Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION (Tables)

v2.4.0.8
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share Based Compensation Plans
Transactions in connection with the Company’s share-based compensation plans during the year ended December 31, 2013 were as follows:
Director stock awards granted
45,510

Restricted stock awards granted
224,850

Restricted stock awards canceled
3,700

Stock option activities:
 
Outstanding as of December 31, 2012
—

Converted stock options
169,058

Granted
200,000

Exercised
(40,302
)
Forfeited
(716
)
Expired
—

Outstanding as of December 31, 2013
328,040

Schedule of Stock Options Valuation Assumptions
The following table shows the assumptions used to compute the share-based compensation expense for stock options granted during the year ended December 31, 2013:
Risk free interest rate
 
0.81
%
Expected life (years)
 
5

Volatility
 
50
%
Dividend yield
 
—
%
Weighted average exercise price of options granted
 
$19.05 per option

Weighted average grant-date fair value of options granted
 
$7.87 per option

Nonvested Restricted Stock Shares Activity
During the year ended December 31, 2013, the number of shares and the weighted average grant price of restricted stock and restricted stock unit transactions were as follows:
 
 
Number of Shares
 
Weighted Average Grant Price
Nonvested as of December 31, 2012
 
—

 
$
—

Granted
 
270,360

 
$
21.28

Vested
 
(1,900
)
 
$
21.69

Forfeited
 
(3,700
)
 
$
20.48

Nonvested as of December 31, 2013
 
264,760

 
$
21.29

Schedule of Share-based Compensation, Stock Options, Activity
During the year ended December 31, 2013, the number of shares, the weighted average grant date fair value and the weighted average exercise price on stock option transactions were as follows:
 
 
Nonvested Options
 
Vested/Exercisable Options
 
Total Options
 
 
Number of Shares
 
Weighted Average Grant Date Fair Value
 
Number of Shares
 
Weighted Average Exercise Price
 
Number of Shares
 
Weighted Average Exercise Price
Outstanding as of December 31, 2012
 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Granted
 
235,452

 
$
9.59

 
133,606

 
$
15.28

 
369,058

 
$
18.52

Vested
 
(34,896
)
 
$
6.07

 
34,896

 
$
17.32

 
—

 
$
—

Exercised
 
—

 
$
—

 
(40,302
)
 
$
14.31

 
(40,302
)
 
$
14.31

Expired
 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Forfeited
 
—

 
$
—

 
(716
)
 
$
14.62

 
(716
)
 
$
14.62

Outstanding as of December 31, 2013
 
200,556

 
$
10.21

 
127,484

 
$
16.14

 
328,040

 
$
19.05