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Share-Based Compensation
 3 Months Ended
Mar. 31, 2012
Share-Based Compensation [Abstract]  
Share-Based Compensation

6. Share-Based Compensation

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

 

                                                 
    Three Months Ended March 31, 2012  
     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, 2011

     6,720     $ 4.78                       801     $ 5.67  

Granted

     —         —                         —         —    

Forfeited

     —         —                         —         —    

Exercised (1)

     (35 )      2.60                       —         —    

Vested

     —         —                         (299 )      5.69  

Expired

     —         —                         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Outstanding as of March 31, 2012 (2)

     6,685     $ 4.79     $ 1,264       2.6       502     $ 5.66  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable as of March 31, 2012

     5,613     $ 4.81     $ 1,264       1.9                  
   

 

 

    

 

 

    

 

 

    

 

 

                  

 

(1) Unless otherwise specified, such as in the case of the exercise of stock options, the per share prices were determined using the closing price of the Company’s Common Stock as quoted on the NYSE Amex Equities. Shares issued upon exercise of options represent original issuances in private transactions pursuant to Section 4(2) of the Securities Act of 1933, as amended.
(2) All shares outstanding as of March 31, 2012 are expected to vest.

 

The following table presents certain information regarding the Company’s stock-based compensation for the periods presented (in thousands):

 

                 
    Three Months Ended March 31,  
    2012     2011  

Compensation expense:

                

Stock options

   $ 337     $ 254  

Restricted stock

     675       144  
   

 

 

    

 

 

  

Total

   $ 1,012     $ 398  
   

 

 

    

 

 

  

Deferred tax benefits:

                

Stock options

   $ 130     $ 98  

Restricted stock

     204       —    
   

 

 

    

 

 

  

Total

   $ 334     $ 98  
   

 

 

    

 

 

  

Realized tax benefits:

                

Stock options

   $ 14     $ —    

Restricted stock

     291       —    
   

 

 

    

 

 

  

Total

   $ 305     $ —    
   

 

 

    

 

 

  

Excess tax benefits(shortfall):

                

Stock options

   $ —       $ —    

Restricted stock

     (142 )      —    
   

 

 

    

 

 

  

Total

   $ (142 )    $ —    
   

 

 

    

 

 

  

Weighted avg grant date fair value for grants:

                

Stock options

   $ —       $ —    

Restricted stock

     —         —    
   

 

 

    

 

 

  

Total

   $ —       $ —    
   

 

 

    

 

 

  

Intrinsic value of options exercised

   $ 35     $ —    

Fair value of restricted stock vested

   $ 1,164     $ 540  

Cash received for strike price and tax withholdings

   $ 518     $ 199  
 

The following table presents the amount of unrecognized compensation expense as of the most recent balance sheet date and the weighted average period over which those expenses will be recorded for both stock options and restricted stock (dollars in thousands):

 

                 
    As of March 31, 2012  
    Stock
Options		     Restricted
Stock		  

Unrecognized expense

   $ 1,273     $ 2,513  

Weighted average remaining years

     1.18       1.41