Shared-Based Compensation

3 Months Ended

Mar. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Shared-Based Compensation

Note 10. Shared-Based Compensation

During the three month periods ended March 31, 2014 and 2013, approximately $539 and $430, respectively, of compensation expense was recognized in selling, general and administrative expense for all share-based awards. During the three month period ended March 31, 2014, there were 93 share awards and 96 options awards to non-executive directors, officers and certain other key employees.

The restricted shares granted during the three month periods ended March 31, 2014 and 2013, vest pro-rata over three years. During the three month periods ended March 31, 2014 and 2013, we incurred $162 and $163, respectively, in expense related to restricted stock. The fair value of the shares issued was determined by using the grant date closing price of our common stock.

We incurred $377 and $267 of stock option expense in the three month periods ended March 31, 2014 and 2013, respectively. The fair value of our options cannot be determined by market value, as our options are not traded in an open market. Accordingly, the Black Scholes financial pricing model is utilized to estimate the fair value.

The following table provides a reconciliation of option activity for the three month period ended March 31, 2014:

Options	Shares (000)			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2014		1,233		$	10.65
Granted		96		$	19.63
Exercised		(29	)	$	12.62
Forfeited or expired		(8	)	$	12.62
Outstanding at March 31, 2014		1,292		$	11.26		6.6	$	10,900	(1)
Exercisable at March 31, 2014		840		$	10.79		5.4	$	7,474	(1)

⁽¹⁾  The intrinsic value is the amount by which the market price of our stock was greater than the exercise price of any individual option grant at March 31, 2014.