Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.0.8
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2013
STOCK-BASED COMPENSATION [Abstract]  
Summary of Shares Available in Each Plan

The following table summarizes the shares available in each plan as of June  30, 2013:

 

 

 

 

 

 

 

 

2003 Plan (1)

 

 

2011 Plan

Beginning Authorization
525,000 

 

 
1,000,000 

Granted
(626,425)

 

 
(372,999)

Expired, forfeited, or cancelled
101,425 

 

 
26,857 

Remaining available for grant
0 

 

 
653,858 

 

 

 

 

 

    (1) The 2003 Plan expired in June 2013.

 

 

 

 

 

 

 

 

 

 

Summary of Stock Option Activity

The following table summarizes the stock option activity for the six months ended June 30, 2013:

 

 

 

 

 

 

 

Number of Stock Options

 

Weighted Average Exercise Price

Options outstanding, December 31, 2012
500,578 

 

$
16.92 

Exercised
(7,423)

 

 
14.04 

Expired
(44,888)

 

 
18.80 

Options outstanding, June 30, 2013
448,267 

 

 
16.78 

Options exercisable, June 30, 2013
237,222 

 

 
19.25 

 

 

 

 

 

 

Estimated Stock Option on the Date of Grant Fair Value

 

 

 

 

 

 

 

Six Months Ended June 30,

 

2013

 

2012

Dividend yield (1)

 

-

 

 
2.47% 

Expected life in years (2)

 

-

 

 
7.0 

Expected volatility (3)

 

-

 

 
41.53% 

Risk-free interest rate (4)

 

-

 

 
1.24% 

 

 

 

 

 

 

Weighted average fair value per option granted

$

 -

 

$
4.76 

 

(1) Calculated as the ratio of historical dividends paid per share of common stock to the stock price on the date of grant.

(2) Based on the average of the contractual life and vesting schedule for the respective option.

(3) Based on the monthly historical volatility of the Company’s stock price over the expected life of the options.

(4) Based upon the U.S. Treasury bill yield curve, for periods within the contractual life of the option, in effect at the time of grant.

Summary of Information Concerning Stock Options

The following table summarizes information concerning stock options issued to the Company’s employees that are vested or are expected to vest and stock options exercisable as of June  30, 2013:

 

 

 

 

 

 

 

 

Stock Options Vested or Expected to Vest

 

Exercisable

Stock options

 
435,371 

 

 
237,222 

Weighted average remaining contractual life in years

 
6.30 

 

 
4.91 

Weighted average exercise price on shares above water

$
14.36 

 

$
14.90 

Aggregate intrinsic value

$
1,910,616 

 

$
140,089 

 

 

 

 

 

 

 

Summary of Nonvested Stock Activity

The following table summarizes the nonvested stock activity for the six months ended June  30, 2013:

 

 

 

 

 

 

 

Number of Shares of Restricted Stock

 

Weighted Average Grant-Date Fair Value

Balance, December 31, 2012
187,700 

 

$
13.15 

Granted
111,577 

 

 
18.12 

Vested
(12,119)

 

 
14.01 

Forfeited
(30,850)

 

 
15.22 

Balance, June 30, 2013
256,308 

 

 
15.68 

 

Estimated Unamortized Compensation Expense Recognized in Future

The estimated unamortized compensation expense, net of estimated forfeitures, related to nonvested stock and stock options issued and outstanding as of June  30, 2013 that will be recognized in future periods is as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

Stock Options

 

Restricted Stock

 

Total

For the remaining six months of 2013

$
172 

 

$
633 

 

$
805 

For year ending December 31, 2014

 
332 

 

 
935 

 

 
1,267 

For year ending December 31, 2015

 
253 

 

 
660 

 

 
913 

For year ending December 31, 2016

 
147 

 

 
340 

 

 
487 

For year ending December 31, 2017

 
27 

 

 
43 

 

 
70 

Total

$
931 

 

$
2,611 

 

$
3,542