Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

Share-based Compensation [Abstract]

STOCK-BASED COMPENSATION

NOTE 12: STOCK-BASED COMPENSATION

The Company made the following stock-based compensation awards:

Stock-Based Compensation	Three Months Ended March 31,
(Amounts in thousands)	2014		2013
SARs granted (number of shares)	749		645
RSUs granted (number of shares)	150		131
Aggregate fair value at time of grant; SARs	$	4,346	$	4,231
Aggregate fair value at time of grant; RSUs	$	1,862	$	1,831

The SARs and RSUs granted in 2014 and 2013 vest quarterly over a three-year period and are generally restricted from exercise, sale, or other transfer for three years from the grant date. The SARs granted have a ten-year term before expiration.

The following assumptions were used to estimate the fair value of SARs in the three months ended March 31, 2014 and 2013:

Assumptions Used for SARs	2014	2013
Estimated average life	6 years	6 years
Risk-free interest rate	1.9%	1.1%
Expected and weighted average volatility	46.8%	49.6%
Dividend yield	0.0%	0.0%
Estimated forfeiture rate	4.29%	2.67%
Weighted average exercise price	$12.44	$13.81
Weighted average grant date fair value	$5.80	$6.56

As of March 31, 2014, the total unrecognized stock-based compensation expense related to previously granted awards was $11.4 million. The weighted average period over which this expense is expected to be recognized is 28 months. The Company’s policy upon the exercise of options, RSUs, or SARs has been to issue new shares into the public market as authorized under the stockholder-approved 2006 Equity Incentive Plan.