Note 17 - Equity 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]

17.     Equity-Based Compensation

1997 Stock Compensation Plan

The following table summarizes stock option activity for the 1997 Stock Compensation Plan (the “1997 Plan”) at the dates and for the periods indicated.

	Stock options outstanding			Weighted-average exercise price
Outstanding, December 31, 2013		6,450		$	103.89
Forfeited		(1,250	)		109.20
Expired		(2,250	)		93.20
Outstanding, June 30, 2014		2,950			109.80

The following table summarizes information regarding stock options under the 1997 Plan that were outstanding and exercisable at June 30, 2014.

Weighted-average exercise price		Number of stock options outstanding and exercisable		Weighted-average remaining contractual life (years)
$	106.40		250		0.55
	109.20		2,500		1.93
	121.60		200		2.55
Total			2,950		1.85

At June 30, 2014 and December 31, 2013, the fair value of the Company’s common stock did not exceed the exercise price of any options outstanding and exercisable under the 1997 Plan and, therefore, the stock options had no intrinsic value.

2008 Restricted Stock Plan

There were no grants or forfeitures of restricted stock under the 2008 Plan during the six months ended June 30, 2014. The weighted-average grant date fair value per share at both December 31, 2013 and June 30, 2014 was $27.55.

Of the 62,386 net restricted stock awards granted under the 2008 Plan, 3,380 shares vested during the six months ended June 30, 2014, and 7,867 shares remained unvested at June 30, 2014 and are expected to vest through 2016. Remaining shares available for issuance under the 2008 Plan totaled 114 shares at June 30, 2014.

2011 Stock Incentive Plan

The following table summarizes the 2011 Stock Incentive Plan (the “2011 Plan”) stock option and restricted stock information at the dates and for the periods indicated.

	Total shares			Stock options outstanding			Weighted-average exercise price per share		Shares of restricted stock			Weighted-average grant date fair value per share
2011 Grants		473,002			383,251		$	10.51		89,751		$	10.48
2012 Grants		8,020			-			-		8,020			6.50
2013 Grants		8,811			-			-		8,811			13.70
2013 Forfeitures		(575	)		-			-		(575	)		13.95
2013 Exercises		-			(11,250	)		11.00		-			-
2014 Grants		11,904			4,000			12.96		7,904			12.92
Granted, net of forfeitures, June 30, 2014		501,162								113,911
Outstanding, June 30, 2014					376,001			10.52
Shares available for grant		700,000
Remaining shares available for grant, June 30, 2014		198,838

During the six months ended June 30, 2014, 5,404 shares of restricted stock with a total fair value of $70 thousand were granted to the non-management members of the Board of Directors as compensation for their annual Board retainers. Also during the six months ended June 30, 2014, 2,500 shares of restricted stock and 4,000 stock options were awarded to certain teammates in recognition of performance and upon initial employment. The 2,500 shares of restricted stock and 4,000 stock options are subject to time vesting conditions and, assuming the time vesting conditions are met, will vest from 2015 to 2017.

The following table summarizes the activity in unvested shares of restricted stock under the 2011 Plan at the dates and for the period indicated.

	Shares of restricted stock
Unvested, December 31, 2013		103,507
Grants		7,904
Forfeited		-
Vested		(36,870	)
Unvested, June 30, 2014		74,541

For both the 2008 Plan and the 2011 Plan, of the shares that vested during the six months ended June 30, 2014, some shares were net-settled to cover the required withholding taxes, and the grantee received the common stock equal to the vested shares less the net-settled shares. Withholding taxes for the remaining shares that vested during the six months ended June 30, 2014 were paid in cash by the grantee. The net-share settlements reduced the number of shares that would have otherwise been issued as a result of the vesting.

The following table summarizes information regarding stock options under the 2011 Plan that were outstanding and exercisable at June 30, 2014.

		Options outstanding						Options exercisable
Weighted-average exercise price		Number of stock options		Weighted-average remaining contractual life (years)		Value of outstanding in-the-money stock options		Number of stock options		Weighted-average remaining contractual life (years)		Value of exercisable in-the-money stock options
$	10.40		312,501		6.88	$	1,246,879		104,167		6.88	$	415,626
	11.00		59,500		7.05		201,705		14,750		7.05		50,003
	12.96		4,000		9.64		5,720		-		-		-
Total			376,001		6.94	$	1,454,304		118,917		6.90	$	465,629

Determining Fair Value. The following table summarizes the fair value of stock option awards granted under the 2011 Plan during the six months ended June 30, 2014 as estimated on the date of grant using the Black-Scholes option-pricing model and the assumptions used to determine the fair value of such grants.

	2014 grants
Option exercise price, per share	$	12.96
Fair value of stock option awards granted, per share	$	6.87
Expected dividend yield		-	%
Expected volatility		50
Risk-free interest rate		2.19
Expected term (years)		7
Vesting period (years)		3

Compensation Expense Relating to Equity-Based Compensation

The following table summarizes compensation expense for the 1997 Plan, 2008 Plan and the 2011 Plan charged against pretax income for the periods indicated (in thousands).

	For the three months ended June 30,				For the six months ended June 30,
	2014		2013		2014		2013
Compensation expense
1997 Plan	$	-	$	-	$	-	$	-
2008 Plan		31		67		62		202
2011 Plan		154		238		375		431
Total equity-based compensation expense	$	185	$	305	$	437	$	633
Income tax benefit	$	68	$	-	$	161	$	-

At June 30, 2014, based on equity awards outstanding at that time, the total unrecognized pretax compensation expense related to unvested equity awards granted under the 2008 Plan and 2011 Plan was $71 thousand and $771 thousand, respectively. This expense is expected to be recognized through 2016 under the 2008 Plan and 2017 under the 2011 Plan.