Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity and Stock Based Compensation

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Stockholders' Equity and Stock Based Compensation
3 Months Ended
Mar. 31, 2013
Stockholders' Equity and Stock Based Compensation  
Stockholders' Equity and Stock Based Compensation

12.                         The 2012 Stock-Based Compensation Plan (the “2012 Plan”) authorizes the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Stock Bonuses and other equity-based awards. The total number of shares of Common Stock initially available for award under the 2012 Plan was 600,000.  As of March 31, 2013, the number of shares of Common stock available for future award grants to employees and directors under the 2012 Plan is 593,775.

 

The 2006 Stock-Based Compensation Plan (the “2006 Plan”) authorizes the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Stock Bonuses, and other equity-based awards. The total number of shares of Common Stock initially available for award under the 2006 Plan was 800,000. As of March 31, 2013, there are no shares of Common Stock available for future award grants to employees and directors under the 2006 Plan.

 

During 2006, the Company granted a total of 315,000 shares of Restricted Stock to officers, directors and employees. Included in this grant were 200,000 Restricted Shares granted to the Company’s CEO in accordance with his employment agreement. These 200,000 Restricted Shares vest over 40 equal quarterly installments. The remaining grants of Restricted Stock vest over 20 equal quarterly installments.

 

During 2007, the Company granted a total of 30,000 shares of Restricted Stock to officers, directors and employees. These shares of Restricted Stock vest over 20 equal quarterly installments. In 2007, a total of 12,500 shares of Restricted Stock were forfeited as a result of employees and officers terminating employment with the Company.

 

During 2008, the Company granted a total of 57,500 shares of Restricted Stock to officers and directors. These shares of Restricted Stock vest over 20 equal quarterly installments.  In 2008, a total of 3,500 shares of Restricted Stock were forfeited as a result of employees terminating employment with the Company.

 

During 2009, the Company granted a total of 140,000 shares of Restricted Stock to officers and employees. These shares of Restricted Stock vest over 20 equal quarterly installments.

 

During 2010, the Company granted a total of 150,500 shares of Restricted Stock to officers and employees. These shares of Restricted Stock vest over 20 equal quarterly installments. In 2010, a total of 5,875 shares of Restricted Stock were forfeited as a result of employees and officers terminating employment with the Company.

 

During 2011, the Company granted a total of 15,000 shares of Restricted Stock to employees. These shares of Restricted Stock vest over 20 equal quarterly installments. In 2011, a total of 8,375 shares of Restricted Stock were forfeited as a result of employees terminating employment with the Company.

 

During 2012, the Company granted a total of 92,000 shares of Restricted Stock to officers, directors, and employees. These shares of Restricted Stock vest over 20 equal quarterly installments. A total of 3,525 shares of Restricted Stock were forfeited as a result of employees terminating employment with the Company.

 

During 2013, the Company granted a total of 40,000 shares of Restricted Stock to officers. These shares of Restricted Stock vest over 16 equal quarterly installments.

 

Changes during 2013 in options outstanding under the Company’s combined plans (i.e., the 2012 Plan, the 2006 Plan, the 1995 Non-Employee Director Plan and the 1995 Stock Option Plan) were as follows:

 

 

 

Number of
Options

 

Weighted Average
Exercise Price

 

Weighted Average
Remaining
Contractual Life

 

Aggregate Intrinsic
Value ($M)(1)

 

Outstanding at January 1, 2013

 

310,640

 

$

8.65

 

 

 

 

 

Granted in 2013

 

 

 

 

 

 

 

Canceled in 2013

 

 

 

 

 

 

 

Exercised in 2013

 

 

 

 

 

 

 

Outstanding at March 31, 2013

 

310,640

 

$

8.65

 

1.3

 

$

1.1

 

Exercisable at March 31, 2013

 

310,640

 

$

8.65

 

1.3

 

$

1.1

 

 

 

(1) The intrinsic value of an option is calculated as the difference between the market value on the last trading day of the quarter (March 28, 2013) and the exercise price of the outstanding options. The market value as of

 

March 28, 2013 was $11.88 per share represented by the closing price as reported by The NASDAQ Global Market on that day.

 

A summary of nonvested shares of Restricted Stock awards outstanding under the Company’s the 2012 Plan and 2006 Plan as of March 31, 2013, and changes during the three months then ended is as follows:

 

 

 

Shares

 

Weighted Average
Grant Date
Fair Value

 

Nonvested shares at January 1, 2013

 

251,150

 

$

11.24

 

Granted in 2013

 

40,000

 

13.14

 

Vested in 2013

 

(26,275

)

10.31

 

Forfeited in 2013

 

 

 

Nonvested shares at March 31, 2013

 

264,875

 

$

11.37

 

 

As of March 31, 2013, there is approximately $3.0 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 3.3 years.

 

For the three months ended March 31, 2013 and 2012, the Company recognized share-based compensation cost of approximately $271 and $231, respectively, which is included in the Company’s selling, general and administrative expense.