Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation (Tables)

v2.4.0.8
Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of stock options activity

Summary of Stock Option Activity:
 
 
Year Ended December 31, 2013
 
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
(In thousands)
Options outstanding at beginning of year
 
609,585

 
$
27.44

 
 
 
 
Granted
 

 
N/A

 
 
 
 
Exercised
 
(347,370
)
 
$
33.40

 
 
 
 
Cancelled
 
(3,400
)
 
$
14.00

 
 
 
 
Outstanding at end of year
 
258,815

 
$
19.63

 
1.35
 
$
7,340

Vested and expected to vest at end of year
 
258,815

 
$
19.63

 
1.35
 
$
7,340

Exercisable at end of year
 
225,415

 
$
20.36

 
1.22
 
$
6,229

Price range of options exercised
 
$8.06-$44.44
 
 
 
 
Price range of options outstanding
 
$11.48-$42.82
 
 
 
 
Total shares reserved for existing or future grants at end of year
 
2,283,114

 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
2012
 
2011
 
 
Options
 
Weighted
Average
Exercise
Price
 
Options
 
Weighted
Average
Exercise
Price
Options outstanding at beginning of year:
 
897,767

 
$
23.56

 
1,332,767

 
$
23.80

Granted
 

 
N/A

 

 
N/A

Exercised
 
(282,082
)
 
$
15.12

 
(171,800
)
 
$
15.21

Cancelled
 
(6,100
)
 
$
25.73

 
(263,200
)
 
$
30.24

Outstanding at end of year
 
609,585

 
$
27.44

 
897,767

 
$
23.56

Exercisable at end of year
 
471,760

 
$
30.93

 
550,359

 
$
26.29

Price range of options exercised
 
$ 8.06 - $34.30

 
 
 
$ 8.06 - $21.10

 
 
Price range of options outstanding
 
$ 8.06 - $44.44

 
 
 
$ 8.06 - $44.44

 
 
Stock options by exercise price range
Stock options Outstanding at December 31, 2013:
 
 
 
Stock Options Outstanding
 
Stock Options Exercisable
Range of Exercise Prices
 
Number
Outstanding
 
Weighted
Average
Contractual
Life
 
Weighted
Average
Exercise Price
 
Number
Exercisable
 
Weighted
Average
Exercise Price
$11.48 - $14.00
 
59,453

 
1.73
 
$
13.80

 
29,953

 
$
13.75

$15.98 - $19.80
 
35,142

 
0.99
 
$
16.06

 
34,542

 
$
16.02

$19.90 - $19.90
 
139,840

 
1.38
 
$
19.90

 
139,840

 
$
19.90

$22.11 - $22.11
 
6,300

 
2.61
 
$
22.11

 
3,000

 
$
22.11

$42.82 - $42.82
 
18,080

 
0.08
 
$
42.82

 
18,080

 
$
42.82

 
 
258,815

 
 
 
 
 
225,415

 
 
Summary of nonvested (restricted) shares activity
Summary of Nonvested (Restricted) Shares Activity:

In addition to the stock options discussed above, we grant time-based and performance-based restricted shares. Performance-based restricted shares are only granted to our senior executive management group. All performance shares only vest upon the attainment of certain financial and operational criteria as established and approved by our Board of Directors.
 
 
 

Nonvested
Restricted Share
Activity
(time-based)
 

Weighted
Average
Grant Date
Fair Value
 

Nonvested
Restricted
Share Activity
(performance-
Based)
 

Weighted
Average
Grant Date
Fair Value
Outstanding at January 1, 2011
 
465,251

 
$
19.01

 
202,500

 
$
16.91

Granted
 
357,000

 
$
25.57

 
56,250

 
$
25.65

Vested (Earned/Released)
 
(141,335
)
 
$
17.76

 
(33,750
)
 
$
14.27

Forfeited (1)
 
(31,400
)
 
$
23.23

 
(33,750
)
 
14.27

Outstanding as of December 31, 2011
 
649,516

 
$
22.68

 
191,250

 
$
20.41

Granted
 
386,500

 
$
27.21

 
56,250

 
$
20.72

Vested (Earned/Released)
 
(166,566
)
 
$
18.92

 
(33,750
)
 
$
14.27

Forfeited (1)
 
(43,800
)
 
$
25.10

 
(33,750
)
 
$
14.27

Outstanding at December 31, 2012
 
825,650

 
$
25.43

 
180,000

 
$
22.81

Granted
 
355,795

 
$
42.78

 
62,500

 
$
42.56

Vested (Earned/Released)
 
(215,850
)
 
$
41.72

 
(67,500
)
 
$
41.97

Forfeited (1)
 
(81,700
)
 
$
31.27

 

 
N/A

Outstanding at December 31, 2013
 
883,895

 
$
32.22

 
175,000

 
$
30.10

 
(1)
Forfeitures on time-based nonvested shares are a result of terminations of employment, while forfeitures on performance-based nonvested shares are a result of failing to attain certain goals as outlined in our executive management group's compensation agreements.
Summary of compensation expense and stock award activity
 
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
Stock-based compensation expense
 
$
9,483

 
$
8,319

 
$
7,410

Cash received by Company from exercises
 
$
11,601

 
$
4,267

 
$
2,613

Summary of stock based compensation agreements
 
 
As of
 
 
December 31, 2013
 
December 31, 2012
Unrecognized stock-based compensation cost
 
$
17,385

 
$
13,072

Weighted average years remaining vesting period
 
2.18

 
2.17

Total equity awards outstanding (1)
 
1,318

 
1,615


(1)     Includes vested and unvested options outstanding and unvested restricted stock awards.