|
Stock-Based Compensation (Tables)
|
3 Months Ended |
|
Mar. 31, 2013
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| Stock-Based Compensation [Abstract] |
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| Summary of shares available in each Plan |
| |
|
|
|
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| |
|
2003 Plan
(1) |
|
|
2011 Plan |
|
|
Beginning Authorization
|
|
|
525,000 |
|
|
|
1,000,000 |
|
|
Granted
|
|
|
(626,425 |
) |
|
|
(372,999 |
) |
|
Expired, forfeited, or cancelled
|
|
|
106,267 |
|
|
|
25,108 |
|
| |
|
|
|
|
|
|
|
|
|
Remaining available for grant
|
|
|
4,842 |
|
|
|
652,109 |
|
| |
|
|
|
|
|
|
|
|
| (1)
|
The 2003 Plan expires in June 2013.
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|
| Summary of stock option activity |
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|
Number of Stock
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Options outstanding, December 31, 2012
|
|
|
500,578 |
|
|
$ |
16.92 |
|
|
Expired
|
|
|
(43,450 |
) |
|
|
18.88 |
|
| |
|
|
|
|
|
|
|
|
|
Options outstanding, March 31, 2013
|
|
|
457,128 |
|
|
|
16.73 |
|
| |
|
|
|
|
|
|
|
|
|
Options exercisable, March 31, 2013
|
|
|
200,095 |
|
|
|
20.22 |
|
| |
|
|
|
|
|
|
|
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| Estimated stock option on the date of grant fair value |
| |
|
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|
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|
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|
| |
|
Three Months Ended March 31, |
|
| |
|
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 |
| |
|
|
|
|
|
|
|
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| |
|
Stock Options
Vested or
Expected to Vest |
|
|
Exercisable |
|
|
Stock options
|
|
|
440,374 |
|
|
|
200,095 |
|
|
Weighted average remaining contractual life in years
|
|
|
6.54 |
|
|
|
4.66 |
|
|
Weighted average exercise price on shares above water
|
|
$ |
14.22 |
|
|
$ |
14.74 |
|
|
Aggregate intrinsic value
|
|
$ |
1,784,177 |
|
|
$ |
94,712 |
|
|
| Summary of nonvested stock activity |
| |
|
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| |
|
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
|
|
|
(5,299 |
) |
|
|
12.83 |
|
|
Forfeited
|
|
|
(2,289 |
) |
|
|
17.42 |
|
| |
|
|
|
|
|
|
|
|
|
Balance, March 31, 2013
|
|
|
291,689 |
|
|
|
15.73 |
|
| |
|
|
|
|
|
|
|
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| Estimated unamortized compensation expense recognized in future |
| |
|
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|
Stock Options |
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Restricted
Stock
|
|
|
Total |
|
|
For the remaining nine months of 2013
|
|
$ |
256 |
|
|
$ |
952 |
|
|
$ |
1,208 |
|
|
For year ending December 31, 2014
|
|
|
332 |
|
|
|
942 |
|
|
|
1,274 |
|
|
For year ending December 31, 2015
|
|
|
253 |
|
|
|
670 |
|
|
|
923 |
|
|
For year ending December 31, 2016
|
|
|
147 |
|
|
|
360 |
|
|
|
507 |
|
|
For year ending December 31, 2017
|
|
|
27 |
|
|
|
48 |
|
|
|
75 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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Total
|
|
$ |
1,015 |
|
|
$ |
2,972 |
|
|
$ |
3,987 |
|
| |
|
|
|
|
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