Quarterly report pursuant to Section 13 or 15(d)

SHARE BASED COMPENSATION

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SHARE BASED COMPENSATION
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2014 were as follows:
Director stock awards granted
14,364

Restricted stock awards granted
112,686

Restricted stock awards canceled
8,650

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

Granted
45,000

Exercised
(15,892
)
Forfeited
—

Expired
(15,000
)
Outstanding as of September 30, 2014
342,148

Shares available under the 2012 Incentive Plan as of September 30, 2014
3,216,598

Shares available under the 2013 ESPP as of September 30, 2014
246,914


Total share-based compensation expense, which includes stock options, restricted stock and the ESPP, was $5.2 million for the nine months ended September 30, 2014.
During the nine months ended September 30, 2014, the Company awarded 127,050 shares of restricted stock at an average grant date fair value of $29.23 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 nine months ended September 30, 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