Note 5 - Stock-based Compensation

9 Months Ended

Sep. 30, 2013

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

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

5.      Stock-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted stock under our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”). The following table provides our stock-based compensation expense and related income tax benefit for the three-month and nine-month periods ended September 30, 2013 and 2012, respectively (in thousands).

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Stock-based compensation expense, gross	$	255		$	170		$	1,719		$	324
Income tax benefit at our statutory rate associated with stock-based compensation		(99	)		(66	)		(670	)		(126	)
Stock-based compensation expense, net	$	156		$	104		$	1,049		$	198

The 2007 Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to our officers, employees and non-employee directors to acquire shares of our Class A common stock or common stock, or to receive other awards based on our performance. During the nine-month period ended September 30, 2013, we granted 318,852 shares of restricted common stock to our executive officers and as described below, 107,224 of these shares vested in the nine-month period ended September 30, 2013. Of the remaining shares granted to our executive officers, 70,542 shares will vest on each of March 19, 2014, March 19, 2015 and March 19, 2016. Also during the nine-month period ended September 30, 2013, we granted 63,210 shares of restricted common stock to our non-employee directors. These 63,210 shares will vest on January 1, 2014. During the nine-month period ended September 30, 2012, we granted 432,396 shares of restricted common stock, which shares have vested, and we also granted options to acquire 359,568 shares of our common stock.

During the nine-month period ended September 30, 2013, the vesting dates of 107,224 previously granted shares of restricted common stock and stock options to purchase 63,616 shares of common stock were accelerated, resulting in $1.0 million of stock-based compensation expense being recognized by the Company in those periods. Had the vesting dates of these stock awards not been accelerated, these shares of restricted common stock and unvested stock options would have fully vested by March 19, 2016 and April 2, 2016, respectively. These stock awards were held by a former employee.

We did not have any stock options or restricted stock outstanding for our Class A common stock during any period presented.

A summary of restricted stock activity related to our common stock for the nine-month periods ended September 30, 2013 and 2012 is as follows:

	Nine Months Ended
	September 30, 2013					September 30, 2012
	Number of Shares			Weighted- average Grant Date Fair Value Per Share		Number of Shares		Weighted- average Grant Date Fair Value Per Share
Restricted stock - common:
Outstanding - beginning of period		-		$	-		-	$	-
Granted		382,062			5.20		432,396		1.65
Vested		(107,224	)		7.16		-		-
Outstanding - end of period		274,838		$	4.43		432,396	$	1.65

A summary of stock option activity related to our common stock for the nine-month periods ended September 30, 2013 and 2012 is as follows:

	Nine Months Ended
	September 30, 2013					September 30, 2012
	Number of Shares Underlying Options			Weighted- Average Exercise Price		Number of Shares Underlying Options			Weighted- Average Exercise Price
Stock options - common:
Outstanding - beginning of period		1,316,068		$	5.98		1,002,350		$	7.50
Options granted		-		$	-		359,568		$	1.99
Options exercised		(119,822	)	$	2.34		-		$	-
Options expired		(921,500	)	$	7.64		(32,150	)	$	8.61
Options forfeited		-		$	-		(1,500	)	$	7.64
Options outstanding - end of period		274,746		$	1.99		1,328,268		$	5.98
Exercisable at end of period		68,688		$	1.99		968,700		$	7.47

The aggregate intrinsic value of our outstanding stock options was $1.6 million based on the closing market price of our common stock on September 30, 2013.