|
10 - NONVESTED STOCK AWARDS
The following table presents a summary of the Company’s restricted stock awards for the six months ended June 30, 2011:
|
|
|
Number of
Shares |
|
Weighted
Average Grant
Date Price |
|
|
Outstanding at January 1, 2011 |
|
583,500 |
|
$ |
13.40 |
|
|
Granted |
|
12,500 |
|
6.92 |
|
|
Vested |
|
(129,000 |
) |
14.00 |
|
|
Forfeited |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
Outstanding at June 30, 2011 |
|
467,000 |
|
$ |
13.06 |
|
The total fair value of shares that vested under the Plan during the six months ended June 30, 2011 and 2010 was $1,131,330 and $0, respectively. The total fair value is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.
For the three and six months ended June 30, 2011 and 2010, the Company recognized nonvested stock amortization expense for the Plan, which is included in general, administrative and technical management fees, as follows:
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
General, administrative and technical management fees |
|
$ |
606,283 |
|
$ |
882,475 |
|
$ |
1,551,009 |
|
$ |
1,093,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of June 30, 2011, unrecognized compensation cost of $3,461,193 related to nonvested stock will be recognized over a weighted-average period of 2.81 years.
|