STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION:
Stock Options
A summary of the status of the Company’s stock options as of March 31, 2015, and the activity during the three months then ended, is presented below:
Stock Options
Options
Outstanding at December 31, 2014
528,680

Granted
167,204

Forfeited
(6,974
)
Expired
(8,808
)
Exercised
(46,523
)
Outstanding at March 31, 2015
633,579

Exercisable at March 31, 2015
382,822


The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model based upon the assumptions noted in the following table:
 
2015
Risk-free interest rate
1.18
%
Expected dividend yield
0.00
%
Expected lives (in years)
5.0

Expected volatility
44.00
%

The weighted-average grant date fair value of stock option awards granted during the three months ended March 31, 2015 was $8.79.
Restricted Stock
A summary of the status of the Company’s nonvested restricted stock as of March 31, 2015, and the activity during the three months then ended, is presented below:
Nonvested Restricted Stock Awards
Shares
Nonvested at December 31, 2014
199,069

Granted
—

Vested
(60,536
)
Forfeited
(8,144
)
Nonvested at March 31, 2015
130,389


Restricted Stock Units
A summary of the status of the Company's nonvested restricted stock units as of March 31, 2015, and the activity during the three months then ended, is presented below:
Nonvested Restricted Stock Units
Shares
Nonvested at December 31, 2014
—

Granted
76,231

Vested
—

Forfeited
—

Nonvested at March 31, 2015
76,231


The fair value of restricted stock unit grants was calculated using the market value of the Company’s Common Stock on the date of issuance. The weighted-average grant date fair value of restricted stock units granted during the three months ended March 31, 2015 was $22.21.
Performance Share Awards
A summary of the Company’s performance share awards as of March 31, 2015, and the activity during the three months then ended, is presented below:
Performance Share Awards
 
Awards
Activity
 
Maximum Shares
Eligible to
Receive
Outstanding at December 31, 2014
 
157,083

 
314,166

Granted
 
150,339

 
300,678

Vested
 
(43,804
)
 
(87,608
)
Forfeited
 
(9,527
)
 
(19,054
)
Outstanding at March 31, 2015
 
254,091

 
508,182


The performance awards granted in 2015 have market, performance, and service vesting conditions. The payout of fifty percent of the awards is based upon the Company’s total shareholder return ("TSR") compared to the TSR of a relative peer group. This portion of the award was valued using a Monte Carlo model. The payout of the remaining fifty percent of the awards is based upon the Company’s annual diluted earnings per share growth. This portion of the award was valued using the market value of the Company’s Common Stock on the date of issuance. Expense on this portion of the award will be recognized over the performance period and is determined based on the probability that the performance targets will be achieved. The weighted-average grant-date fair value of performance share awards granted during the three months ended March 31, 2015 was $24.85.