAR grants made on or after January 1, 2009 and before January 1, 2010 are convertible for a maximum number of shares of the Company’s common stock equal to 75% of the SARs subject to the grant. SAR grants made on or after January 1, 2010 and before January 1, 2012 are convertible for a maximum number of shares of the Company’s common stock equal to 66.67% of the SARs subject to the grant. SAR grants made on or after January 1, 2012 are convertible for a maximum number of shares of the Company’s common stock equal to 50% of the SARs subject to the grant.

(2) Due to the ceiling imposed on the SAR grants, the exercisable amount above can be exercised for a maximum of 1,996,075 shares of the Company’s common stock as of September 30, 2015.

(3) Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have indefinite contractual term.

Additional information about stock options, SARs and RSUs outstanding and exercisable at September 30, 2015 with exercise prices above $9.11 per share (the closing price of the Company’s common stock on September 30, 2015) is as follows:

	Exercisable				Unexercisable				Total
Exercise Prices	Number of Options/ SARs / RSUs (in thousands)		Weighted Average Exercise Price		Number of Options/ SARs / RSUs (in thousands)		Weighted Average Exercise Price		Number of Options/ SARs / RSUs (in thousands)		Weighted Average Exercise Price
Above $9.11		184	$	14.90		219	$	10.93		403	$	12.74
Less than $9.11		2,372	$	6.89		1,105	$	2.13		3,477	$	5.38
Total		2,556	$	7.47		1,324	$	3.58		3,880	$	6.14

The Company’s aggregate equity-based compensation expense for the three months ended September 30, 2015 and 2014 totaled $1,261 and $1,296, respectively. The Company did not recognize any income tax benefit relating to the Company’s equity-based compensation expense for the three months ended September 30, 2015 and 2014.

As of September 30, 2015, there was $4,224 of total unrecognized equity-based compensation expense related to unvested equity-based compensation awards granted under the Company’s equity incentive plans. This amount is expected to be recognized during the period from 2015 through 2019.