Stock-Based and Other Employee Compensation (Tables)

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Weighted Average Assumptions used to Determine Fair Values of Options Granted

The table below summarizes the weighted average assumptions used to determine the fair values of the options granted during the following periods:


	Three Months Ended June 30,						Six Months Ended June 30,
Assumptions with respect to:	2013			2012			2013			2012
Expected volatility		43	%		40	%		43	%		40	%
Risk-free interest rate		1.77	%		1.54	%		1.77	%		1.54	%
Expected dividends		0.57	%		0.26	%		0.57	%		0.26	%
Expected term (years)		2.0–6.9			6.6–8.2			2.0–6.9			6.6–8.2
Weighted average fair value of options granted during period	$	1.91		$	1.54		$	1.91		$	1.54

Stock Option Activity under Plans

The following table summarizes the stock option activity under the Company’s equity incentive plans during the six months ended June 30, 2013 and 2012, respectively.


	Number of Shares			Weighted- Average Exercise Price Per Share		Number of Shares			Weighted- Average Exercise Price Per Share
	2013					2012
Outstanding – January 1,		1,565,965		$	6.90		1,153,741		$	7.35
Granted		214,000			6.05		421,300			4.88
Exercised		(6,300	)		3.52		(5,328	)		3.16
Forfeited/Canceled		(243,600	)		6.60		(100,066	)		7.50

Outstanding – June 30,		1,530,065			6.84		1,469,847			6.74

Options Exercisable – June 30,		980,789		$	7.52		828,899		$	8.55

Additional Information Regarding Vested and Unvested Options Outstanding

The following table provides additional information regarding the vested and unvested options that were outstanding at June 30, 2013.


	Options Outstanding as of June 30, 2013								Options Exercisable as of June 30, 2013 ⁽¹⁾
	Vested		Unvested		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Shares		Weighted Average Exercise Price
$2.97 – $5.99		569,246		233,876	$	4.06		7.69		569,246	$	3.90
$6.00 – $9.99		11,100		315,400		6.53		9.35		11,100		7.19
$10.00 – $12.99		265,100		—		11.21		0.63		265,100		11.21
$13.00 – $17.99		115,843		—		15.12		2.13		115,843		15.21
$18.00 – $18.84		19,500		—		18.06		2.59		19,500		18.06

		980,789		549,276	$	6.84		6.33		980,789	$	7.52

⁽¹⁾	The weighted average remaining contractual life of the options that were exercisable as of June 30, 2013 was 4.82 years.

Summary of Status of Unvested Options and Changes in Number of Shares Subject to and in Weighted Average Grant Date Fair Values of Unvested Options

A summary of the status of the unvested options at June 30, 2013, and changes in the number of shares subject to and in the weighted average grant date fair values of the unvested options during the six months ended June 30, 2013, are set forth in the following table.


	Number of Shares Subject to Options			Weighted Average Grant Date Fair Value
Unvested at December 31, 2012		635,706		$	2.30
Granted		214,000			1.91
Vested		(135,831	)		1.99
Forfeited/Cancelled		(164,599	)		2.56

Unvested at June 30, 2013		549,276		$	2.15

Compensation Expense of Non-Vested Stock Options Outstanding

We expect that the compensation expense that will be recognized during the periods presented below in respect of unvested stock options outstanding at June 30, 2013, will be as follows:


	Estimated Stock Based Compensation Expense
(Dollars in thousands)
For the period and years ending December 31,
Remainder 2013	$	237
2014		458
2015		247
2016		32
2017		12

	$	986

Components of Net Periodic Benefit Cost for SERP

The components of net periodic benefit cost for the SERP are set forth in the table below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
	(Dollars in thousands)
Service cost	$	—	$	50	$	18	$	99
Interest cost		44		36		89		71
Expected return on plan assets		—		—		—		—
Amortization of prior service cost		—		4		1		8
Amortization of net actuarial loss		—		2		29		3

Net periodic SERP cost	$	44	$	92	$	137	$	181