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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
STOCK-BASED COMPENSATION
5.
STOCK-BASED COMPENSATION
 
The Company reserved 11,390,625 shares of common stock under its 2004 Stock Incentive Plan which expires ten years from the date of approval. This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted stock. As of March 31, 2012, there were approximately 1,962,419 shares available for grants.
 
Stock-based employee compensation expense was as follows for the periods indicated:
 
Three months ended
March 31,
(in thousands)
  
2012
    
2011
  
Pre-tax expense
 $ 1,901        2,215  
After tax expense
   1,207       1,407  
 
Stock Options
 
Transactions involving RPC’s stock options for the three months ended March 31, 2012 were as follows:
 
   
Shares
    
Weighted Average
Exercise
Price
    
Weighted Average Remaining Contractual
Life
     Aggregate Intrinsic Value
Outstanding at January 1, 2012
 704,689 $ 1.31
0.99 years
Granted
 - - N/A
Exercised
 (83,530 ) 1.74 N/A
Forfeited
 - - N/A
Expired
     -       -       N/A        
Outstanding and exercisable at March 31, 2012
     621,159     $ 1.25    
0.83 years
     $ 5,814,048
 
The total intrinsic value of stock options exercised was approximately $835,000 during the three months ended March 31, 2012 and approximately $2,590,000 during the three months ended March 31, 2011.

 
Restricted Stock
 
The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2012:
 
   
Shares
    
Weighted Average
Grant-Date Fair
Value
  
Non-vested shares at January 1, 2012
 4,440,832 $ 5.37
Granted
 1,146,750 11.69
Vested
 980,140 5.81
Forfeited
     20,250       7.16  
Non-vested shares at March 31, 2012
       4,587,191     $ 6.85  
 
The total fair value of shares vested during the three months ended March 31, 2012 was approximately $10,695,000 and during the three months ended March 31, 2011 was approximately $10,860,000. Tax benefits for compensation tax deductions in excess of compensation expense for restricted stock totaled approximately $2,067,000 for the three months ended March 31, 2012 and $2,278,000 for the three months ended March 31, 2011 and were credited to capital in excess of par value and are classified as financing cash flows.
 
Other Information
 
As of March 31, 2012, total unrecognized compensation cost related to non-vested restricted shares was approximately $37,115,000 which is expected to be recognized over a weighted-average period of 4.1 years. As of March 31, 2012, all of the compensation cost related to stock options has been recognized.