Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation (Tables)

v2.4.1.9
Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Stock Option Activity

A summary of the stock option activity for the year ended December 31, 2014 is provided below:

 

 

 

Number of

Shares

Underlying

Options (in

thousands)

 

 

Weighted

Average

Exercise

Price Per

Share

 

 

Weighted

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value (in

millions)

 

Outstanding at beginning of period

 

 

4,927

 

 

$

6.95

 

 

 

2.85

 

 

2.81

 

Granted

 

 

1,118

 

 

$

7.05

 

 

 

4.18

 

 

 

 

 

Exercised

 

 

(1,128

)

 

$

5.04

 

 

 

0.69

 

 

 

 

 

Forfeited

 

 

(152

)

 

$

7.47

 

 

 

3.54

 

 

 

 

 

Outstanding at end of period

 

 

4,765

 

 

$

7.41

 

 

 

2.62

 

 

$

1.61

 

Vested - end of period

 

 

3,318

 

 

$

7.45

 

 

 

2.22

 

 

$

1.18

 

Vested and expected to vest - end of period

 

 

4,728

 

 

$

7.41

 

 

 

2.62

 

 

$

1.60

 

 

A Summary of the Values of Options Granted and Exercised

A summary of the values of options granted and exercised for each of the years ended December 31, 2014, 2013 and 2012 is provided below:

 

 

 

2014

 

 

2013

 

 

2012

 

Options granted - (thousands)

 

 

1,118

 

 

 

1,836

 

 

 

1,024

 

Weighted average grant date fair value - ($/share)

 

$

2.43

 

 

$

2.45

 

 

$

3.49

 

Weighted average exercise price - ($/share)

 

$

5.04

 

 

$

4.25

 

 

$

4.62

 

Options exercised (thousands)

 

 

1,128

 

 

 

877

 

 

 

759

 

Total intrinsic value of options exercised - ($thousands)

 

$

4,120

 

 

$

1,201

 

 

$

3,267

 

 

The Valuation of the Options Granted

The valuation of the options granted is based upon a Black Scholes model. The table below summarizes the assumptions used to value the options issued in 2014 and 2013.

 

Year

 

Options Issued

(in thousands)

 

Average

Volatility

 

Expected Term

 

Risk Free

Interest Rate

 

Expected

Dividend Yield

2014

 

1,118

 

58%

 

2.5 years

 

0.5%

 

0%

2013

 

1,836

 

51%

 

2.5 years

 

0.3%

 

0%

2012

 

1,024

 

65%

 

2.5 years

 

0.5%

 

0%

 

Restricted Stock  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Non Vested Awards

Shares of restricted stock are granted under the Company’s long-term incentive plan using the fair market value of the underlying shares on the date of grant. In general, restricted stock granted to employees will vest over a period determined by the Compensation Committee. Determined by the Compensation Committee, some restricted stocks granted are vested immediately while some are vested over a three year period with the initial one-third vesting at the first grant date anniversary.

 

 

 

Restricted Stock

 

 

Weighted Average Grant Price

 

Non-Vested Shares Outstanding December 31, 2013

 

 

100,000

 

 

$

5.89

 

Awards granted

 

 

99,468

 

 

$

6.98

 

Awards vested

 

 

(51,600

)

 

$

6.56

 

Awards forfeited

 

 

-

 

 

 

-

 

Non-Vested Shares Outstanding December 31, 2014

 

 

147,868

 

 

$

6.39