XML 64 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
 
At March 31, 2014, 4,572,513 shares reserved under the stock-based compensation plans were available for future grants.

During the three months ended March 31, 2014, the Company granted 3,937 shares of restricted stock with a weighted-average grant date fair value of $5.08 per share, which vest during 2017. During the same period, no stock options were granted. During the three months ended March 31, 2013, the Company granted 8,824 additional shares of restricted stock with a weighted-average grant date fair value of $6.80 per share, which vest during 2016. During the same period, the Company also granted 5,507 stock options with a weighted-average grant date fair value of approximately $6.80 per option. These stock options vest in 2016. The Company used the Black-Scholes option-pricing model with the following weighted-average assumptions to value options granted in 2013: 
 
 
2013
Dividend yield
 
—
%
Expected volatility
 
77.2
%
Risk-free interest rate
 
1.1
%
Expected option lives
 
6.0 years


 
The dividend yield was based on historical dividend information. The Company has not paid dividends since the third quarter of 2008 resulting in the dividend yield of 0.0%. The expected volatility was based on the historical volatility of the Company’s common stock price. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the date of grant for periods corresponding with the expected lives of the options granted. The expected option lives represent the period of time that options are expected to be outstanding, giving consideration to vesting schedules and historical exercise and forfeiture patterns.
 
The Black-Scholes option-pricing model was developed for use in estimating the fair value of publicly-traded options that have no vesting restrictions and are fully transferable.  The Black-Scholes model is affected by subjective assumptions including historical volatility of the Company’s common stock price.  Because the Company has relatively low average trading volume in its common stock, its estimated volatility may be higher than publicly-traded companies with greater trading volumes. 
 
The following table presents the activity related to stock options for the three months ended March 31, 2014 and 2013:
 
Options
 
Weighted-
average
exercise
price
 
Weighted-
average
remaining
contractual
term (years)
 
Aggregate
intrinsic
value (000)
Options outstanding at January 1, 2014
111,571

 
$
38.92

 
6.2
 
$
—

Canceled / forfeited
(336
)
 
77.04

 
N/A
 
N/A

Expired
(4,569
)
 
129.60

 
N/A
 
N/A

Options outstanding at March 31, 2014
106,666

 
$
34.91

 
6.2
 
$
0.6

Options exercisable at March 31, 2014
88,172

 
$
40.99

 
5.7
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options outstanding at January 1, 2013
139,446

 
$
53.66

 
6.2
 
$
79.4

Granted
5,507

 
6.80

 
10.0
 
—

Canceled / forfeited
(3,010
)
 
47.20

 
N/A
 
N/A

Expired
(10,806
)
 
90.72

 
N/A
 
N/A

Options outstanding at March 31, 2013
131,137

 
$
48.50

 
6.6
 
$
88.2

Options exercisable at March 31, 2013
92,781

 
$
66.45

 
5.5
 
$
56.8


 
Stock-based compensation expense related to stock options for the three months ended March 31, 2014 and 2013 was approximately $0.01 million and $0.03 million, respectively. As of March 31, 2014, there was approximately $0.04 million unrecognized compensation cost related to nonvested stock options which will be recognized over the remaining vesting periods of the underlying stock options.

The following table presents the activity related to nonvested restricted stock for the three months ended March 31, 2014:
 
 
Number of
shares
 
Weighted-
average grant
date fair value
per share
Nonvested as of January 1, 2014
354,270

 
$
9.41

Granted
3,937

 
5.08

Vested
(68,673
)
 
6.25

Canceled / forfeited
(2,250
)
 
5.78

Nonvested as of March 31, 2014
287,284

 
$
10.14


 
Restricted stock is generally scheduled to vest over a three year period, with the unearned compensation related to restricted stock amortized to expense on a straight-line basis. As of March 31, 2014, unrecognized compensation cost related to nonvested restricted stock totaled approximately $1.1 million. Total expense recognized by the Company for nonvested restricted stock for the three months ended March 31, 2014 and 2013 was $0.2 million and $0.1 million, respectively. There was no unrecognized compensation cost related to restricted stock units (“RSUs”) at March 31, 2014 and December 31, 2013, as all RSUs were fully-vested at the date of the grant.