Patrick was granted a stock option in September 2010 under his employers nonstatutory stock option plan. Patrick was granted an option to purchase 10,000 shares at $70 per share, the market price at the time of the grant. Patrick exercises the option in February 2012, purchasing 5,000 shares. The market price of the stock is $80 per share at the time of exercise. Patrick sells the shares in May 2013 at a price of $100 per share. Patrick is in the 25% tax bracket.

What is the taxable compensation for Patrick at the time he exercises the option?