Stock Based Awards

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

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

10.            Stock Based Awards

The Company established a stock incentive plan in 1994 (the “1994 Plan”) under which options were granted. The options had an exercise price equal to the initial public offering price ($19.50/share), could be exercised in increments of 25% on each anniversary of the date of the grant, and expire upon employment termination. All options granted under the 1994 Plan have been exercised. In 2005, the Company’s stockholders approved the 2005 Equity Incentive Plan (the “2005 Plan”), which replaced the 1994 Plan. The 2005 Plan authorizes the issuance of a maximum of one million shares of common stock. No options were granted during 2013, 2012 or 2011.

Restricted common stock is granted to certain employees as part of the Company's 2005 Plan. As of December 31, 2013, there was $4,280,000 of total unrecognized compensation costs related to the outstanding restricted stock, which is expected to be recognized over a weighted average period of 3.1 years. The Company used 0% for both the discount factor and forfeiture rate for determining the fair value of restricted stock. The forfeiture rate was based on historical results and trends and the Company does not consider discount rates to be material.

The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The Company granted 87,950, 94,850, and 105,050 shares of restricted stock in 2013, 2012, and 2011, respectively to employees and sub-contractors under the 2005 Plan. The restricted shares vest over a five-year period based on continued service to the Company.

Restricted share activity is summarized as follows:

		Weighted Average
	Shares	Grant Date
	Outstanding	Fair Value
Unvested restricted stock at January 1, 2011	166,850	$	22.00
Restricted stock granted	105,050	$	22.01
Restricted stock vested	(42,830)	$	22.48
Restricted stock forfeited	(12,150)	$	22.22
Unvested restricted stock at December 31, 2011	216,920	$	21.74
Restricted stock granted	94,850	$	24.40
Restricted stock vested	(55,870)	$	21.87
Restricted stock forfeited	(5,720)	$	24.32
Unvested restricted stock at December 31, 2012	250,180	$	22.66
Restricted stock granted	87,950	$	27.70
Restricted stock vested	(73,368)	$	22.50
Restricted stock forfeited	(15,680)	$	25.01
Unvested restricted stock at December 31, 2013	249,082	$	24.33