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Stock-based Compensation
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6 Months Ended |
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Jun. 30, 2014
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| Stock-based Compensation [Abstract] | |
| Stock-based Compensation |
(3) Stock-based Compensation
In January of every year since 2007, we have notified certain employees that they are eligible to receive restricted stock awards under our 2006 Restricted Stock Plan based on the return on stockholders' equity for the respective fiscal years. These awards are expensed and a corresponding liability is recorded ratably over the vesting period of approximately three years. Upon issuance of restricted stock on each vesting date, the liability is reduced and additional paid-in capital is increased. On March 2, 2014, the employees eligible for the restricted stock awards based on the financial performance of 2011, 2012 and 2013, received a total of 12,221 shares of restricted common stock.
We also have awarded restricted stock to our non-employee Directors under the 2004 Non-Employee Directors Stock Plan. On January 2, 2014, the non-employee Directors received 10,400 shares of restricted common stock in the aggregate. Compensation expense related to this award was approximately $486 thousand.
The compensation expense related to all restricted stock awards discussed above and included in contract costs was approximately $440 thousand and $1.5 million for the three- and six-month periods ended June 30, 2014, respectively, and approximately $240 thousand and $907 thousand for the three- and six-month periods ended June 30, 2013, respectively.
Employees are permitted to forfeit a certain number of shares to cover their personal tax liability for restricted stock awards. We paid approximately $314 thousand and $257 thousand, to cover this liability during the six months ended June 30, 2014 and 2013, respectively. These payments are classified as financing cash flows on the consolidated statements of cash flows.
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