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Share-Based Compensation
9 Months Ended
Sep. 30, 2011
Share-Based Compensation [Abstract] 
Share-Based Compensation
6. Share-Based Compensation

Stock Options

The Company recognized stock-based compensation expense as follows (in thousands):

 

                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2011     2010     2011     2010  

Compensation expense:

                                

Stock options

   $ 501     $ 314     $ 957     $ 1,767  

Non-vested shares

     468       234       931       690  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 969     $ 548     $ 1,888     $ 2,457  
   

 

 

    

 

 

    

 

 

    

 

 

  

Deferred tax benefits:

                                

Stock options

   $ 193     $ 121     $ 369     $ 682  

Non-vested shares

     —         90       —         266  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 193     $ 211     $ 369     $ 948  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total unrecognized compensation expense related to stock options was $2.1 million at September 30, 2011, to be recognized over a weighted-average period of approximately 1.6 years. Total unrecognized compensation expense related to non-vested shares of Company common stock was $1.4 million at September 30, 2011, to be recognized over a weighted-average period of approximately 1 year.

The following table provides certain information related to stock options and non-vested shares (in thousands, except per share data):

 

                                                 
    Three Months Ended September 30, 2011  
    Stock Options     Non-vested Shares  
    Number of
Shares		     Weighted
Average
Exercise
Price		     Aggregate
Intrinsic
Value		     Weighted
Average
Remaining
Term		     Number of
Shares		     Weighted
Average
Grant Date
Fair Value		  

Outstanding as of June 30, 2011

     6,880     $ 4.68                       801     $ 5.67  

Granted

     —         —                         —         —    

Forfeited

     —         —                         —         —    

Exercised

     —         —                         —         —    

Vested

     —         —                         —         —    

Expired

     —         —                         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Outstanding as of September 30, 2011

     6,880     $ 4.68     $ 1,797       3.0       801     $ 5.67  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable as of September 30, 2011

     5,285     $ 4.66     $ 1,797       2.0                  
   

 

 

    

 

 

    

 

 

    

 

 

                  
   
    Nine Months Ended September 30, 2011  
    Stock Options     Non-vested Shares  
    Number of
Shares		     Weighted
Average
Exercise
Price		     Aggregate
Intrinsic
Value		     Weighted
Average
Remaining
Term		     Number of
Shares		     Weighted
Average
Grant Date
Fair Value		  

Outstanding as of December 31, 2010

     5,385     $ 4.68                       300     $ 5.84  

Granted

     1,495       4.70                       600       5.61  

Forfeited

     —         —                         —         —    

Exercised

     —         —                         —         —    

Vested

     —         —                         (99 )      5.84  

Expired

     —         —                         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Outstanding as of September 30, 2011

     6,880     $ 4.68     $ 1,797       3.0       801     $ 5.67  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable as of September 30, 2011

     5,285     $ 4.66     $ 1,797       2.0                  
   

 

 

    

 

 

    

 

 

    

 

 

                  

On June 23, 2011, the Company granted options to purchase an aggregate of 1,495 thousand shares of common stock to the Company’s directors (225 thousand shares), executive officers (675 thousand shares) and management (595 thousand shares). Options granted to directors vest in full on the earlier of (i) the first anniversary of the date of grant, and (ii) the first annual meeting of the Company’s shareholders, following the date of grant, at which the shareholders elect or reelect any directors to the Board. Options granted to executive officers and management vest as follows: (i) one third on the six (6) month anniversary of the date of grant, (ii) one third on the one (1) year anniversary of the date of grant, and (iii) one third on the two (2) year anniversary of the date of grant. The options have an exercise price of $4.70 per share and expire on June 23, 2016 for directors and June 23, 2018 for executive officers and management.

Effective May 11, 2011, the Company issued 600 thousand shares of performance-based restricted common stock at a price of $5.61 per share to its Senior Vice President and Chief Operating Officer. Shares of 200 thousand vest on each of the first, second and third anniversary of the grant date which is March 28, 2011.