Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
(12) Stock-Based Compensation |
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Stock Options and Restricted Stock Units (RSUs or Nonvested Shares) |
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During the quarter ended September 30, 2013, the Company recognized stock-based compensation expense of $0.3 million. Shares were withheld to pay $0.1 million of taxes on behalf of employees whose restricted stock units (RSUs) vested during the quarter, resulting in a credit to additional paid-in capital of $0.2 million. During the quarter ended September 30, 2012, the Company recognized stock-based compensation expense of $0.6 million. Shares were withheld to pay $0.1 million of taxes on behalf of employees during the quarter ended September 30, 2012, resulting in a net incremental credit of additional paid in capital of $0.5 million. |
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During the nine months ended September 30, 2013, the Company reversed stock-based compensation expense of $50,000. Shares were withheld to pay $0.3 million of taxes on behalf of employees, resulting in a net incremental debit to additional paid-in capital of $0.3 million. During the nine months ended September 30, 2012, the Company recognized stock-based compensation expense of $1.5 million. Shares were withheld to pay $0.1 million of taxes on behalf of employees, resulting in a net incremental credit to additional paid-in capital of $1.4 million. |
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As of September 30, 2013, there was $0.2 million of total unrecognized compensation cost related to unvested stock options that the Company expects to recognize over a weighted-average period of 11 months and $0.8 million of total unrecognized compensation cost related to nonvested shares to be recognized over a weighted-average period of 14 months. |
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During the nine months ended September 30, 2013, the Company granted 156,000 stock options, all of which were granted during the first quarter. The aggregate fair value of stock options granted during the nine months ended September 30, 2013 was $0.2 million. There were no nonvested shares granted during the nine months ended September 30, 2013. The Company uses historical data to estimate forfeiture rates. |
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On April 23, 2013, the Company’s Board of Directors declared a special cash dividend of $1.60 per share of common stock. This special cash dividend was paid on June 4, 2013 to stockholders of record as of May 7, 2013. In connection with this special cash dividend, the Compensation Committee of the Company’s Board of Directors approved equitable adjustments to the Company’s outstanding stock options and restricted stock units. The compensation cost recognized during 2013 relating to this modification was $4,000. |
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Activity related to stock options and nonvested shares during the nine months ended September 30, 2013 and related balances outstanding as of that date are reflected below (in thousands): |
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| | Stock | | Nonvested | |
| | Options | | Shares | |
Outstanding at January 1, 2013 | | 2,292 | | 868 | |
Granted | | 156 | | - | |
Exercised and vested | | - | | -507 | |
Expired and forfeited | | -159 | | -378 | |
Adjustment pursuant to special dividend | | - | | 438 | |
Outstanding at September 30, 2013 | | 2,289 | | 421 | |
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Options vested and expected to vest at September 30, 2013 | | 2,250 | | | |
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Options exercisable at September 30, 2013 | | 2,034 | | | |
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