Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v2.4.0.8
Stock-Based Compensation
9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Company granted the following stock-based awards:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Stock options

 
53,998

 
47,500

 
167,498

Restricted stock awards and restricted stock units

 

 
87,500

 
35,000


The stock options granted during the nine months ended September 30, 2013 included 50,000 non-qualified options granted outside of any shareholder-approved plan to a newly hired senior management level employee as an inducement to accept employment with the Company. The non-qualified options granted outside a shareholder-approved plan were structured to mirror the terms of the options granted under the Company's Second Amended and Restated 2007 Stock Incentive Plan (the "2007 Plan"), a shareholder-approved plan, and are subject to a stock option agreement between the Company and the employee.
On May 20, 2014, the Company’s shareholders approved an amendment to the 2007 Plan to increase the number of shares authorized under the plan by 500,000 to a total of 2,230,320 shares. 
The Company recognized the following amounts related to its share-based payment arrangements (in thousands):
 
 
Three Months Ended  
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2014
 
2013
 
2014
 
2013
Stock-based compensation cost charged against income, before income tax benefit:
 
 

 
 

 
 

 
 

Stock options
 
$
196

 
$
198

 
$
611

 
$
723

Restricted stock and restricted stock units
 
301

 
112

 
670

 
387

Total stock-based compensation
 
$
497

 
$
310

 
$
1,281

 
$
1,110

 
 
Three Months Ended  
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2014
 
2013
 
2014
 
2013
Stock-based compensation cost included in:
 
 

 
 

 
 

 
 

Cost of revenues
 
$
4

 
$
5

 
$
23

 
$
16

Operating expenses
 
493

 
305

 
1,258

 
1,094

Total stock-based compensation
 
$
497

 
$
310

 
$
1,281

 
$
1,110