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SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2012
Valuation Assumptions
During 2012, 2011 and 2010 our assumptions related to these inputs were as follows:
 
2012
 
2011
 
2010
Dividend yield
—%
 
—%
 
—%
Risk-free interest rate
0.62% - 1.03%
 
0.87% – 2.24%
 
1.00% – 3.00%
Expected volatility
28.35% - 52.82%
 
28.35% – 36.35%
 
28.35% – 38.55%
Forfeitures
15.00% - 39.00%
 
15.00% – 39.00%
 
15.00% – 30.00%
Stock Option Activity
A summary of stock option activity is as follows:
 
Number of Shares
 
Option Exercise Price
 
Weighted Average Exercise Price
Outstanding 01/01/2010
1,032,250

 
 
 
 
Granted
811,400

 
$5.50 - $14.33
 
$10.72
Exercised
(11,878
)
 
$5.00 - $12.65
 
$7.57
Cancelled
(98,810
)
 
$5.00 - $12.65
 
$6.66
Outstanding 12/31/2010
1,732,962

 
 
 
 
Granted
726,200

 
$6.90 - $14.57
 
$12.03
Exercised
(50,296
)
 
$5.00 - $11.99
 
$5.76
Cancelled
(170,193
)
 
$5.00 - $14.57
 
$9.82
Options Outstanding 12/31/2011
2,238,673

 
 
 
 
Granted
1,393,700

 
$7.06 - $13.00
 
$10.62
Exercised
(81,674
)
 
$5.00 - $12.28
 
$6.22
Cancelled
(364,285
)
 
$5.00 - $14.57
 
$9.50
Options Outstanding 12/31/2012
3,186,414

 
 
 
 
Outstanding Stock Options
As of December 31, 2012, outstanding stock options were as follows:
Exercise Price
 
Options Outstanding
 
Intrinsic Value
 
Options Vested
 
Intrinsic Value
 
Weighted Average Remaining Life (Years)
$5.00
 
109,950

 
$
845,515

 
94,250

 
$
724,783

 
5.80
$5.50
 
752,725

 
5,412,093

 
645,378

 
4,640,268

 
6.83
$6.90 - $7.66
 
384,386

 
2,025,213

 
36,820

 
194,467

 
9.07
$7.96 - $8.14
 
92,274

 
433,819

 
42,045

 
198,213

 
8.90
$9.17 - $10.98
 
415,205

 
1,249,234

 
219,658

 
690,737

 
8.14
$11.18 - $11.99
 
176,350

 
170,430

 
108,924

 
98,292

 
8.23
$12.28 - $12.65
 
121,274

 
29,777

 
68,517

 
14,595

 
8.22
$12.69 - $14.57
 
1,134,250

 

 
327,692

 

 
9.20
 
 
3,186,414

 
$
10,166,081

 
1,543,284

 
$
6,561,355

 
 


Stock Incentive Plan
2009 STOCK INCENTIVE PLAN
 
 
Total equity available to issue
 
4,336,265

Total equity outstanding or exercised
 
3,070,192

Total equity remaining(1)
 
1,266,073

Outstanding Unvested Restricted Stock Awards
As of December 31, 2012, outstanding unvested restricted stock awards were as follows:
 
Unvested Shares
Outstanding 01/01/10
539,940

Granted
77,500

Vested
(167,480
)
Cancelled
(800
)
Outstanding 12/31/10
449,160

Granted
152,800

Vested
(186,414
)
Cancelled
(12,000
)
Outstanding 12/31/11
403,546

Granted
314,700

Vested
(221,263
)
Cancelled
(44,400
)
Outstanding 12/31/12
452,583