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Stockholders' Equity and Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Transactions Under the Stock Option Plans
Transactions under the stock option plans are summarized as follows:
 
Option Price
per Share
 
Outstanding
 
Vested
 
Available
for Grant
January 1, 2013
$42.00-$245.85

 
528,556

 
306,082

 
195,928

Increase in shares authorized

 

 

 
248,666

Plan Expiration

 

 

 
(5,283
)
Granted
57.90-99.60

 
119,220

 

 
(119,220
)
Vested

 

 
70,360

 

Exercised
42.00-87.15

 
(47,171
)
 
(47,171
)
 

Cancelled/forfeited
45.00-231.45

 
(50,038
)
 
(23,573
)
 
46,821

Restricted stock granted out of option plans

 

 

 
(47,663
)
Restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans

 

 

 
15,513

December 31, 2013
42.45-245.85

 
550,567

 
305,698

 
334,762

Plan Expiration

 

 

 
(4,452
)
Granted
37.05-62.55

 
115,760

 

 
(115,760
)
Vested

 

 
92,750

 

Exercised
45.00

 
(1,900
)
 
(1,900
)
 

Cancelled/forfeited
45.00-231.45

 
(65,358
)
 
(38,158
)
 
14,453

Restricted stock granted out of option plans

 

 

 
(48,503
)
Restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans

 

 

 
2,968

December 31, 2014
37.05-245.85

 
599,069

 
358,390

 
183,468

Granted
34.2

 
53,328

 

 
(53,328
)
Vested

 

 
79,779

 

Cancelled/forfeited
37.05-231.45

 
(91,600
)
 
(53,864
)
 
12,358

Restricted stock granted out of option plans

 

 

 
(45,652
)
Restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans

 

 

 
157

December 31, 2015
$34.2-$245.85

 
560,797

 
384,305

 
97,003

Summary of Stock Options Outstanding
Stock options outstanding at December 31, 2015 are summarized as follows:

Option Price per Share
Outstanding
 
Weighted Average Exercise Price of Outstanding Options
 
Weighted Average Remaining Contract Life
 
Vested
 
Weighted Average Exercise Price of Vested Options
$34.20 - $57.90
171,479

 
$
47.10

 
6.2 years
 
75,914

 
$
51.81

$61.05 - $95.85
237,647

 
$
77.85

 
6.4 years
 
158,587

 
$
82.85

$97.95 - $149.55
90,148

 
$
116.40

 
5.1 years
 
88,281

 
$
116.78

$151.35 - $245.85
61,523

 
$
215.48

 
2.8 years
 
61,523

 
$
215.48

Totals
560,797

 
$
89.74

 
6.2 years
 
384,305

 
$
105.80

Additional Information Related to the Company's Stock Options
Additional information related to the Company’s stock options follows:
 
Number of Shares
 
Weighted Average Exercise Price
 
Weighted Average Grant Date Fair Value
 
Weighted Average Remaining Contractual Life
 
Aggregate Intrinsic Value (000’s)
Total outstanding at January 1, 2015
599,069

 
$
94.50

 
 
 
6.7 years
 
 
Options granted
53,328

 
$
34.20

 
$
16.65

 
 
 
 
Options exercised

 
$

 
 
 
 
 
 
Options cancelled
(37,736
)
 
$
68.88

 
 
 
 
 
 
Options forfeited
(53,864
)
 
$
102.79

 
 
 
 
 
 
Total outstanding at December 31, 2015
560,797

 
$
89.74

 
 
 
6.0 years
 
$

Options exercisable and vested at December 31, 2015
384,305

 
$
105.80

 
 
 
5.0 years
 
$

Status of the Company's Restricted Stock and Restricted Stock Unit Awards
The status of the Company’s restricted stock and restricted stock unit awards for 2015 follows:
 
Number of 
Shares/Units
Total nonvested at January 1, 2015
66,447

Granted
45,652

Vested
(29,287
)
Forfeited
(9,185
)
Total nonvested at December 31, 2015
73,627

Schedule of Valuation Assumptions
Pursuant to ASC 718, “Compensation – Stock Compensation,” the stock appreciation rights are considered liability awards and as such, these amounts are accrued in the liability section of the balance sheet. The Company calculated the fair value of each SAR award on the date of grant using a Monte Carlo simulation model. The following assumptions were used:
 
December 31, 2015
Risk-free interest rates
2.19%
Expected lives (in years)
3.3
Expected dividend yield
—%
Expected volatility
69.38%
The Company calculated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model. The following assumptions were used for each respective period:
 
Years Ended December 31,
 
2015
 
2014
 
2013
Risk-free interest rates
1.38%
 
1.6% – 1.7%
 
0.9% – 1.8%
Expected lives (in years)
4.5
 
5.5
 
5.5
Expected dividend yield
—%
 
—%
 
—%
Expected volatility
59.32%
 
65.9% – 70.5%
 
62.1% – 70.6%
Summary of Stock-based Compensation Expense
The following table summarizes stock-based compensation expense for the years ended December 31, 2015, 2014 and 2013 as follows (in thousands):
 
Years Ended December 31,
 
2015
 
2014
 
2013
Stock-based compensation expense
$
5,486

 
$
8,707

 
$
7,476

Tax benefit related thereto
(1,826
)
 
(2,908
)
 
(2,469
)
Stock-based compensation expense, net of tax
$
3,660

 
$
5,799

 
$
5,007