|
STOCK BASED COMPENSATION (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| STOCK BASED COMPENSATION |
|
| Summary of non-vested stock award activity |
|
Summary of Non-vested Stock Award Activity |
|
Number of
Shares |
|
Weighted
Average
Grant Price |
|
|
|
|
|
|
|
|
|
Non-vested Stock Awards outstanding, January 1, 2013 |
|
540,175 |
|
$ |
9.66 |
|
|
Issued |
|
140,000 |
|
9.24 |
|
|
Vested |
|
(160,575 |
) |
10.74 |
|
|
Forfeited |
|
(4,400 |
) |
9.41 |
|
|
Non-vested Stock Awards outstanding, December 31, 2013 |
|
515,200 |
|
9.21 |
|
|
|
|
|
|
|
|
|
Summary of Non-vested Stock Award Activity |
|
Number of
Shares |
|
Weighted
Average
Grant Price |
|
|
|
|
|
|
|
|
|
Non-vested Stock Awards outstanding, January 1, 2012 |
|
691,900 |
|
$ |
10.14 |
|
|
Issued |
|
131,875 |
|
9.12 |
|
|
Vested |
|
(149,600 |
) |
10.61 |
|
|
Forfeited |
|
(134,000 |
) |
10.54 |
|
|
Non-vested Stock Awards outstanding, December 31, 2012 |
|
540,175 |
|
9.66 |
|
|
|
|
|
|
|
| |
| Summary of stock option activity |
|
|
|
Number of Options |
|
Weighted Exercise
Price per Shares |
|
|
|
|
|
|
|
|
|
January 1, 2013 |
|
2,333,300 |
|
$ |
10.34 |
|
|
Granted |
|
609,500 |
|
9.24 |
|
|
Exercised |
|
(19,200 |
) |
8.74 |
|
|
Forfeited |
|
(20,650 |
) |
9.42 |
|
|
Expired |
|
(26,100 |
) |
11.03 |
|
|
December 31, 2013 |
|
2,876,850 |
|
10.12 |
|
|
|
|
|
|
|
|
|
|
|
Number of Options |
|
Weighted Exercise
Price per Shares |
|
|
|
|
|
|
|
|
|
January 1, 2012 |
|
2,086,100 |
|
$ |
10.74 |
|
|
Granted |
|
586,000 |
|
9.12 |
|
|
Exercised |
|
(12,050 |
) |
8.36 |
|
|
Forfeited |
|
(179,680 |
) |
10.22 |
|
|
Expired |
|
(147,070 |
) |
11.39 |
|
|
December 31, 2012 |
|
2,333,300 |
|
10.34 |
|
|
|
|
|
|
|
| |
| Schedule of weighted average assumptions used to calculate the fair value of the options |
|
|
|
For the Year Ended December 31, |
|
|
|
|
2013 |
|
2012 |
|
2011 |
|
|
Weighted average fair value of options granted |
|
$ |
3.37 |
|
$ |
3.50 |
|
$ |
3.29 |
|
|
Weighted average risk-free rate of return |
|
1.08 |
% |
1.41 |
% |
2.17 |
% |
|
Weighted average expected option life in months |
|
78 |
|
78 |
|
78 |
|
|
Weighted average expected volatility |
|
34.69 |
% |
36.08 |
% |
35.18 |
% |
|
Expected dividends |
|
$ |
— |
|
$ |
— |
|
$ |
— |
| |