|
Share-Based Compensation (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Share-Based Compensation Expense and Related Tax Benefits |
The table below shows the
share-based compensation expense and related tax benefits for the
periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
(In Thousands) |
|
|
Share-Based Compensation
Expense
|
|
$ |
478 |
|
|
$ |
608 |
|
|
$ |
1,012 |
|
|
Related Tax Benefits
|
|
$ |
201 |
|
|
$ |
256 |
|
|
$ |
426 |
|
|
| Unrecognized Share-Based Compensation Expense |
As of December 31,
2012, unrecognized share-based compensation expense was as
follows:
|
|
|
|
|
|
|
|
|
| |
|
Unrecognized
Expense |
|
|
Average Expected
Recognition Period |
|
| |
|
(In Thousands) |
|
|
Stock Option Awards
|
|
$ |
932 |
|
|
|
2.9 years |
|
|
Restricted Stock Awards
|
|
|
57 |
|
|
|
1.2 years |
|
|
|
|
|
|
|
|
|
|
|
Total Unrecognized Share-Based
Compensation Expense
|
|
$ |
989 |
|
|
|
2.8 years |
|
|
|
|
|
|
|
|
|
|
|
| Weighted-Average Estimated Fair Value Per Share of Options Granted under Plans |
The weighted-average
estimated fair value per share of options granted under the Plans
was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Weighted-Average Estimated Fair Value
Per Share of Options Granted
|
|
$ |
5.40 |
|
|
$ |
6.23 |
|
|
$ |
— |
|
|
| Weighted-Average Assumptions Used to Estimate Fair Value Per Share of Options Granted |
The weighted-average fair
value per share of options granted was estimated on the date of
grant using the Black-Scholes option-pricing model with the
following weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Weighted-Average
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Yield
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Expected Volatility
|
|
|
65.23 |
% |
|
|
103.76 |
% |
|
|
— |
|
|
Expected Term
|
|
|
3.0 years |
|
|
|
3.2 years |
|
|
|
— |
|
|
Risk-Free Interest Rate
|
|
|
0.32 |
% |
|
|
1.04 |
% |
|
|
— |
|
|
| Summary of Information under Plans |
The following information
under the Plans is presented for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
(In Thousands, Except Per Share Data) |
|
|
Grant Date Fair Value of Options
Granted
|
|
$ |
1,197 |
|
|
$ |
156 |
|
|
$ |
— |
|
|
Fair Value of Options
Vested
|
|
$ |
911 |
|
|
$ |
1,272 |
|
|
$ |
538 |
|
|
Total Intrinsic Value of Options
Exercised (1)
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
14 |
|
|
Cash Received from Options
Exercised
|
|
$ |
10 |
|
|
$ |
— |
|
|
$ |
22 |
|
|
Weighted-Average Estimated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Per Share of Options
Granted
|
|
$ |
5.40 |
|
|
$ |
6.23 |
|
|
$ |
— |
|
| (1) |
Intrinsic value represents the difference between the
closing stock price on the exercise date and the exercise price,
multiplied by the number of options.
|
|
| Summary of Stock Option Transactions under Plans |
The following is a
summary of stock option transactions under the Plans for the
periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
Number
of
Shares
|
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Number
of
Shares
|
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Number
of
Shares
|
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Options Outstanding at Beginning of
Year
|
|
|
143,325 |
|
|
$ |
81.27 |
|
|
|
133,361 |
|
|
$ |
95.45 |
|
|
|
147,544 |
|
|
$ |
94.26 |
|
|
Options Granted
|
|
|
221,750 |
|
|
$ |
12.54 |
|
|
|
25,000 |
|
|
$ |
9.88 |
|
|
|
— |
|
|
$ |
— |
|
|
Options Exercised
|
|
|
(1,250 |
) |
|
$ |
8.32 |
|
|
|
— |
|
|
$ |
— |
|
|
|
(2,000 |
) |
|
$ |
10.80 |
|
|
Options Forfeited
|
|
|
(5,375 |
) |
|
$ |
8.61 |
|
|
|
(425 |
) |
|
$ |
64.89 |
|
|
|
(1,025 |
) |
|
$ |
136.96 |
|
|
Options Expired
|
|
|
(15,500 |
) |
|
$ |
98.76 |
|
|
|
(14,611 |
) |
|
$ |
39.09 |
|
|
|
(11,158 |
) |
|
$ |
91.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding at End of
Year
|
|
|
342,950 |
|
|
$ |
37.44 |
|
|
|
143,325 |
|
|
$ |
81.27 |
|
|
|
133,361 |
|
|
$ |
95.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Exercisable at End of
Year
|
|
|
159,762 |
|
|
$ |
66.19 |
|
|
|
107,475 |
|
|
$ |
104.25 |
|
|
|
99,586 |
|
|
$ |
111.52 |
|
| Summary of Transactions for Non-Vested Stock Options |
The following is a
summary of transactions for non-vested stock options under the
Plans for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
Number
of Shares |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Number
of Shares |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Number
of Shares |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Non-Vested Options Outstanding at
Beginning of Year
|
|
|
35,850 |
|
|
$ |
25.20 |
|
|
|
33,775 |
|
|
$ |
17.68 |
|
|
|
54,550 |
|
|
$ |
21.65 |
|
|
Options Granted
|
|
|
221,750 |
|
|
$ |
12.54 |
|
|
|
25,000 |
|
|
$ |
9.88 |
|
|
|
— |
|
|
$ |
— |
|
|
Options Vested
|
|
|
(69,037 |
) |
|
$ |
13.20 |
|
|
|
(22,500 |
) |
|
$ |
56.54 |
|
|
|
(19,750 |
) |
|
$ |
27.28 |
|
|
Options Forfeited
|
|
|
(5,375 |
) |
|
$ |
8.61 |
|
|
|
(425 |
) |
|
$ |
64.89 |
|
|
|
(1,025 |
) |
|
$ |
44.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Vested Options Outstanding at
End of Year
|
|
|
183,188 |
|
|
$ |
12.37 |
|
|
|
35,850 |
|
|
$ |
25.20 |
|
|
|
33,775 |
|
|
$ |
17.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Stock Options Outstanding under Plans |
As of December 31,
2012, stock options outstanding under the Plans were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Options Outstanding |
|
|
Options Exercisable |
|
| |
|
Number
of
Shares
|
|
|
Intrinsic
Value (1) |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Weighted-
Average
Remaining
Contractual
Life |
|
|
Number
of
Shares
|
|
|
Intrinsic
Value (1) |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Weighted-
Average
Remaining
Contractual
Life |
|
|
$8.00 to
$49.99
|
|
|
274,375 |
|
|
$ |
359 |
|
|
$ |
13.29 |
|
|
|
9.3 years |
|
|
|
91,187 |
|
|
$ |
136 |
|
|
$ |
15.14 |
|
|
|
8.7 years |
|
|
$50.00 to
$99.99
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
$100.00 to
$149.99
|
|
|
56,075 |
|
|
|
— |
|
|
$ |
126.63 |
|
|
|
2.4 years |
|
|
|
56,075 |
|
|
|
— |
|
|
$ |
71.14 |
|
|
|
2.4 years |
|
|
$150.00 to
$173.04
|
|
|
12,500 |
|
|
|
— |
|
|
$ |
167.52 |
|
|
|
3.8 years |
|
|
|
12,500 |
|
|
|
— |
|
|
$ |
167.52 |
|
|
|
3.8 years |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
342,950 |
|
|
$ |
359 |
|
|
$ |
37.44 |
|
|
|
8.0 years |
|
|
|
159,762 |
|
|
$ |
136 |
|
|
$ |
27.68 |
|
|
|
6.1 years |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Intrinsic value represents the difference between the
closing stock price on the last trading day of the period, which
was $13.59 as of December 31, 2012, and the exercise price,
multiplied by the number of options.
|
|
| Schedule of Restricted Stock Awards under 2007 Plan |
The table below provides
information for restricted stock awards under the 2007 Plan for the
periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
Number
of Shares |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Number
of Shares |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Number
of Shares |
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Restricted Stock at Beginning of
Year
|
|
|
19,725 |
|
|
$ |
11.66 |
|
|
|
18,200 |
|
|
$ |
14.38 |
|
|
|
22,925 |
|
|
$ |
15.04 |
|
|
Restricted Stock Granted
|
|
|
— |
|
|
$ |
— |
|
|
|
10,000 |
|
|
$ |
9.88 |
|
|
|
— |
|
|
$ |
— |
|
|
Restricted Stock Forfeited
|
|
|
(2,000 |
) |
|
$ |
8.32 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
Restricted Stock Vested
|
|
|
(7,225 |
) |
|
$ |
13.78 |
|
|
|
(8,475 |
) |
|
$ |
15.41 |
|
|
|
(4,725 |
) |
|
$ |
17.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock at End of
Year
|
|
|
10,500 |
|
|
$ |
10.83 |
|
|
|
19,725 |
|
|
$ |
11.66 |
|
|
|
18,200 |
|
|
$ |
14.38 |
|
|