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EQUITY AWARDS AND OTHER INCENTIVE COMPENSATION
 3 Months Ended
Mar. 31, 2014
EQUITY AWARDS AND OTHER INCENTIVE COMPENSATION  
EQUITY AWARDS AND OTHER INCENTIVE COMPENSATION

NOTE 4—EQUITY AWARDS AND OTHER INCENTIVE COMPENSATION

        We account for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Total stock-based compensation expense recognized during the three months ended March 31, 2014 and 2013 was $0.5 million and $0.4 million, respectively. These amounts are included in general and administrative expenses in our consolidated statements of operations.

        Nonqualified stock options ("Stock Options"), restricted stock units ("RSUs") and cash-based performance awards ("Performance Awards") are approved by the Compensation Committee of the Board of Directors ("BOD") and are granted to executive officers, certain key employees and non-employee members of the BOD as permitted under the 2010 Long-Term Incentive Plan ("2010 Plan"). Additionally, effective in January 2014, the Compensation Committee awarded common stock, pursuant to the 2010 Plan, to non-employee directors who have completed a minimum of four years of service and have met the applicable stock ownership guidelines. For those non-employee directors who have not met this criteria, the annual equity award will continue to be in the form of RSUs. Stock Options primarily vest ratably over three years and RSUs granted to employees and executive officers primarily vest and become non-forfeitable upon the third anniversary of the date of grant. RSUs granted to non-employee directors vest immediately and are delivered upon the date that is the earlier of termination of service on the Board of Directors or the consummation of a change of control of the Company. The Performance Awards relate to the achievement of defined levels of performance and are generally measured by the level of the Company's Corporate Free Cash Flow (as defined) over a one or two-year Performance Period depending upon the award agreement. If the Performance Award levels are achieved, the awards earned will vest and become payable at the end of the Vesting Period, defined as either a one or two calendar year period following the Performance Period.

        On January 24, 2014, the Compensation Committee of the Board of Directors of the Company approved the grant of 85,100 RSUs with a fair value of $5.26 per unit, the NASDAQ average price per share on that date, to executive officers and certain key employees under the 2010 Plan, and the grant of 68,442 shares of the Company's common stock with a fair value of $5.26 per share, the NASDAQ average price per share on that date, to non-employee members of the Board under the 2010 Plan.

        As of March 31, 2014, we have approximately $0.8 million of unrecognized incentive compensation expense related to Performance Awards that is expected to be recognized over a weighted-average period of approximately 1.67 years.

        A summary of the Stock Option activity for the three months ended March 31, 2014 is as follows:

 
   Options   Range of
Exercise Prices		   Weighted-Average
Exercise Price		   Weighted-Average
Remaining
Contractual Life		   Aggregate
Intrinsic
Value		  
 
    
    
    
   (in years)
   (in millions)
  

Outstanding—December 31, 2013

     852,000   $ 2.32–16.27   $ 5.14     6.81        

Granted

     —     —     —              

Exercised

     (119,446 ) $ 2.32–3.94     2.62              

Expired

     —     —     —              

Forfeited

     (92,799 ) $ 2.44–3.94     3.23              
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding—March 31, 2014

     639,755   $ 2.32–16.27   $ 5.89     6.11   $ 1.0  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Exercisable at March 31, 2014

     505,043   $ 2.32–16.27   $ 6.60     5.55   $ 0.8  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

        As of March 31, 2014, there was $0.2 million of unrecognized compensation expense related to unvested stock option awards that is expected to be recognized over a weighted-average period of approximately 1.47 years.

        A summary of the RSU activity for the three months ended March 31, 2014 is as follows:

 
   RSUs   Weighted-Average
Grant Date
Fair Value		   Weighted-Average
Remaining
Contractual Life		   Aggregate
Fair
Value		  
 
    
    
   (in years)
   (in millions)
  

Unvested outstanding as of December 31, 2013

     223,100   $ 2.85     1.65   $ 1.2  

Granted

     85,100     5.26              

Vested

     (84,500 )   3.06              

Forfeited

     (36,600 )   2.53              
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unvested outstanding as of March 31, 2014

     187,100   $ 4.05     2.53   $ 1.0  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        As of March 31, 2014, we had approximately $0.5 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of approximately 2.53 years.