Equity based compensation

6 Months Ended

Jun. 30, 2013

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

Equity based compensation

Equity based compensation

The following table highlights the expense related to share-based payments for the three months and six months ended June 30:

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Nonvested stock	$	54	$	54	$	136	$	108
Stock options	64		83		128		230
Stock purchases	—		215		—		342
Stock based compensation	$	118	$	352	$	264	$	680

The following is a summary of nonvested stock awards and stock option awards:

	Nonvested Stock				Stock Options
	Number of shares outstanding		Weighted average grant date fair value		Number of options outstanding		Weighted average exercise price
December 31, 2012	396,073		$	1.06	772,851		$	0.97
Granted	546,244		17.00		—		—
Vested/exercised	(366,854	)	0.93		(546,244	)	0.97
June 30, 2013	575,463		$	16.27	226,607		$	0.97

As described in Note 9, the Company forgave a $531 loan to an executive of the Company on June 14, 2013 related to an exercise of 546,244 stock options. Prior to the date of the loan forgiveness, the options were legally exercised, but not considered exercised for accounting purposes. As of the date of the loan forgiveness, the options were considered exercised for accounting purposes. The exercised shares retained their original vesting requirements, and as such, are presented as both an exercise of stock options and a grant of nonvested stock in the table above. The transaction was accounted for as a modification. Incremental compensation expense related to the modification of $508 will be recognized over the remaining vesting period of the shares.