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SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2012
SHARE-BASED COMPENSATION  
SHARE-BASED COMPENSATION

12. SHARE-BASED COMPENSATION

 

Stock Option Activity

 

The following is a summary of stock option activity for the Company’s stock option plans for the six months ended June 30, 2012:

 

 

 

 

 

Weighted Average

 

 

 

Shares

 

Exercise Price

 

 

 

 

 

 

 

Outstanding at January 1, 2012

 

40,166

 

$

428.16

 

Changes during the period

 

 

 

 

 

Granted

 

304,959

 

14.31

 

Outstanding at June 30, 2012

 

345,125

 

62.47

 

 

We estimate the fair value of stock options granted using the Black-Scholes option pricing formula and a single option award approach. This fair value is then amortized on a straight-line basis over the requisite periods of the awards, which is generally the vesting period. The fair value of the Company’s stock options granted to employees for the three and six months ended June 30, 2012 was estimated using the following weighted-average assumptions:

 

 

 

Three and Six

 

 

 

Months Ended

 

 

 

June 30, 2012

 

 

 

 

 

Expected volatility

 

77.2

%

Risk free interest rate

 

1.8

%

Expected dividends

 

1.0

%

Expected life (in years)

 

8.0

 

Weighted average fair value

 

$

9.67

 

 

Restricted Stock Awards and Units

 

The table below presents the activity of restricted stock awards and units for the six months ended June 30, 2012:

 

 

 

 

 

Weighted Average

 

 

 

 

 

Grant Date

 

 

 

Shares

 

Fair Value

 

 

 

 

 

 

 

Nonvested at January 1, 2012

 

1,015,304

 

$

14.86

 

Changes during the period:

 

 

 

 

 

Granted

 

260,153

 

14.26

 

Vested

 

(195,236

)

15.70

 

Forfeited

 

(40,841

)

14.64

 

Nonvested at June 30, 2012

 

1,039,380

 

14.56