Stock-Based Compensation Plan
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Jun. 30, 2013
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Stock-Based Compensation Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plan |
NOTE 12. STOCK-BASED COMPENSATION PLAN
Under the Company’s 2005 Stock Incentive Plan (the “2005 Plan”), the Board of Directors has flexibility to determine the type and amount of awards to be granted to eligible participants, who must be employees, directors, officers or consultants of the Company or its subsidiaries. The 2005 Plan allows for grants of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and restricted units. The aggregate number of shares of common stock that may be granted through awards under the 2005 Plan to any employee in any calendar year may not exceed 500 shares. The 2005 Plan will continue in effect until June 2015 unless terminated sooner.
During the six months ended June 30, 2013, the Company issued 73 stock options under the Company’s 2005 Plan to employees of the Company. Of the 73 options issued, 40 will vest in four equal consecutive quarterly tranches from the date of grant. The remaining 33 options granted will vest in three installments as follows: 13 shall vest on December 31, 2015 and the remaining shares shall vest equally on December 31, 2016 and December 31, 2017.
For computing the fair value of the stock-based awards, the fair value of each option grant has been estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Using these assumptions, the fair value of the stock options granted during the six months ended June 30, 2013 was $315, which will be recognized over the vesting period of the options.
During the six months ended June 30, 2013, the Company awarded 3 shares of common stock to an employee. At the date the awards were issued the common stock was valued at $7.85 per share.
The total non-cash stock compensation expense related to restricted stock, stock options, and stock awards recorded by the Company during the three months ended June 30, 2013 and 2012, respectively, was as follows:
The fair value of unvested restricted stock awards is determined based on the market price of our shares of common stock on the grant date. As of June 30, 2013, there were 1,151 unvested stock options and unrecognized compensation cost of $3,171 related to unvested stock options, as well as 750 unvested restricted stock awards for which the compensation cost has been fully recognized.
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