• Filing Date: 2013-03-14
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2012
Stock-Based Compensation [Abstract]  
Summary of the activity in the Company's stock option plan
                                 
    Number of
Options
    Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Term
    Aggregate
Intrinsic
Value
 
         

Outstanding at December 31, 2009

    1,130,000     $ 2.66                  

Exercised

    (260,000   $ 2.50                  
   

 

 

                         

Outstanding at December 31, 2010

    870,000     $ 2.71       6.5 years     $ 4,675  

Issued

    30,000     $ 6.30                  

Forfeited

    (24,800   $ 2.50                  

Exercised

    (255,200   $ 2.50                  
   

 

 

                         

Outstanding at December 31, 2011

    620,000     $ 2.97       5.7 years     $ 3,122  

Exercised

    (340,000   $ 3.03                  
   

 

 

                         

Outstanding at December 31, 2012

    280,000     $ 2.91       4.9 years     $ 5,007  
   

 

 

                         

Exercisable at December 31, 2012

    260,000     $ 2.65       4.6 years     $ 4,717  
   

 

 

                         
Information about options granted, exercised, and the fair value of vested options
                         
    2012     2011     2010  

Options granted

    —         —         30,000  

Weighted-average grant-date fair value

    n/a       n/a     $ 1.70  
       

Options exercised

    340,000       255,200       260,000  

Total intrinsic value of exercised options

  $ 3,648,000     $ 1,184,000     $ 1,097,000  

Tax benefits realized

  $ 1,161,000     $ 265,000     $ 301,000  
       

Total fair value of vested options

  $ 22,000     $ 76,000     $ 196,000  
Estimated assumptions of fair value warrants issued
         

Expected dividend yield

    6.3

Expected volatility

    53.3

Risk-free interest rate

    0.97

Expected life (in years)

    5.00  
Information with respect to unvested restricted stock awards Stock Option and Incentive Plan
                 
    Number of
Restricted
Stock
Awards
    Weighted
Average
Grant Date
Fair Value
 
     

Nonvested at December 31, 2011

    —         —    

Granted

    246,320     $ 14.54  
   

 

 

         

Nonvested at December 31, 2012

    246,320     $ 14.54  
   

 

 

         
Assumptions used to determine the fair value of the awards with market-based
     

Expected dividends per share

  $0.80

Expected volatility

  36.7 – 50.0%

Risk-free interest rate

  0.1 – 1.2%

Estimated cost of capital

  11.9 – 12.1%

Expected life (in years)

  6.00