Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

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

Schedule of Share-based Compensation Expense

The following table presents the amounts incurred by ARI for share-based compensation, or stock appreciation rights (SARs) and the corresponding line items on the consolidated statements of operations that they are classified within:

	Years Ended December 31,
	2014		2013		2012
	(in thousands)
Share-based compensation expense:
Cost of revenues: Manufacturing	$	697	$	909	$	899
Cost of revenues: Railcar Services	186		234		171
Selling, general and administrative	2,309		3,986		3,598
Total share-based compensation expense	$	3,192	$	5,129	$	4,668

Analysis of SARs outstanding

The following table provides an analysis of all SARs outstanding and assumptions that were used as of December 31, 2014:

	Grant Year
	2014	2012	2011	2010	2009	2008
SARs outstanding	86,419	38,327	9,632	2,283	2,350	100
Vested & Exercisable	—	733	9,632	2,283	2,350	100
Vesting period	3 years	3 years	3 years	3 years	4 years	4 years
Expiration Year	2021	2019	2018	2017	2016	2015
Weighted average exercise price	$49.76	$29.31	$24.45	$12.80	$6.71	$20.88
Expected volatility range	44.2% - 52.8%	42.7%	42.5%	46.0%	46.3%	46.3%
Expected life range (in years)	3.1 - 4.5	2.0 - 2.1	1.7	1.1 - 1.2	0.6	0.2
Risk-free interest rate range	1.1% - 1.7%	0.7%	0.7%	0.2%	0.2%	0.2%
Expected Dividend yield	3.1%	3.1%	3.1%	3.1%	3.1%	3.1%
Forfeiture Rate on unvested SARs	4.0%	4.0%	N/A	N/A	N/A	N/A

Summary of SARs activity under the 2005 Plan

The following is a summary of SARs activity under the 2005 Plan:

	Stock Appreciation Rights (SARs)		Weighted Average Exercise Price	Weighted Average Remaining Contractual Life	Weighted Average Fair Value of SARs	Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2012	805,910		$16.35
Granted	204,500		$29.31
Cancelled/Forfeited	(22,360	)
Exercised	(390,658	)
Outstanding at December 31, 2012	597,392		$21.54
Granted	—		$—
Cancelled/Forfeited	(41,114	)
Exercised	(349,044	)
Outstanding at December 31, 2013	207,234		$25.85
Granted	119,342		$49.31
Cancelled/Forfeited	(50,550	)
Exercised	(136,915	)
Outstanding at December 31, 2014	139,111		$41.02	63 months	$19.13	$1,575
Exercisable at December 31, 2014	15,098		$20.14	34 months	$30.01	$473