STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

7,500,000 shares have been authorized for issuance in respect of equity awards under our Amended and Restated Stock Incentive Plan (the "Plan"). Under the Plan, awards are made to employees at the discretion of the Compensation Committee and to non-employee directors pursuant to an annual automatic grant under the Plan or at the discretion of the Board of Directors.

The charge for stock-based compensation in our condensed consolidated statements of operations and comprehensive income was as follows:

	For the Three Months Ended March 31,
	2014		2013
Selling, general and administrative expenses	$	251	$	994

Stock Options

There were no stock options granted, forfeited, exercised or expired in the three months ended March 31, 2014. As at March 31, 2014, there were 390,500 vested and exercisable stock options outstanding.

The fair value of stock options is estimated on the grant date using the Black-Scholes option-pricing model and recognized ratably over the requisite service period. The aggregate intrinsic value (the difference between the stock price on the last day of trading of the first quarter of 2014 and the exercise prices multiplied by the number of in-the-money options) represents the total intrinsic value that would have been received by the option holders had they exercised all in-the-money options as at March 31, 2014. This amount changes based on the fair value of our Class A common stock. As at March 31, 2014, there was no unrecognized compensation expense related to stock options.

Restricted Stock Units

Pursuant to the Plan, we may grant RSUs to our employees and non-employee directors. Each RSU represents a right to receive one share of Class A common stock of the Company for each RSU that vests in accordance with the vesting schedule, generally between one to four years from the date of grant. Upon vesting, shares of Class A common stock are issued from authorized but unissued shares. Holders of RSU awards are not entitled to receive cash dividend equivalents. The grant date fair value of RSUs is calculated as the closing price of shares of our Class A common stock on the date of grant. For certain awards with market conditions, the grant date fair value is calculated using a Monte Carlo simulation model. The Monte Carlo simulation model requires the input of subjective assumptions, including the expected volatility of our common stock, interest rates, dividend yields and correlation coefficient between our common stock and the relevant market index.

The following table summarizes information about unvested RSUs as at March 31, 2014:

	Number of Shares/Units		Weighted Average Grant Date Fair Value
Unvested at December 31, 2013	1,017,622		$	3.79
Granted	142,520		4.21
Vested	(314,925	)	4.13
Forfeited	(101,644	)	3.98
Unvested at March 31, 2014	743,573		$	3.70

As at March 31, 2014, the intrinsic value of unvested RSUs was US$ 2.2 million. Total unrecognized compensation expense related to unvested RSUs as at March 31, 2014 was US$ 2.5 million and is expected to be recognized over a weighted-average period of 2.5 years.