XML 55 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-Based Compensation
 6 Months Ended
Jun. 30, 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 (“restricted stock”) (in thousands, except per share data):

 

                                                 
    Three Months Ended June 30, 2012  
    Stock Options     Restricted Stock  
    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 March 31, 2012

     6,685     $ 4.79                       502     $ 5.66  

Granted

     —         —                         —         —    

Forfeited

     —         —                         —         —    

Exercised (1)

     (200 )      2.31                       —         n/a  

Vested

     —         —                         —         —    

Expired

     —         —                         —         n/a  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Outstanding as of June 30, 2012 (2)

     6,485     $ 4.87     $ 660       2.3       502     $ 5.66  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable as of June 30, 2012

     6,062     $ 4.88     $ 660       2.1                  
   

 

 

    

 

 

    

 

 

    

 

 

                  

 

                                                 
    Six Months Ended June 30, 2012  
    Stock Options     Restricted Stock  
    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)

     (235 )      2.35                       —         n/a  

Vested

     —         —                         (299 )      5.69  

Expired

     —         —                         —         n/a  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Outstanding as of June 30, 2012 (2)

     6,485     $ 4.87     $ 660       2.3       502     $ 5.66  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable as of June 30, 2012

     6,062     $ 4.88     $ 660       2.1                  
   

 

 

    

 

 

    

 

 

    

 

 

                  

 

(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 MKT LLC. 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 June 30, 2012 are expected to vest.

n/a – Not applicable

 

 

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

 

                                 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2012     2011     2012     2011  

Compensation expense:

                                

Stock options

   $ 309     $ 202     $ 646     $ 456  

Restricted stock

     371       319       1,046       463  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 680     $ 521     $ 1,692     $ 919  
   

 

 

    

 

 

    

 

 

    

 

 

  

Deferred tax benefits:

                                

Stock options

   $ 119     $ 78     $ 249     $ 176  

Restricted stock

     87       —       $ 291       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 206     $ 78     $ 540     $ 176  
   

 

 

    

 

 

    

 

 

    

 

 

  

Realized tax benefits:

                                

Stock options

   $ 128     $ —       $ 141     $ —    

Restricted stock

     —         —         291       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 128     $ —       $ 432     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Excess tax benefits(shortfall):

                                

Stock options

   $ 71     $ —       $ 71     $ —    

Restricted stock

     —         —         (142 )      —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 71     $ —       $ (71 )    $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Weighted average fair value:

                                

Stock option grants

   $ —       $ 2,497     $ —       $ 2,497  

Restricted stock grants

   $ —       $ 3,366     $ —       $ 3,366  

Intrinsic value of options exercised

   $ 332     $ —       $ 367     $ —    

Fair value of restricted stock vested

   $ —       $ —       $ 1,164     $ 540  

Cash received for strike price and tax withholdings

   $ —       $ —       $ 518     $ 199  

Shares acquired through cashless exercise (1)

     147       —         147       —    

Value of shares acquired

   $ 583     $ —       $ 583     $ —    

 

(1) All shares acquired represent shares tendered to cover the exercise price for options and tax withholdings on the intrinsic value of options exercised or restricted stock vested. These shares have been cancelled by the Company.

 

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 June 30, 2012  
    Stock
Options		     Restricted
Stock		  

Unrecognized expense

   $ 965     $ 2,142  

Weighted average remaining years

     0.98       1.24