Stock Options - Note 9

3 Months Ended

Mar. 31, 2014

Stock Option Plans

(9) Stock Options

The Company recognized $4.1 million and $3.0 million of compensation expense during the three months ended March 31, 2014 and 2013, respectively, related to all stock based compensation. As of March 31, 2014, there was $31.1 million of total unrecognized compensation cost related to all unvested share-based compensation arrangements that is expected to be recognized over a weighted-average period of 2.95 years.

During the year ended December 31, 2010, the Company's Board of Directors awarded a total of 1,130,700 performance condition options to certain of the Company's employees. Vesting of these options is subject to the Company achieving certain performance criteria established at the grant date and the individuals fulfilling a service condition (continued employment). As of March 31, 2014, the performance criteria of 884,590 of these options had been satisfied and are have met the corresponding vesting criteria. The Company recognized $192,000 and $161,000 of compensation expense during the three months ended March 31, 2014 and 2013, respectively, related to these options. The final performance criteria had not been met and therefore the remaining 246,110 options have been forfeited.

A summary of activity related to aggregate stock options under all plans is indicated in the following table (in thousands, except per share amounts):

	As of March 31, 2014
			Weighted	Weighted
	Number		average	average remaining		Aggregate
	of		exercise	contractual		intrinsic
	options		price	term		value
	(in thousands)			(in years)		(in thousands)
Options outstanding at beginning
of year	6,656	$	8.03
Options granted	719		37.59
Options exercised	499		8.70
Options forfeited/expired	209		5.25
Options outstanding at March 31, 2014	6,667		11.25	7.69	$	129,980
Vested and expected to vest	6,241		10.79	7.60	$	124,041
Options exercisable at March 31, 2014	3,098	$	6.37	6.43	$	72,989