Stock-Based Compensation Plan

3 Months Ended

Mar. 31, 2013

Stock-Based Compensation Plan [Abstract]

Stock-Based Compensation Plan

(7)   Stock–Based Compensation Plan

Stock Options

The following table summarizes the Company's stock option activities for the three months ended March 31, 2013 and 2012:

	Three Months Ended,
	2013				2012
	Number of Shares		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
Options outstanding at January 1		1,335,680	$	13.41		1,192,680	$	12.89
Options granted – directors and employees		-	$	-		-	$	-
Options forfeited- employees		(834)	$	5.60		-		-
Options exercised - employees		(88,661)	$	12.50		-	$	-
Options outstanding at March 31		1,246,185	$	13.48		1,192,680	$	12.89
Options exercisable		981,310	$	11.99		832,055	$	11.12
Weighted average remaining term of options exercisable	5.7 years				6.2 years

Stock options granted to employees have a vesting period of four years from grant date, with 25% vesting after one year, and 1/48th vesting each month thereafter until fully vested. Stock options granted to independent directors vest in one year.

The Company recorded stock-based compensation expense of $0.3 million in each three-month period ended March 31, 2013 and 2012.  As of March 31, 2013, the remaining unamortized stock-based compensation cost relating to stock options granted to the Company's employees was approximately $1.9 million which is to be recognized over the remaining weighted average vesting period of approximately 2.4 years. Unamortized stock-based compensation cost relating to independent directors' options as of March 31, 2013 was approximately $0.1 million which is to be recognized over a remaining weighted average vesting period of approximately two months.

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2013 was approximately $1.3 million. The aggregate intrinsic value of all options outstanding as of March 31, 2013 was $19.1 million based on the closing price of the Company's common stock of $28.82 per share on March 28, 2013, the last trading day of the quarter.

Restricted Stock

In January 2013, the Company granted 2,500 shares of restricted common stock valued at less than $0.1 million. The restricted stock award has a vesting period of 4 years.

Stock-based compensation expense is recorded as a component of marketing, general and administrative expense in the Company's consolidated statements of income.