|
13 - NONVESTED STOCK AWARDS
The following table presents a summary of the Company’s restricted stock awards for the three months ended March 31, 2012:
|
|
|
Number of
Shares |
|
Weighted
Average Grant
Date Price |
|
|
Outstanding at January 1, 2012 |
|
545,750 |
|
$ |
11.60 |
|
|
Granted |
|
— |
|
— |
|
|
Vested |
|
(116,500 |
) |
14.00 |
|
|
Forfeited |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
Outstanding at March 31, 2012 |
|
429,250 |
|
$ |
10.95 |
|
The total fair value of shares that vested under the Plan during the three months ended March 31, 2012 and 2011 was $457 and $1,131, 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 months ended March 31, 2012 and 2011, 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
March 31, |
|
|
|
|
2012 |
|
2011 |
|
|
General, administrative and technical management fees |
|
$ |
572 |
|
$ |
945 |
|
|
|
|
|
|
|
|
|
The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of March 31, 2012, unrecognized compensation cost of $2,190 related to nonvested stock will be recognized over a weighted-average period of 2.43 years.
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