|
STOCK OPTION AND PURCHASE PLANS (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
|
| Summary of Weighted Average Fair Value of Options Granted |
In general,
options granted to outside directors vest six months from the date
of grant and options granted to officers and key employees straight
line vest over a five-year period from the date of grant.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Weighted Average Fair Value of the Options Granted
|
|
$ |
23.22 |
|
|
$ |
9.93 |
|
|
$ |
12.65 |
|
|
| Summary of Weighted-Average Assumptions |
The weighted average fair value for these options was estimated at
the date of grant using a Black-Scholes option pricing model with
the following weighted-average assumptions:
|
|
|
|
|
|
|
| |
|
2013 |
|
2012 |
|
2011 |
|
Risk-free Interest Rate
|
|
0.88% - 2.22% |
|
0.89% - 1.00% |
|
1.55% - 2.82% |
|
Dividend Yield
|
|
0.0% |
|
0.0% |
|
0.0% |
|
Volatility Factor
|
|
0.51-0.56 |
|
0.52-0.64 |
|
0.52-0.53 |
|
Expected Life in Years
|
|
5.0 – 8.0 |
|
5.0 – 8.0 |
|
7.0 – 8.0 |
|
| Compensation Expense Information Based on Fair Value of Stock Options |
The following table provides compensation expense information based
on the fair value of stock options for the years ended
December 31, 2013, 2012 and 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Stock Compensation Expense
|
|
$ |
1,384 |
|
|
$ |
1,351 |
|
|
$ |
1,061 |
|
|
Tax Benefit
|
|
|
(112 |
) |
|
|
(136 |
) |
|
|
(93 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Compensation Expense, Net of Tax
|
|
$ |
1,272 |
|
|
$ |
1,215 |
|
|
$ |
968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Company's Stock Option Activity and Related Information |
A summary of the Company’s stock option activity and related
information for the years ended December 31 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Aggregate intrinsic value in thousands) |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
Options |
|
|
Weighted
Average
Exercise
Price
|
|
|
Aggregate
Intrinsic
Value
|
|
|
Options |
|
|
Weighted
Average
Exercise
Price
|
|
|
Aggregate
Intrinsic
Value
|
|
|
Options |
|
|
Weighted
Average
Exercise
Price
|
|
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at January 1
|
|
|
1,521,275 |
|
|
$ |
8.23 |
|
|
$ |
65,072 |
|
|
|
1,661,445 |
|
|
$ |
6.71 |
|
|
$ |
20,532 |
|
|
|
1,904,232 |
|
|
$ |
5.58 |
|
|
$ |
38,778 |
|
|
|
|
|
|
|
|
|
|
|
|
Options Granted
|
|
|
69,720 |
|
|
$ |
42.67 |
|
|
$ |
581 |
|
|
|
130,500 |
|
|
$ |
18.08 |
|
|
$ |
129 |
|
|
|
84,938 |
|
|
$ |
22.44 |
|
|
$ |
299 |
|
|
|
|
|
|
|
|
|
|
|
|
Options Exercised
|
|
|
(181,218 |
) |
|
$ |
4.25 |
|
|
$ |
(8,472 |
) |
|
|
(270,670 |
) |
|
$ |
3.67 |
|
|
$ |
(4,168 |
) |
|
|
(327,725 |
) |
|
$ |
4.25 |
|
|
$ |
(7,112 |
) |
|
|
|
|
|
|
|
|
|
|
|
Options Forfeited
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31
|
|
|
1,409,777 |
|
|
$ |
10.44 |
|
|
$ |
57,181 |
|
|
|
1,521,275 |
|
|
$ |
8.23 |
|
|
$ |
16,493 |
|
|
|
1,661,445 |
|
|
$ |
6.71 |
|
|
$ |
31,965 |
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31
|
|
|
1,149,532 |
|
|
$ |
7.81 |
|
|
$ |
49,648 |
|
|
|
1,168,459 |
|
|
$ |
6.72 |
|
|
$ |
14,431 |
|
|
|
1,280,744 |
|
|
$ |
5.47 |
|
|
$ |
26,237 |
|
|
| Summary of Weighted Average Exercise Prices and Contractual Lives for Outstanding and Exercisable Stock Options |
The following is a summary of weighted average exercise prices and
contractual lives for outstanding and exercisable stock options as
of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Outstanding |
|
|
Exercisable |
|
|
Exercise Price Range
|
|
Shares |
|
|
Weighted Average
Remaining Life
in Years
|
|
|
Weighted Average
Exercise Price
|
|
|
Shares |
|
|
Weighted Average
Remaining Life
in Years
|
|
|
Weighted
Average
Exercise Price
|
|
|
|
|
|
|
|
|
|
$ 2.68 - $ 3.45
|
|
|
265,404 |
|
|
|
0.9 |
|
|
$ |
3.07 |
|
|
|
265,404 |
|
|
|
0.9 |
|
|
$ |
3.07 |
|
|
$ 4.84 - $ 7.07
|
|
|
578,364 |
|
|
|
4.7 |
|
|
|
5.34 |
|
|
|
533,109 |
|
|
|
4.6 |
|
|
|
5.35 |
|
|
$ 9.15 - $10.07
|
|
|
141,975 |
|
|
|
3.2 |
|
|
|
9.35 |
|
|
|
141,975 |
|
|
|
3.2 |
|
|
|
9.35 |
|
|
$14.01 - $24.88
|
|
|
372,314 |
|
|
|
7.5 |
|
|
|
18.62 |
|
|
|
209,044 |
|
|
|
6.9 |
|
|
|
19.08 |
|
|
$41.40 - $51.93
|
|
|
51,720 |
|
|
|
9.9 |
|
|
|
49.49 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,409,777 |
|
|
|
4.8 |
|
|
|
10.44 |
|
|
|
1,149,532 |
|
|
|
4.0 |
|
|
|
7.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair Value for Options Granted under Employee Stock Purchase Plan |
The fair value for the options granted under the Employee Stock
Purchase Plan was estimated at the date of grant using a
Black-Scholes option pricing model with the following
weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Risk-free Interest Rate
|
|
|
0.10 |
% |
|
|
0.17 |
% |
|
|
0.10 |
% |
|
Dividend Yield
|
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
Volatility Factor
|
|
|
.37 |
|
|
|
.37 |
|
|
|
.52 |
|
|
Expected Life in Years
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|