• Filing Date: 2014-03-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.8
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of the Activity in the Company's Stock Option Plan

A summary of the stock option activity for the years ended December 31, 2013, 2012 and 2011 is as follows:

 

     Number
of Options
    Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Term
     Aggregate
Intrinsic
Value
 

Outstanding at January 1, 2011

     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   
  

 

 

         

Outstanding at December 31, 2013

     280,000      $ 2.91         3.9 years       $ 14,166   
  

 

 

         

Exercisable at December 31, 2013

     270,000      $ 2.78         3.8 years       $ 13,694   
  

 

 

         
Information about Options Exercised

The following table summarizes information about options exercised, and the fair value of vested options for the years ended December 31, 2013, 2012 and 2011:

 

     2013      2012      2011  

Options exercised

     —           340,000         255,200   

Intrinsic value of exercised options

     —         $ 3,648       $ 1,184   

Tax benefits realized

     —         $ 1,161       $ 265   

Fair value of vested options

   $ 17       $ 22       $ 76   
Estimated Assumptions of Fair Value Warrants Issued

Fair value estimated on the date of grant using the following assumptions and the Black-Scholes option-pricing model:

 

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

Information with respect to the activity of unvested restricted stock awards during the years ended December 31, 2013 and 2012 is as follows:

 

     Number of
Restricted
Stock
Awards
    Weighted
Average
Grant Date
Fair Value
 

Nonvested at January 1, 2012

     —          —     

Granted

     246,320      $ 14.54   
  

 

 

   

Nonvested at December 31, 2012

     246,320      $ 14.54   
  

 

 

   

Granted

     612,000      $ 27.36   

Vested

     (93,000  

Forfeited

     (29,670  
  

 

 

   

Nonvested at December 31, 2013

     735,650      $ 25.48   
Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards and the Fair Value of Vested Restricted Stock

The following table summarizes information about deferred tax benefits recognized related to restricted stock awards and the fair value of vested restricted stock for the years ended December 31, 2013 and 2012.

 

     2013      2012  

Deferred tax benefits recognized

   $ 2,062       $ 299   

Fair value of vested restricted stock

   $ 1,133       $ —     
Assumptions Used to Determine the Fair Value of the Awards with Market-Based

The following presents assumptions used in a Monte Carlo simulation model to determine the fair value of the awards with market-based conditions:

 

     2013     2012  

Expected dividends per share

   $ 0.90      $ 0.80   

Expected volatility

     41.5 – 51.6     36.7 – 50.0

Risk-free interest rate

     0.0 – 1.9     0.1 – 1.2

Estimated cost of capital

     9.3 – 10.3     11.9 – 12.1

Expected life (in years)

     4.00 – 6.00        6.00