STOCK-BASED AWARDS

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

We have equity incentive plans that provide for the grant to employees of stock-based awards, including stock options and restricted stock.

Stock-based compensation expense was as follows (in thousands):



	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Stock options	$	—	$	—	$	—	$	3
Restricted stock awards	809		980		2,377		2,621
Total stock-based compensation expense	$	809	$	980	$	2,377	$	2,624

Restricted stock awards

During the three and nine months ended September 30, 2013, the Compensation Committee of the Board of Directors approved grants of 2,500 and 275,000 restricted stock awards, respectively, to our officers, board members and employees. The restricted stock awards vest over three years at 40% at the end of the first year, 30% at the end of the second year and 30% at the end of the third year and are subject to the employee’s continuing service to us. At September 30, 2013, there were 714,750 unvested restricted stock awards that remained outstanding.

The cost of restricted stock awards is determined using the fair value of our common stock on the date of the grant, and compensation expense is either recognized on a straight line basis over the three-year vesting schedule or on an accelerated schedule when vesting of restricted stock awards exceeds a straight-line basis. The cumulative amount of compensation expense recognized at any point in time is at least equal to the portion of the grant date fair value of the award that is vested at that date. The weighted average grant date fair value of restricted stock awards granted during the three months and nine months ended September 30, 2013 was $33.44 and $16.12, respectively.

The following table summarizes restricted stock award activity during the nine months ended September 30, 2013 (in thousands):



	Nine months ended September 30, 2013
			Weighted Average
	Units		Grant Date Fair Value
Outstanding—beginning of year	1,003		$	8.81
Granted at fair value	275		16.12
Vested	(334	)	10.14
Forfeited	(230	)	9.41
Outstanding—end of period	714		$	10.81

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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