Stock-Based Compensation

6 Months Ended

Jun. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

5.	STOCK-BASED COMPENSATION

On June 30, 2015 the Company had stock options outstanding under its 2000 Stock Option Plan, stock options and stock awards outstanding under its 2006 Incentive Compensation Plan and stock options, stock awards and stock appreciation rights (SARs) outstanding under its 2011 Incentive Compensation Plan.

Compensation expense recorded for all stock options, stock awards and SARs was as follows:

(In thousands)
Three Months Ended June 30				Six Months Ended June 30
2015		2014		2015		2014
$	2,364	$	544	$	3,162	$	770

The period-over-period increases in stock-based compensation expenses were primarily attributable to increases in the fair values of the Company’s cash-settled SARs, which are marked to fair value at each reporting period. A significant increase in the market value of Company common stock in the 2015 reporting periods led to the increase in SARs fair value. Additionally, in the first quarter of 2014, management assessed that the profitability performance targets on which the compensation expenses for stock awards vesting on December 31, 2014, were based would not be achieved. Consequently, the resulting adjustment lowered the overall stock-based compensation expense for the six months ended June 30, 2014.

Unrecognized compensation costs for stock options, stock awards and SARs were as follows:

(In thousands)	June 30, 2015		December 31, 2014
Stock options	$	1,390	$	774
Stock awards		3,400		1,365
SARs		2,855		693

The increases in unrecognized compensation costs for stock options, stock awards and SARs reflected the 2015 grants of:

	Shares
Stock options		84,679
Stock awards		74,712
SARs		187,527

The unrecognized compensation costs at June 30, 2015, are expected to be recognized over weighted-average periods of 1.4 years, 2.2 years and 1.4 years for stock options, stock awards and SARs, respectively.