Quarterly report pursuant to Section 13 or 15(d)

SHARE BASED COMPENSATION

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SHARE BASED COMPENSATION
 3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE BASED COMPENSATION
SHARE-BASED COMPENSATION
Transactions in connection with the Company’s share-based compensation plans during the three months ended March 31, 2014 were as follows:
Director stock awards granted
14,364

Restricted stock awards granted
106,086

Restricted stock awards canceled
1,500

Stock option activities:
 
Outstanding as of December 31, 2013
328,040

Granted
45,000

Exercised
(892
)
Forfeited
—

Expired
—

Outstanding as of March 31, 2014
372,148

Shares available under the 2012 Incentive Plan as of March 31, 2014
3,201,048

Shares available under the 2013 Employee Stock Purchase Plan as of March 31, 2014
257,508


Total share-based compensation expense, which includes stock options, restricted stock and ESPP purchases, totaled $1.6 million for the three months ended March 31, 2014.
During the three months ended March 31, 2014, the Company awarded 120,450 shares of restricted stock at an average grant date fair value of $29.24 per share and granted 45,000 stock options. The following table shows the assumptions used to compute the share-based compensation expense for stock options granted during the three months ended March 31, 2014:
Risk free interest rate
 
1.75
%
Expected life (years)
 
5

Volatility
 
39.62
%
Dividend yield
 
—
%
Weighted average exercise price of options granted
 
$29.24 per option

Weighted average grant-date fair value of options granted
 
$10.86 per option