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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Weighted-Average Assumptions Used for Option Awards Granted

The Company uses the Black-Scholes option pricing model to estimate the fair value of the stock options awards. The following weighted-average assumptions were used for option awards granted during the years ended December 31 of the periods indicated:

 

       2013     2012     2011  

Expected dividend yield

       0.00 %      0.00 %      0.00 % 

Weighted-average expected volatility

       36.68 %      35.33 %      31.50 % 

Weighted-average risk-free interest rate

       1.73 %      1.25 %      2.87 % 

Expected option term (in years)

       6.0        6.3        6.0   

Contractual term (in years)

       10        10        10   

Weighted-average grant date fair value

     $ 5.22      $ 5.49      $ 4.33   

Summary of Stock Option Activity

The following table represents the activity related to stock options during the periods indicated.

 

     Number
of Shares
    Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining
Contractual
Term (Years)
 

Options outstanding, December 31, 2010

     215,000      $ 10.04      

Granted

     229,657        12.25      

Exercised

     —          —        

Forfeited or expired

     (999 )      12.23      
  

 

 

   

 

 

    

Options outstanding, December 31, 2011

     443,658        11.11      

Granted

     378,692        14.69      

Exercised

     —          —        

Forfeited or expired

     (13,333 )      14.43      
  

 

 

   

 

 

    

Options outstanding, December 31, 2012

     809,017        11.81      

Granted

     139,650        16.16      

Exercised

     (76,966 )      10.39      

Forfeited or expired

     (16,600 )      15.16      
  

 

 

   

 

 

    

Options outstanding, December 31, 2013

     855,101      $ 13.48         7.0   
  

 

 

   

 

 

    

Options exercisable, December 31, 2011

     270,599      $ 10.53      

Options exercisable, December 31, 2012

     289,444      $ 10.60      

Options exercisable, December 31, 2013

     374,535      $ 11.94         6.0   

Summarized Information About Stock Options Outstanding by Range of Exercise Prices

The following table presents weighted-average remaining life as of December 31, 2013 for options outstanding within the stated exercise prices:

 

     Options Outstanding      Options Exercisable  

Exercise Price Range
Per Share

   Number
of Shares
     Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining

Life
(Years)
     Number
of Shares
     Weighted-
Average
Exercise
Price
 

$10.00-$12.70

     368,181       $ 11.35         5.0         292,074       $ 11.11   

$14.20-$14.88

     351,870         14.68         8.0         82,461         14.88   

$15.88-$23.68

     135,050         16.17         9.0         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Options

     855,101       $ 13.48         7.0         374,535       $ 11.94