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STOCK INCENTIVE PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Activity of Stock Incentive and Equity Plans

The following table summarizes the activity of the stock incentive and equity plans:

 

     Shares
available
for grant		     Number of
options
outstanding		     Weighted-
average
option
exercise price		      Number of
restricted
stock shares
issued		      Number of
restricted
stock units
outstanding		  

Outstanding at January 1, 2011

      643,850        1,830,397      $ 12.98         34,863         —     

Authorized

      2,100,000        —          —           —           —     

Granted

      (389,774 )      382,050        16.02         7,724         —     

Exercised

      —          (73,428 )      10.78         —           —     

Expired

      (139,988 )      —          —           —           —     

Canceled/forfeited

      45,911        (45,911 )      20.15         —           —     
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Outstanding at December 31, 2011

      2,259,999        2,093,108        13.45         42,587         —     

Granted

      (106,395 )      89,050        9.72         17,345         —     

Exercised

      —          (17,885 )      4.01         —           —     

Canceled/forfeited

      47,000        (47,163 )      15.13         —           —     
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Outstanding at December 31, 2012

      2,200,604        2,117,110        13.32         59,932         —     

Granted

      (216,913 )      97,265        8.43         73,707         45,941   

Exercised

      —          (27,930 )      5.02         —           —     

Canceled/forfeited

      256,412        (260,375 )      18.31         —           —     
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Outstanding at December 31, 2013

      2,240,103        1,926,070      $ 12.46         133,639         45,941   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Intrinsic Value Calculated Based on Grant Date Fair Value

The following table sets forth option grants made during 2013, 2012 and 2011 with intrinsic value calculated based on grant date fair value.

 

Date of Grant

    Number of
options
granted		      Exercise
price		      Intrinsic
value
per share		  

January 2011

      26,000       $ 18.80 - $21.64         —     

March - April 2011

      73,500       $ 25.61 - $27.63         —     

May 2011

      51,650       $ 22.92         —     

July 2011

      12,500       $ 16,86         —     

October 2011

      75,400       $ 10.81 - $10.93         —     

December 2011

      143,000       $ 10.19         —     

January 2012

      8,500       $ 9.39         —     

April-May 2012

      36,750       $ 9.45 - $10.43         —     

July 2012

      7,000       $ 10.20         —     

September - October 2012

      36,800       $ 9.41 - $9.58      

January - July 2013

      82,815       $ 6.60 - $7.97         —     

October 2013

      14,450       $ 12.11         —     

Exercise Prices of Outstanding Options

At December 31, 2013, the exercise prices of outstanding options units were as follows:

 

Exercise Price

    Number of
options
outstanding		      Average
remaining
contractual life
(years)		      Number of
options
exercisable		  

$0.78 - $4.94

      533,365         4.05         533,365   

$6.11 - $9.58

      385,054         6.84         274,089   

$10.02 - $14.00

      374,867         7.93         250,417   

$15.00 - $18.80

      66,979         5.71         61,854   

$19.21 - $22.92

      375,150         6.76         353,625   

$24.95 - $32.67

      190,655         6.70         126,155   
  

 

 

        

 

 

  
     1,926,070         6.36         1,599,505   
  

 

 

        

 

 

  

Summary of Non-vested Options

The following table summarizes the activity of non-vested options and restricted stock units as follows:

 

     Non-vested
options		     Weighted-
Average Option
Exercise
price		  

Non-vested at January 1, 2011

      1,339,386      $ 14.12   

Granted

      382,050        16.02   

Vested

      (366,484 )      10.72   

Cancelled

      (41,775 )      20.39   
  

 

 

    

 

 

  

Non-vested at December 31, 2011

      1,313,177        13.58   

Granted

      89,050        9.72   

Vested

      (540,050 )      14.77   

Cancelled

      (41,175 )      15.38   
  

 

 

    

 

 

  

Non-vested at December 31, 2012

      821,002        15.24   

Granted

      143,206        8.49   

Vested

      (380,413 )      12.50   

Cancelled

      (211,288 )      18.55   
  

 

 

    

 

 

  

Non-vested at December 31, 2013

      372,507      $ 13.57   
  

 

 

    

 

 

  

Schedule for Estimated Fair Value at Date of Option Grant Using Black Scholes Option Pricing Model

For the years ended December 31, 2013, 2012 and 2011, the assumptions used for the estimated fair value at the date of option grant using the Black-Scholes option-pricing model were as follows:

 

     2013    2012    2011

Weighted average fair value per share of option

    $8.49    $9.72    $16.02

Expected term

    5.3 years    5.3 years    5.0 years

Risk free interest rate

    0.76% - 1.42%    0.62% - 1.04%    0.85% - 2.24%

Volatility

    77%    52%    51%

Dividend yield

    None    None    None

Forfeiture rate

    19.18%    16.59%    24.53%

Analysis of Restricted Stock Issued

An analysis of restricted stock issued is as follows:

 

Non-vested restricted stock as of January 1, 2012

      1,931   

Granted

      17,345   

Vested

      (14,940 ) 
  

 

 

  

Non-vested restricted stock as of December 31, 2012

      4,336   

Granted

      73,707   

Vested

      (24,329 ) 
  

 

 

  

Non-vested restricted stock as of December 31, 2013

      53,714