Note 5 - Stock-based Compensation

3 Months Ended

Mar. 31, 2014

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 shares under our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”) and our Directors’ Restricted Stock Plan. The following table provides our stock-based compensation expense and related income tax benefit for the three-month periods ended March 31, 2014 and 2013, respectively (in thousands).

	Three Months Ended March 31,
	2014			2013
Stock-based compensation expense, gross	$	2,071		$	136
Income tax benefit at our statutory rate associated with stock-based compensation		(808	)		(53	)
Stock-based compensation expense, net	$	1,263		$	83

2007 Long-Term Incentive Plan

The 2007 Long-Term Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or the receipt of other awards based on our performance, to our employees and non-employee directors.

During the three-month period ended March 31, 2014, we granted 312,961 shares of restricted common stock to our employees, of which 68,991 shares vested on the date of grant; 127,316 shares will vest on January 17, 2015; and 58,327 shares will vest on each of January 17, 2016 and January 17, 2017. Also during the three-month period ended March 31, 2014, we granted 194,413 shares of restricted Class A common stock to an employee, of which 31,821 shares vested on the date of grant; 75,412 shares will vest on January 17, 2015; and 43,590 shares will vest on each of January 17, 2016 and January 17, 2017. Also during the three-month period ended March 31, 2014, we granted 41,881 shares of restricted Class A common stock to our non-employee directors, all of which will vest on January 1, 2015. During the three-month period ended March 31, 2013, we granted 318,852 shares of restricted common stock to our employees. Of these shares, 107,224 vested in the year ended December 31, 2013; 70,542 shares vested on March 19, 2014; and 70,542 will vest on each of March 19, 2015 and March 19, 2016. During the three-month period ended March 31, 2013, we granted 63,210 shares of restricted common stock to our non-employee directors. These shares vested on January 1, 2014.

Directors’ Restricted Stock Plan

The Directors’ Restricted Stock Plan authorizes the grant of restricted stock awards to our non-employee directors. During the three-month periods ended March 31, 2014 and 2013 we did not grant any restricted stock awards under the Directors’ Restricted Stock Plan.

A summary of restricted common stock activity for the three-month periods ended March 31, 2014 and 2013 is as follows:

	Three Months Ended
	March 31, 2014					March 31, 2013
	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		274,838		$	4.43		-	$	-
Granted		312,961		$	11.78		382,062	$	4.43
Vested		(202,743	)	$	6.93		-	$	-
Outstanding - end of period		385,056		$	9.09		382,062	$	4.43

A summary of restricted Class A common stock activity for the three-month periods ended March 31, 2014 and 2013 is as follows:

	Three Months Ended
	March 31, 2014					March 31, 2013
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share		Number of Shares		Weighted- Average Grant Date Fair Value Per Share
Restricted stock - Class A common:
Outstanding - beginning of period		-		$	-		-	$	-
Granted		236,294		$	9.80		-	$	-
Vested		(31,821	)	$	9.75		-	$	-
Outstanding - end of period		204,473		$	9.81		-	$	-

A summary of stock option activity related to our common stock for the three-month periods ended March 31, 2014 and 2013 is as follows:

	Three Months Ended
	March 31, 2014				March 31, 2013
	Number of Shares Underlying Options		Weighted- Average Exercise Price Per Share		Number of Shares Underlying Options			Weighted- Average Exercise Price Per Share
Stock options - common:
Outstanding - beginning of period		274,746	$	1.99		1,316,068		$	5.98
Options exercised		-	$	-		(15,000	)	$	3.11
Options expired		-	$	-		(921,500	)	$	7.64
Outstanding - end of period		274,746	$	1.99		379,568		$	2.06
Exercisable at end of period		68,688	$	1.99		20,000		$	3.23

For the three-month period ended March 31, 2014, we did not have any stock options outstanding for our Class A common stock. The aggregate intrinsic value of our stock options was $2.3 million based on the closing market price of our common stock on March 31, 2014.