Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Note 5 - Stock-Based Compensation

The Company follows the guidance in ASC Topic 718, “Compensation - Stock Compensation”, (“ASC 718”).

Options granted under the Company’s stock incentive plans were valued utilizing the Black-Scholes model using the following assumptions and had the following fair values:


	Three Months Ended
	March 31,
	2014	2013
Average risk-free interest rate	0.80%	0.58%
Expected dividend yield	None	None
Expected life	3.5 years	3.5 years
Expected volatility	64.2% to 65.6%	61.5% to 68.9%
Weighted average exercise price	$11.95	$5.15
Weighted average fair value	$5.54	$2.28

As of March 31, 2014 unrecognized compensation cost related to unexercisable options and unvested restricted stock and the weighted average remaining period is as follows:


Remaining expense	$	1,321,865
Weighted average term		1.0 years

The Company’s aggregate intrinsic value for stock options and restricted stock outstanding is as follows:


	Three Months Ended March 31,
Aggregate intrinsic value	2014		2013

Stock options	$	6,492,797	$	1,962,883
Restricted stock		1,442,553		1,099,048

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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