Note I - Equity-based Compensation

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

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

NOTE i—

EQUITY

-BASED COMPENSATION

Grants for the

Three

Months ended September 30, 2016 and September 30, 2015:

The weighted-average estimated fair value of restricted stock units ("RSUs") granted during the three months ended September 30, 2016 and 2015 was $9.32 and $7.61 per share, respectively, (using the weighted average pre-vest cancellation rate of 5.04% and 4.40% during the three months ended September 30, 2016 and September 30, 2015, respectively, on an annual basis).

No employee stock options or stock appreciation rights (“SAR”) were granted during the three months ended September 30, 2016 and September 30, 2015

.

Employee Stock

Benefit

Plans

As of September 30, 2016, 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, 2016, approximately 942,000 shares of common stock remain available for grant under the Company’s employee stock purchase plan and 681,000 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 3 0, 2016		3,457		$	5.61
RSUs granted		3			-
Options / SARs / RSUs cancelled/forfeited/expired		(98	)		7.29
Options / SARs exercised and RSUs vested		(647	)	$	6.34
Outstanding at September 30, 2016 (1)		2,713		$	5.38		3.20	$	18,341
Exercisable at September 30, 2016 (2)		1,642		$	7.75		2.86	$	7,327

(*) Calculation of aggregate intrinsic value is based on the share price of the Company’s common stock on September 30, 2016 ($12.01 per share).

(1) Due to the ceiling imposed on the SAR grants, the outstanding amount above can be exercised for a maximum of 2,410 shares of the Company’s common stock as of September 30, 2016. 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 1,339 shares of the Company’s common stock as of September 30, 2016.

(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

, 2016 with exercise prices above $12.01 per share (the closing price of the Company’s common stock on September 30, 2016) 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 $12.01		70	$	16.78		-	$	-		70	$	16.78
Less than $12.01		1,572	$	7.35		1,071	$	1.73		2,643	$	5.07
Total		1,642	$	7.75		1,071	$	1.73		2,713	$	5.38

The Company’s aggregate equity-based compensation expense for the three months ended September 30, 2016 and 2015 totaled $1,461 and $1,261, respectively.

As of

September 30, 2016, there was $5,157 of total unrecognized equity-based compensation expense related to unvested equity-based compensation awards granted under the Company’s equity incentive plans and the

Company’s employee stock purchase plan. This amount is expected to be recognized during the period from 2016 through 2020.