Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

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

Stock-Based Compensation

Stock-Based Compensation

The Company's stock incentive plan, known as the 2011 Long Term Incentive Plan, or the "2011 LTIP", was approved by shareholders in May 2011 and is administered by the Compensation Committee of the Company’s Board of Directors. The 2011 LTIP authorized 3,000,000 shares to be issued under this plan. In general, the 2011 LTIP provides for grants of restricted stock and stock options to be issued with a per-share price equal to the fair market value of a share of common stock on the date of grant.  Option terms are specified at each grant date, but are generally are 10 years from the date of issuance.  Options generally vest over a three to five year period.  

In the three months ended March 31, 2013 and 2012 , compensation expense related to stock based awards outstanding was $582,000 and $774,000, respectively. In the first quarter of 2012, the Company granted options to purchase 262,051 shares of common stock, with a fair value of $4.08 per share. No equity awards of stock or options were granted in the first quarter of 2013.

In the three months ended March 31, 2013, 33,966 options were exercised, generating proceeds to the Company of approximately $206,000. In the three months ended March 31, 2012, the Company received proceeds of approximately $13,000 upon the exercise of 2,226 options.

At March 31, 2013, total unrecognized compensation expense related to unvested stock and options was approximately $4.6 million, which is expected to be recognized over a period of 2.73 years.