Share-Based Compensation (Notes)

12 Months Ended

Dec. 31, 2013

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

The Company's 2010 Incentive Compensation Plan (the “2010 Plan”) allows for the issuance of 2,500,000 shares of common stock. The 2010 Plan provides for the grant of stock options, restricted stock units, and other awards to its employees and directors.

The Company awards restricted stock units to certain key employees and non-employee directors. The restricted stock units vest ratably over a four year service period from the grant date. Restricted stock units are valued based on the market price on the date of the grant and are amortized on a straight-line basis over the vesting period. Compensation expense for restricted stock units is based on fair market value at the grant date.

The following table summarizes the nonvested restricted stock units as of December 31, 2013 and 2012:



	Number of Restricted Stock Units		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)
Nonvested as of December 31, 2011	75,922		$	14.02	3.2
Granted	87,414		18.02
Vested	(18,971	)	14.02
Forfeitures	(2,117	)	18.02
Nonvested as of December 31, 2012	142,248		$	16.42	2.8
Granted	202,523		24.19
Vested	(43,571	)	16.41
Forfeitures	(21,729	)	20.19
Nonvested as of December 31, 2013	279,471		$	21.76	2.8

Unrecognized stock compensation expense was $4.9 million and $1.8 million for the years ended December 31, 2013 and 2012, respectively.

The Company previously maintained a Key Employee Equity Plan (“Equity Plan”), a stock-based compensation plan that permitted the grant of stock options to Company employees and directors. Stock options under the Equity Plan were granted with an exercise price equal to or in excess of the fair value of the Company’s stock on the date of grant. Such options vest ratably over a two or four year service period and are exercisable ten years from the date of grant, but only to the extent vested as specified in each option agreement.

GTS previously maintained a Key Employee Equity Plan (“GTS Plan”), which permitted the grant of stock options to employees and directors. Stock options under the GTS Plan were granted with an exercise price equal to or in excess of the fair value of GTS’ stock on the date of grant. Such options vest ratably over a two or four year service period and are exercisable ten years from the date of grant, but only to the extent vested as specified in each option agreement. In connection with the Company’s merger with GTS effective upon the IPO, all options granted pursuant to the GTS Plan outstanding at the effective time of the merger became options to purchase shares of the Company’s common stock.

No options were granted by the Company in 2011, 2012 or 2013. Stock-based compensation expense was $1.5 million, $0.7 million, and $0.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. The related estimated income tax benefit recognized in the accompanying consolidated statements of operations, net of estimated forfeitures, was $0.6 million, $0.3 million, and $0.2 million, respectively.

A summary of the option activity under the equity plans for the years ended December 31, 2013 and 2012, respectively, is as follows:



	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
						(In thousands)
Outstanding as of December 31, 2011	1,811,536		$	11.41	4.8	$	4,927
Granted	—		—
Exercised	(226,068	)	9.59
Forfeited	—		—
Outstanding as of December 31, 2012	1,585,468		$	11.67	3.8	$	10,258
Granted	—		—
Exercised	(729,651	)	9.33
Forfeited	—		—
Outstanding as of December 31, 2013	855,817		$	13.67	3.0	$	11,365

There were 855,817, 1,563,725, and 1,684,140 options exercisable as of December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, for exercisable options, the weighted-average exercise price was $13.67, the weighted average remaining contractual term was 3.0 years, and the estimated aggregate intrinsic value was $13.28 per share. All granted options are non-qualified options. As of December 31, 2013, all options were vested.

- 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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