Note 6 - Stock-based Compensation

6 Months Ended

Jun. 30, 2014

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

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

6.     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 and six-month periods ended June 30, 2014 and 2013, respectively (in thousands).

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Stock-based compensation expense, gross	$	980		$	1,327		$	3,052		$	1,464
Income tax benefit at our statutory rate associated with stock-based compensation		(382	)		(518	)		(1,190	)		(571	)
Stock-based compensation expense, net	$	598		$	809		$	1,862		$	893

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 six-month period ended June 30, 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 six-month period ended June 30, 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 six-month period ended June 30, 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 six-month period ended June 30, 2013, we granted 318,852 shares of restricted common stock to our employees, of which 107,224 shares 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 six-month period ended June 30, 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 six-month periods ended June 30, 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 six-month periods ended June 30, 2014 and 2013 is as follows:

	Six Months Ended
	June 30, 2014					June 30, 2013
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - common:
Outstanding - beginning of period		274,838		$	4.43		-		$	-
Granted		312,961		$	11.78		382,062		$	5.20
Vested		(202,743	)	$	6.93		(107,224	)	$	7.16
Outstanding - end of period		385,056		$	9.09		274,838		$	4.43

A summary of restricted Class A common stock activity for the six-month periods ended June 30, 2014 and 2013 is as follows:

	Six Months Ended
	June 30, 2014					June 30, 2013
				Weighted-average				Weighted-average
				Grant Date				Grant Date
	Number of			Fair Value		Number of		Fair Value
	Shares			Per Share		Shares		Per Share
Restricted stock - class A common:
Restricted stock - beginning of period		-		$	-		-	$	-
Granted		236,294		$	9.80		-	$	-
Vested		(31,821	)	$	9.75		-	$	-
Restricted stock - end of period		204,473		$	9.81		-	$	-

A summary of stock option activity related to our common stock for the six-month periods ended June 30, 2014 and 2013 is as follows:

	Six Months Ended
	June 30, 2014				June 30, 2013
	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		274,746	$	1.99		1,316,068		$	5.98
Options granted		-	$	-		-		$	-
Options exercised		-	$	-		(30,000	)	$	3.36
Options expired		-	$	-		(921,500	)	$	7.64
Options forfeited		-	$	-		-		$	-
Options outstanding - end of period		274,746	$	1.99		364,568		$	1.99
Exercisable at end of period		137,376	$	1.99		158,510		$	1.99

      For the six-month period ended June 30, 2014, we did not have any stock options outstanding for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was $3.1 million based on the closing market price of our common stock on June 30, 2014.