|
13 - NONVESTED STOCK AWARDS
The following table presents a summary of the Company’s nonvested stock awards for the nine months ended September 30, 2012:
|
|
|
Number of
Shares |
|
Weighted
Average Grant
Date Price |
|
|
Outstanding at January 1, 2012 |
|
545,750 |
|
$ |
11.60 |
|
|
Granted |
|
12,500 |
|
3.86 |
|
|
Vested |
|
(129,000 |
) |
13.31 |
|
|
Forfeited |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
Outstanding at September 30, 2012 |
|
429,250 |
|
$ |
10.86 |
|
The total fair value of shares that vested under the Plan during the nine months ended September 30, 2012 and 2011 was $505 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 and nine months ended September 30, 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
September 30, |
|
Nine Months Ended
September 30, |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
General, administrative and technical management fees |
|
$ |
403 |
|
$ |
623 |
|
$ |
1,377 |
|
$ |
2,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures. As of September 30, 2012, unrecognized future compensation cost of $1,434 related to nonvested stock will be recognized over a weighted-average period of 1.96 years. |