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Stock Option Plans
9 Months Ended
Sep. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Plans

12. Stock Option Plans

In August 2013, the Company’s Board of Directors adopted the 2013 Stock Incentive Plan (2013 Plan) covering officers, employees, directors of, and consultants to, the Company. The 2013 Plan allows for the granting of the following types of “stock awards”: incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and dividend equivalent rights. The maximum aggregate number of shares of the Company’s common stock which may be issued pursuant to the 2013 Plan was 1,600,000 in addition to any shares of common stock reserved for issuance pursuant to future grants under the 2011 Stock Plan (2011 Plan). In addition, the number of shares authorized for issuance pursuant to the 2013 Plan will be increased by any additional shares that would otherwise return to the 2011 Plan as a result of the forfeiture, termination or expiration of awards previously granted under the 2011 Plan. Further, the 2013 Plan will provide for annual increases in the number of shares available for issuance thereunder on the first business day of each fiscal year equal to 3.5% of the number of shares of common stock outstanding. No new stock awards may be granted under the 2011 Plan.

As of September 30, 2013, there were 2,675,000 options outstanding and 1,251,000 options available for grant under the outstanding option plans.

The Company recognized $537,000 and $86,000 in compensation for the three months ended September 30, 2013 and 2012, respectively. The Company recognized $1,125,000 and $466,000 in compensation for the nine months ended September 30, 2013 and 2012, respectively. During the three and nine months ended September 30, 2013, the Company granted 717,000 and 917,000 options, respectively, at a weighted-average exercise price of $16.59 and $15.58 per share, respectively. During the three and nine months ended September 30, 2013, 80,000 and 93,000 options were exercised, respectively, at a weighted-average exercise price of $0.89 and $0.87 per share, respectively.