Stock-Based Compensation

6 Months Ended

Jun. 30, 2013

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

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

(11) Stock-Based Compensation

Stock Options and Restricted Stock Units (RSUs or Nonvested Shares)

During the quarter ended June 30, 2013, the Company reversed stock-based compensation expense of $0.2 million related to unvested shares of terminated employees and changes in the status of certain employees. Shares were withheld to pay $17,000 of taxes on behalf of employees because restricted stock units (RSUs) vested during the quarter, resulting in a debit to additional paid-in capital of $0.1 million. During the quarter ended June 30, 2012, the Company recognized stock-based compensation expense of $0.5 million. Shares were withheld to pay $0.1 million of taxes on behalf of employees during the quarter ended June 30, 2012, resulting in a net incremental credit of additional paid in capital of $0.4 million.

During the six months ended June 30, 2013, the Company reversed stock-based compensation expense of $0.4 million. Shares were withheld to pay $0.1 million of taxes on behalf of employees, resulting in a net incremental debit to additional paid-in capital of $0.5 million. During the six months ended June 30, 2012, the Company recognized stock-based compensation expense of $1.0 million. Shares were withheld to pay $0.1 million of taxes on behalf of employees, resulting in a net incremental credit to additional paid-in capital of $0.9 million.

As of June 30, 2013, there was $0.3 million of total unrecognized compensation cost related to unvested stock options that the Company expects to recognize over a weighted-average period of 16 months and $1.1 million of total unrecognized compensation cost related to nonvested shares to be recognized over a weighted-average period of 16 months.

During the six months ended June 30, 2013, the Company granted 156,000 stock options, all of which were granted during the first quarter. The aggregate fair value of stock options granted during the six months ended June 30, 2013 was $0.2 million. There were no nonvested shares granted during the six months ended June 30, 2013. The Company uses historical data to estimate forfeiture rates.

On April 23, 2013, the Company’s Board of Directors declared a special cash dividend of $1.60 per share of common stock. This special cash dividend was paid on June 4, 2013 to stockholders of record as of May 7, 2013. In connection with this special cash dividend, the Compensation Committee of the Company’s Board of Directors approved equitable adjustments to the Company’s outstanding stock options and restricted stock units. The compensation cost recognized during 2013 relating to this modification was $4,000.

Activity related to stock options and nonvested shares during the six months ended June 30, 2013 and related balances outstanding as of that date are reflected below (in thousands):

	Stock		Nonvested
	Options		Shares
Outstanding at January 1, 2013		2,292		868
Granted		156		-
Exercised and vested		-		(83)
Expired and forfeited		(92)		(363)
Adjustment pursuant to special dividend		-		438
Outstanding at June 30, 2013		2,356		860
Options vested and expected to vest at June 30, 2013		2,313
Options exercisable at June 30, 2013		2,086