Note 6 - Stock-based Compensation

6 Months Ended

Jun. 30, 2015

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 granted 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, 2015 and 2014, respectively (in thousands).

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Stock-based compensation expense, gross	$	1,009		$	980		$	2,002		$	3,052
Income tax benefit at our statutory rate associated with stock-based compensation		(394	)		(382	)		(781	)		(1,190	)
Stock-based compensation expense, net	$	615		$	598		$	1,221		$	1,862

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 other awards based on our performance, to our employees and non-employee directors.

During the six-month period ended June 30, 2015, we granted 150,308 shares of restricted common stock to our employees, of which 50,102 shares will vest on January 31, 2016; 50,100 shares will vest on January 31, 2017; and 50,106 shares will vest on January 31, 2018. Also during the six-month period ended June 30, 2015, we granted 229,322 shares of restricted Class A common stock to our employees, of which 76,442 shares will vest on each of January 31, 2016 and January 31, 2017; and 76,438 shares will vest on January 31, 2018. Also during the six-month period ended June 30, 2015, we granted 58,191 shares of restricted Class A common stock to our non-employee directors, all of which will vest on January 31, 2016.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 vested on January 17, 2015; and 58,327 shares will vest on each of January 17, 2016 and 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 vested on January 17, 2015 and 43,590 shares will vest on each of January 17, 2016 and 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 vested on January 1, 2015.

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, 2015 and 2014, we did not grant any restricted stock awards under the Directors’ Restricted Stock Plan. However, we granted restricted stock awards to our non-employee directors, pursuant to our 2007 Long-Term Incentive Plan during the six-months ended June 30, 2015 and 2014, as described above.

A summary of restricted common stock activity for the six-month periods ended June 30, 2015 and 2014 is as follows:

	Six Months Ended
	June 30, 2015					June 30, 2014
				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		385,056		$	9.09		274,838		$	4.43
Granted		150,308		$	10.27		312,961		$	11.78
Vested		(197,858	)	$	9.16		(202,743	)	$	6.93
Outstanding - end of period		337,506		$	9.57		385,056		$	9.09

A summary of restricted Class A common stock activity for the six-month periods ended June 30, 2015 and 2014 is as follows:

	Six Months Ended
	June 30, 2015					June 30, 2014
				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		204,473		$	9.81		-		$	-
Granted		287,513		$	9.37		236,294		$	9.80
Vested		(117,293	)	$	9.85		(31,821	)	$	9.75
Restricted stock - end of period		374,693		$	9.46		204,473		$	9.81

A summary of stock option activity related to our common stock for the six-month periods ended June 30, 2015 and 2014 is as follows:

	Six Months Ended
	June 30, 2015				June 30, 2014
	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		274,746	$	1.99
Options granted		-	$	-		-	$	-
Options exercised		-	$	-		-	$	-
Options expired		-	$	-		-	$	-
Options forfeited		-	$	-		-	$	-
Options outstanding - end of period		274,746	$	1.99		274,746	$	1.99
Exercisable at end of period		206,064	$	1.99		137,376	$	1.99

For the six-month periods ended June 30, 2015 and 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 $3.8 million based on the closing market price of our common stock on June 30, 2015.