Annual report pursuant to Section 13 and 15(d)

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

v2.4.1.9
Stock-Based Compensation, Common Stock Repurchases and Dividends (Tables)
12 Months Ended
Dec. 31, 2014
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,
 
2014
 
2013
 
2012
Stock-based compensation cost charged against loss, before income tax benefit
 
 
 
 
 
Stock options
$
812

 
$
928

 
$
1,079

Restricted stock and restricted stock units
1,029

 
507

 
625

     Total expense included in continuing operations
$
1,841

 
$
1,435

 
$
1,704

Stock-based compensation cost included in:
 
 
 
 
 
Cost of revenues
$
55

 
$
25

 
$
10

Operating expenses
1,786

 
1,410

 
1,694

     Total expense included in continuing operations
$
1,841

 
$
1,435

 
$
1,704

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,
 
2014
 
2013
 
2012
Expected life of options in years
4.75
 
2.0 - 4.75
 
4.75
Risk-free interest rate
1.36% - 1.61%
 
0.34% - 1.34%
 
0.59% - 0.94%
Expected volatility
33.1% - 34.5%
 
31.5% - 43.7%
 
43.8% - 46.9%
Expected dividend yield
0.0%
 
0.0%
 
0.0% - 9.9%
Schedule of share-based compensation pertaining to stock options
A summary of share option activity for the year ended December 31, 2014 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, 2013
1,748

 
$
12.95

 
 
 
 

Granted
133

 
14.58

 
 
 
 

Exercised
(86
)
 
12.28

 
 
 
 

Canceled
(160
)
 
15.75

 
 
 
 

Options outstanding at December 31, 2014
1,635

 
$
12.84

 
4.06
 
$
3,851

Options subject to exercise at
December 31, 2014
1,003

 
$
14.15

 
2.93
 
$
1,807

*Weighted Average Exercise Price
**Aggregate intrinsic value includes only those options with intrinsic value (options where the exercise price is below the market value).
Other information pertaining to options is as follows (in thousands, except per share data):
 
Years Ended December 31,
 
2014
 
2013
 
2012
Fair value of options granted
$
612

 
$
1,382

 
$
1,288

Per share weighted average fair value of options granted
$
4.60

 
$
3.55

 
$
2.44

Total intrinsic value of stock options exercised
$
242

 
$
2

 
$

Nonvested restricted stock shares activity
A summary of the status of the Company’s nonvested shares and share units as of December 31, 2014 and changes during the year ended December 31, 2014 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, 2013
118

 
$
10.94

Granted
184

 
14.92

Vested
(76
)
 
10.35

Canceled
(12
)
 
10.63

Nonvested at December 31, 2014
214

 
$
14.59

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,
 
2014
 
2013
 
2012
Per share weighted average grant-date fair value of restricted stock and restricted stock units granted
$
14.92

 
$
10.14

 
$
8.63

Total fair value of restricted stock and restricted stock units vested
$
1,076

 
$
593

 
$
394

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,
 
2014
 
2013
 
2012
Common stock shares repurchased under Board authorized plan

 

 
1,569

Average purchase price per share
$

 
$

 
$
6.22

Shares available under Board authorizations at December 31, 2014
778