Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation, Common Stock Repurchases and Dividends (Tables)

v2.4.0.8
Stock-Based Compensation, Common Stock Repurchases and Dividends (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of share-based payment arrangements
The Company recognized the following amounts related to the Company’s share-based payment arrangements (in thousands):
 
Years Ended December 31,
 
2013
 
2012
 
2011
Stock-based compensation cost charged against income, before income tax benefit
 
 
 
 
 
Stock options
$
1,145

 
$
1,387

 
$
1,447

Restricted stock and restricted stock units
633

 
737

 
534

     Total
$
1,778

 
$
2,124

 
$
1,981

Stock-based compensation cost included in:
 
 
 
 
 
Cost of revenues
$
141

 
$
137

 
$
124

Operating expenses
1,637

 
1,987

 
1,857

     Total
$
1,778

 
$
2,124

 
$
1,981

Income tax benefit related to stock-based compensation included in net income
$

 
$

 
$
(692
)
Schedule of assumptions used to determine the fair value of stock options awards granted
The fair value of each option award is estimated at the date of grant using the Black-Scholes option pricing model. The assumptions used to determine the fair value of stock option awards granted were as follows:
 
Years Ended December 31,
 
2013
 
2012
 
2011
Expected life of options in years
2.0 - 4.75
 
4.75
 
4.75
Risk-free interest rate
0.34% - 1.34%
 
0.59% - 0.94%
 
0.80% - 2.05%
Expected volatility
31.5% - 43.7%
 
43.8% - 46.9%
 
46.2% - 48.4%
Expected dividend yield
0.0%
 
0.0% - 9.9%
 
2.7% - 6.1%
Schedule of share-based compensation pertaining to stock options
Other information pertaining to options is as follows (in thousands, except per share data):
 
Years Ended December 31,
 
2013
 
2012
 
2011
Fair value of options granted
$
1,382

 
$
1,288

 
$
1,838

Per share weighted average fair value of options granted
$
3.55

 
$
2.44

 
$
3.13

Total intrinsic value of stock options exercised
$
2

 
$

 
$
240

A summary of share option activity for the year ended December 31, 2013 is presented in the table below (in thousands, except per share data):
 
Shares
 
WAEP*
 
Weighted
Average
Remaining
Contractual Term
(in years)
 
Aggregate
Intrinsic Value**
Options outstanding at December 31, 2012
1,925

 
$
13.81

 
 
 
 

Granted
389

 
11.78

 
 
 
 

Exercised
(1
)
 
9.26

 
 
 
 

Canceled
(565
)
 
15.10

 
 
 
 

Options outstanding at December 31, 2013
1,748

 
$
12.95

 
4.45
 
$
3,415

Options subject to exercise at
December 31, 2013
881

 
$
15.55

 
3.13
 
$
756

*Weighted Average Exercise Price
**Aggregate intrinsic value includes only those options with intrinsic value (options where the exercise price is below the market value).
Nonvested restricted stock shares activity
A summary of the status of the Company’s nonvested shares and share units as of December 31, 2013 and changes during the year ended December 31, 2013 is presented in the table below (in thousands, except per share data):
 
Number of Shares
 
Weighted Average
Grant-Date Fair Value
Nonvested at December 31, 2012
150

 
$
11.21

Granted
55

 
10.14

Vested
(66
)
 
10.72

Canceled
(21
)
 
11.46

Nonvested at December 31, 2013
118

 
$
10.94

Schedule of share-based compensation pertaining to restricted stock and restricted stock units
Other information pertaining to restricted stock and restricted stock units is as follows (in thousands, except per share data):
 
Years Ended December 31,
 
2013
 
2012
 
2011
Per share weighted average grant-date fair value of restricted stock and restricted stock units granted
$
10.14

 
$
8.63

 
$
13.19

Total fair value of restricted stock and restricted stock units vested
$
593

 
$
394

 
$
349

Schedule of repurchase activity
A summary of the Company's repurchase activity is presented in the table below (in thousands, except per share data):
 
Years Ended December 31,
 
2013
 
2012
 
2011
Common stock shares repurchased under Board authorized plan

 
1,569

 
459

Average purchase price per share
$

 
$
6.22

 
$
13.15

Shares available under Board authorizations at December 31, 2013
778

 
 
 
 
Schedule of quarterly cash dividends authorized and paid
The following table sets forth the quarterly cash dividends authorized and paid by the Company in 2012 (in thousands, except per share amounts):
 
Date of Declaration
 
Date of Payment
 
Dividend per Share
 
Total Dividends Paid
First Quarter
2/21/12

 
3/20/12

 
$
0.17

 
$
1,738

Second Quarter
4/24/12

 
6/15/12

 
0.17

 
1,730

Third Quarter
7/24/12

 
9/14/12

 
0.17

 
1,712

Fourth Quarter

 

 

 

Total
 
 
 
 
$
0.51

 
$
5,180