Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2013

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

Summary of the status of the Company's restricted stock shares

A summary of the status of the Company’s restricted stock shares (restricted stock awards and restricted stock unit awards) as of June 30, 2013 and changes during the six months ended June 30, 2013 is presented below:

	Number of Shares		Weighted-Average Grant Date Fair Value ($)
Outstanding at December 31, 2012	449,629		16.93
Granted	132,450		25.74
Vested	(146,460	)	12.30
Forfeited	(53,994	)	16.33
Outstanding at June 30, 2013	381,625		21.85

Summary of share option activity

A summary of share option activity under the 2011 Plan as of June 30, 2013 and changes during the six months ended June 30, 2013 is presented below:

	Number of Options		Weighted- Average Exercise Price ($)	Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($000)
Outstanding at December 31, 2012	247,650		9.59	8.0	2,015
Exercised	(58,150	)	9.53
Forfeited or expired	(94,250	)	10.84
Outstanding at June 30, 2013	95,250		8.40	6.7	2,221
Exercisable at June 30, 2013	53,750		8.29	6.3	1,260
Vested or Expected to Vest at June 30, 2013	94,499		8.40	6.7	2,204

Multiple input variables of performance share awards

The grant date fair value of the performance share awards was determined through the use of a Monte Carlo simulation model, which utilizes multiple input variables that determine the probability of satisfying the market condition requirements. A summary of the variables used is presented below for grants occurring in the respective years:

	Weighted-Average at Grant Date 2013		Weighted-Average at Grant Date 2012
Expected volatility factor	0.41		0.39
Risk free interest rate	0.31	%	0.45	%
Expected term (in years)	2.72		2.75
Expected dividend yield	—	%	—	%

Performance share award activity

The following table summarizes the Company’s performance share awards for six months ended June 30, 2013:

	Number of Awards		Weighted-Average Fair Value at Grant Date ($)
Outstanding at December 31, 2012	280,907		20.30
Granted	107,750		25.76
Vested	—		—
Forfeited	(43,150	)	21.09
Outstanding at June 30, 2013	345,507		21.90