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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2012
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
10. Stock-based Compensation

The Company has an Omnibus Incentive and Equity Plan (the "Plan") under which officers, employees and directors may be granted equity-based awards, including restricted stock units ("RSUs"), stock options and unrestricted shares of common stock. At March 31, 2012, 569,576 shares of common stock remain available for issuance of the 1,800,000 shares that were authorized under the Plan. Each RSU entitles the holder to one share of Virtus common stock when the restriction expires. RSUs generally have a term of three years and may be time-vested or performance-contingent. Stock options generally vest over three years and have a contractual life of ten years. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. The fair value of each RSU is estimated using the intrinsic value method which is based on the fair market value price on the date of grant. Shares that are issued upon exercise of employee stock options and vesting of RSUs are newly issued shares and not issued from treasury stock.

Restricted Stock Units

RSU activity for the three months ended March 31, 2012 is summarized as follows:

 

     Number
of shares		     Weighted
Average
Grant Date
Fair Value		  

Outstanding at December 31, 2011

      576,704      $ 24.16   

Granted

      63,190      $ 81.77   

Settled

      (65,828 )    $ 23.59   
  

 

 

    

Outstanding at March 31, 2012

      574,066      $ 31.48   
  

 

 

    

Stock Options

Stock option activity for the three months ended March 31, 2012 is summarized as follows:

 

     Number
of shares		     Weighted
Average
Exercise Price		  

Outstanding at December 31, 2011

      352,942      $ 20.21   

Exercised

      (18,655 )    $ 40.29   
  

 

 

    

Outstanding at March 31, 2012

      334,287      $ 19.09   
  

 

 

    

During the three months ended March 31, 2012 and 2011, the Company recognized $1.6 million and $0.8 million, respectively, in total stock-based compensation expense. As of March 31, 2012, unamortized stock-based compensation expense for unvested RSUs and stock options was $10.3 million and $0.4 million, respectively, with weighted-average remaining amortization periods of 1.0 years and 0.2 years, respectively.