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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
A summary of stock option activity as of December 31, 2014 and changes during the year then ended is presented below:
 
2014
 
Number
of Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
 
(in whole shares)
 
 
 
 
 
(in millions)
Outstanding — beginning of year
146,000

 
$
16.71

 
 
 
 
Granted
—

 
—

 
 
 
 
Exercised
(2,500
)
 
14.12

 
 
 
 
Canceled or expired
—

 
—

 
 
 
 
Outstanding — end of year
143,500

 
$
16.76

 
1.7
 
$
6.6

Options exercisable
143,500

 
$
16.76

 
1.7
 
$
6.6


Exercise prices for options outstanding as of December 31, 2014 range from $14.12 to $15.61 and $20.00 to $24.92. The number of options outstanding and exercisable at December 31, 2014, which correspond with these ranges, are 108,500 and 35,000, respectively.
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $0.1 million, $1.1 million and $0.8 million, respectively. Net cash proceeds from the exercise of stock options were $0.0 million, $0.4 million and $0.5 million, respectively.
In 2012, the Company awarded an employee the option to purchase up to an aggregate of $0.5 million of common stock at its then-current market value at a 20% discount and recognized compensation expense of $0.1 million.
There were no stock options awarded in 2014, 2013 and 2012.
A summary of restricted share and performance share activity for the year ended December 31, 2014 is as follows:
 
2014
 
Time-Based
 
Performance-Based
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
 
(in whole shares)
 
 
 
(in whole shares)
 
 
Outstanding — beginning of year
422,898

 
$
21.04

 
42,000

 
$
20.30

Granted
137,750

 
57.04

 
—

 
—

Vested
(211,048
)
 
23.71

 
(14,000
)
 
20.30

Canceled or expired
(4,668
)
 
38.19

 
—

 
—

Outstanding — end of year
344,932

 
$
33.55

 
28,000

 
$
20.30


The Company recognized compensation expense of $5.8 million, $4.7 million and $2.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, relating to restricted shares and performance shares.
 
The total fair value of restricted stock units vested during the years ended December 31, 2014, 2013 and 2012 was $11.5 million, $6.1 million and $4.6 million, respectively.
The Company recognizes compensation cost of all share-based awards as expense on a straight-line basis over the vesting period of the awards.
As of December 31, 2014, the Company had unrecognized compensation expense of $9.8 million, before taxes, related to stock option awards and restricted shares. The unrecognized compensation expense is expected to be recognized over a total weighted average period of 2.0 years.
The number of shares available for future grants for all plans at December 31, 2014 is 120,871.