Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

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

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

 

 

 

 

 

 

2011 Plan

 

Beginning Authorization
1,000,000 

 

Granted
(387,594)

 

Expired, forfeited, or cancelled
26,857 

 

Remaining available for grant
639,263 

 

 

 

 

 

 

 

 

Summary of Stock Option Activity

The following table summarizes the stock option activity for the nine months ended September 30, 2013:

 

 

 

 

 

 

 

Number of Stock Options

 

Weighted Average Exercise Price

Options outstanding, December 31, 2012
500,578 

 

$
16.92 

Exercised
(16,845)

 

 
15.94 

Expired
(44,888)

 

 
18.80 

Options outstanding, September 30, 2013
438,845 

 

 
16.76 

Options exercisable, September 30, 2013
236,803 

 

 
19.11 

 

 

 

 

 

 

Estimated Stock Option on the Date of Grant Fair Value

 

 

 

 

 

 

 

Nine Months Ended September 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 September 30, 2013:

 

 

 

 

 

 

 

 

Stock Options Vested or Expected to Vest

 

Exercisable

Stock options

 
438,845 

 

 
236,803 

Weighted average remaining contractual life in years

 
5.92 

 

 
4.37 

Weighted average exercise price on shares above water

$
15.16 

 

$
16.44 

Aggregate intrinsic value

$
3,063,866 

 

$
1,212,833 

 

 

 

 

 

 

 

Summary of Nonvested Stock Activity

The following table summarizes the nonvested stock activity for the nine months ended September 30, 2013:

 

 

 

 

 

 

 

Number of Shares of Restricted Stock

 

Weighted Average Grant-Date Fair Value

Balance, December 31, 2012
187,700 

 

$
13.15 

Granted
126,172 

 

 
18.80 

Vested
(12,119)

 

 
14.01 

Forfeited
(30,850)

 

 
15.22 

Balance, September 30, 2013
270,903 

 

 
16.28 

 

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 September 30, 2013 that will be recognized in future periods is as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

Stock Options

 

Restricted Stock

 

Total

For the remaining three months of 2013

$
82 

 

$
21 

 

$
103 

For year ending December 31, 2014

 
315 

 

 
978 

 

 
1,293 

For year ending December 31, 2015

 
241 

 

 
721 

 

 
962 

For year ending December 31, 2016

 
143 

 

 
342 

 

 
485 

For year ending December 31, 2017

 
27 

 

 
44 

 

 
71 

Total

$
808 

 

$
2,106 

 

$
2,914