Equity based compensation

9 Months Ended

Sep. 30, 2013

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

Upon the consummation of the IPO, the Company granted the following equity based compensation awards:

•42,858 shares of nonvested stock were granted to certain officers of the Company. 19,048 shares will vest 1/3 each on the first, second and third anniversary of the grant and 23,810 shares will vest 1/3 each on the second, third and fourth anniversary of the grant. These nonvested shares have a grant date fair value of $13.96 per share.

•463,106 options to purchase shares of common stock were granted to certain employees and officers of the Company at an exercise price of $14.00 per share. 370,604 options will vest 1/3 each on the first, second and third anniversary of the grant and have a grant date fair value of $6.92 per option, and 92,502 options will vest 1/3 each on the second, third and fourth anniversary of the grant and have a grant date fair value of $7.10 per option.

•10,000 restricted stock units were granted to two directors of the Company. These units vest 50% on the first anniversary of the grant and 50% on the second anniversary of the grant, and have a grant date fair value of $13.96 per unit.

The following table highlights the expense related to share-based payments for the three months and nine months ended September 30, 2013 and 2012:



	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Nonvested stock	$	171	$	334	$	307	$	442
Stock options	129		55		257		285
Restricted stock units	9		—		9		—
Stock purchases	—		—		—		342
Stock based compensation	$	309	$	389	$	573	$	1,069

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



	Nonvested Stock				Restricted Stock Units			Stock Options
	Number of shares outstanding		Weighted average grant date fair value		Number of units 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	589,102		16.78		10,000	13.96		463,106		14.00
Vested/exercised	(366,856	)	0.93		—	—		(546,244	)	0.97
September 30, 2013	618,319		$	16.11	10,000	$	13.96	689,713		$	9.72

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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