Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.1.9
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2015
STOCK-BASED COMPENSATION [Abstract]  
Summary of Shares Available in Each Plan

The following table summarizes the shares granted and available in the 2011 Plan as of March 31, 2015; there were no shares granted or available under the Amended and Restated SIP as of March 31, 2015 because the Amended and Restated SIP was not effective as of such date.

 

 

 

 

 

2011 Plan

 

Beginning Authorization
1,000,000 

 

Granted
(600,641)

 

Remaining available for grant
399,359 

 

 

 

 

 

Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

Number of Stock Options

 

Weighted Average Exercise Price

Options outstanding, December 31, 2014
389,269 

 

$
16.69 

Exercised

(7,686)

 

 
17.72 

Expired
(13,188)

 

 
23.45 

Options outstanding, March 31, 2015
368,395 

 

 
16.42 

Options exercisable,  March 31, 2015
263,890 

 

 
17.47 

 

 

 

 

 

 

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 March 31, 2015:

 

 

 

 

 

 

 

 

Stock Options Vested or Expected to Vest

 

Exercisable

Stock options (number of shares)

 
368,361 

 

 
263,890 

Weighted average remaining contractual life in years

 
5.08 

 

 
4.62 

Weighted average exercise price on shares above water

$
14.36 

 

$
14.63 

Aggregate intrinsic value

$
2,471,164 

 

$
1,594,675 

 

 

 

 

 

 

 

Summary of Nonvested Stock Activity

The following table summarizes the restricted stock activity for the quarter ended March 31, 2015:

 

 

The following table summarizes the restricted stock activity for the three months ended March 31, 2015 and does not include restricted stock activity under the Amended and Restated SIP:

 

 

 

 

 

Number of Shares of Restricted Stock

 

Weighted Average Grant-Date Fair Value

Balance, December 31, 2014
287,120 

 

$
20.07 

Granted
81,414 

 

 
22.01 

Net settle for taxes

(9,869)

 

 
21.58 

Vested
(30,401)

 

 
16.03 

Forfeited
(4,419)

 

 
19.68 

Balance, March 31, 2015
323,845 

 

 
21.20 

 

 

 

 

 

 

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 March 31, 2015 that will be recognized in future periods is as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Options

 

Restricted Stock

 

Total

For the remaining nine months of 2015

$
155 

 

$
1,275 

 

$
1,430 

For year ending December 31, 2016

 
130 

 

 
1,586 

 

 
1,716 

For year ending December 31, 2017

 
15 

 

 
899 

 

 
914 

For year ending December 31, 2018

 

 -

 

 
495 

 

 
495 

For year ending December 31, 2019

 

 -

 

 
70 

 

 
70 

Total

$
300 

 

$
4,325 

 

$
4,625