Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Stock Incentive Plan, Non-Employee Directors Stock Option Plan

A summary of activity under our Stock Incentive Plan and the Non-Employee Directors Stock Option Plan during the year ended December 31, 2011 is presented below:

Options	Number			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at January 1, 2011		675,575		$	24.02
Granted		-			-
Exercised		(12,677	)		6.55
Forfeited/expired		(30,564	)		21.07
Outstanding, fully vested and exercisable at December 31, 2011 (1)		632,334		$	24.51	5.77	$541

(1)	As explained above, all unvested stock options immediately vested and became immediately exercisable. All such options will remain exercisable for their respective remaining term, regardless of whether the awardees remain employees of Century.

Service-based share awards (1)
Outstanding at January 1, 2011	551,382
Granted	221,758
Vested (Awarded)	(416,719	)
Forfeited	(9,230	)
Outstanding at December 31, 2011	347,191

(1)	All of our service-based stock awards granted prior to June 7, 2011 vested as explained above. Awards will settle upon original vesting date or payment schedule for the respective awards.

Non-vested stock options:	Number			Weighted Average Fair Value
Non-vested options at January 1, 2011		303,141		$	4.92
Granted		-			-
Vested		(285,077	)		4.92
Forfeited		(18,064	)		4.94
Non-vested options at December 31, 2011		-		$	-

	Year ended December 31,
	2011		2010		2009
Weighted average per share fair value of:
Stock options grants	$	-	$	-	$	4.92
Service-based share grants		15.49		12.31		6.41
Total intrinsic value of option exercises		72		1		-
Share-based liabilities paid (1)		-		1,050		694
Total fair value of stock options vested during the period		1,403		112		1,369

(1)	Share based liabilities paid represent the fair value of shares issued on the vesting date to certain key employees under our performance share program.

Assumptions to estimate the fair value of share awards

We used the following assumptions to estimate the fair value of our share awards for 2011, 2010 and 2009.

	2011			2010			2009
Risk-free interest rate		0.10% – 1.11	%		0.31% – 1.52	%		1.36% – 2.36	%
Expected dividend yield	$	0.00		$	0.00		$	0.00
Expected volatility		50% – 134	%		107% – 108	%		102% – 126	%
Expected forfeiture rate		0% – 3	%		0% – 3	%		0% – 3	%
Expected term (years)		1.0 – 3.0			1.0 – 3.0			3.0 – 5.0

Share based compensation cost

No share-based compensation cost was capitalized during these periods and there were no significant modifications (other than the accelerated vesting described above) of any share-based awards in 2011, 2010 and 2009.

	Year ended December 31,
	2011		2010			2009
Share-based compensation expense reported:
Performance-based stock expense	$	5,549	$	5,586		$	6,453
Service-based stock expense (1)		692		(1,668	)		956
Stock option expense		328		669			1,180
Total share-based compensation expense before income tax		6,569		4,587			8,589
Income tax benefit		-		-			-
Total share-based compensation expense, net of income tax benefit	$	6,569	$	4,587		$	8,589

(1)	We recorded a net credit for service-based stock awards in 2010 due to adjustments to share-based expense for payroll taxes paid in cash during the year.

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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