Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 September 30, 2013 and changes during the nine months ended September 30, 2013 is presented below:

	Number of Shares		Weighted-Average Grant Date Fair Value ($)
Outstanding at December 31, 2012	449,629		16.93
Granted	135,005		25.90
Vested	(165,745	)	13.15
Forfeited	(89,744	)	19.09
Outstanding at September 30, 2013	329,145		21.94

Summary of share option activity

A summary of share option activity under the 2011 Plan as of September 30, 2013 and changes during the nine months ended September 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	(70,900	)	9.51
Forfeited or expired	(97,375	)	10.74
Outstanding at September 30, 2013	79,375		8.26	6.9	2,065
Exercisable at September 30, 2013	44,375		8.03	6.9	1,164
Vested or Expected to Vest at September 30, 2013	78,913		8.25	6.9	2,053

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 periods:

	Weighted-Average at Grant Date for Nine Months Ended September 30, 2013		Weighted-Average at Grant Date for Nine Months Ended September 30, 2012
Expected volatility factor	0.41		0.39
Risk free interest rate	0.32	%	0.45	%
Expected term (in years)	2.72		2.74
Expected dividend yield	—	%	—	%

Performance share award activity

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

	Number of Awards		Weighted-Average Fair Value at Grant Date ($)
Outstanding at December 31, 2012	280,907		20.30
Granted	109,950		25.94
Vested	—		—
Forfeited	(79,950	)	21.76
Outstanding at September 30, 2013	310,907		21.92