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Share-Based Compensation
 9 Months Ended
Sep. 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 September 30, 2012  
    Stock Options     Restricted Stock  
    Number
of
Shares		     Weighted
Average
Exercise
Price		     Aggregate
Intrinsic
Value		     Weighted
Average
Remaining
Term (Years)		     Number
of
Shares		     Weighted
Average
Grant
Date Fair
Value		  

Outstanding as of June 30, 2012

     6,485     $ 4.87                       502     $ 5.66  

Granted

     500       3.51                       650       3.37  

Forfeited

     (30 )      4.70                       —         —    

Exercised (1)

     (50 )      2.31                       n/a       n/a  

Vested

     n/a       n/a                       —         —    

Expired

     (1,575 )      6.50                       n/a       n/a  
   

 

 

    

 

 

                    

 

 

    

 

 

  

Outstanding as of September 30, 2012 (2)

     5,330     $ 4.29     $ 1,017       3.2       1,152     $ 4.37  
   

 

 

    

 

 

                    

 

 

    

 

 

  

Exercisable as of September 30, 2012

     4,417     $ 4.34     $ 847       2.5                  
   

 

 

    

 

 

                                  
   
    Nine Months Ended September 30, 2012  
    Stock Options     Restricted Stock  
    Number
of
Shares		     Weighted
Average
Exercise
Price		     Aggregate
Intrinsic
Value		     Weighted
Average
Remaining
Term (Years)		     Number
of
Shares		     Weighted
Average
Grant
Date Fair
Value		  

Outstanding as of December 31, 2011

     6,720     $ 4.78                       801     $ 5.67  

Granted

     500       3.51                       650       3.37  

Forfeited

     (30 )      4.70                       —         —    

Exercised (1)

     (285 )      2.35                       n/a       n/a  

Vested

     n/a       n/a                       (299 )      5.69  

Expired

     (1,575 )      6.50                       n/a       n/a  
   

 

 

    

 

 

                    

 

 

    

 

 

  

Outstanding as of September 30, 2012 (2)

     5,330     $ 4.29     $ 1,017       3.2       1,152     $ 4.37  
   

 

 

    

 

 

                    

 

 

    

 

 

  

Exercisable as of September 30, 2012

     4,417     $ 4.34     $ 847       2.5                  
   

 

 

    

 

 

                                  

 

(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 September 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 September 30,     Nine Months Ended September 30,  
        2012             2011             2012             2011      

Compensation expense:

                                

Stock options

   $ 246     $ 501     $ 892     $ 957  

Restricted stock

     621       468       1,667       931  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 867     $ 969     $ 2,559     $ 1,888  
   

 

 

    

 

 

    

 

 

    

 

 

  

Deferred tax benefits:

                                

Stock options

   $ 95     $ 193     $ 344     $ 369  

Restricted stock

     88       —       $ 380       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 183     $ 193     $ 724     $ 369  
   

 

 

    

 

 

    

 

 

    

 

 

  

Realized tax benefits:

                                

Stock options

   $ 27     $ —       $ 168     $ —    

Restricted stock

     —         —         291       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 27     $ —       $ 459     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Excess tax benefits(shortfall):

                                

Stock options

   $ (1,693 )    $ —       $ (1,623 )    $ —    

Restricted stock

     —         —         (142 )      —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ (1,693 )    $ —       $ (1,765 )    $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average fair value per share:

                                

Stock option grants

   $ 0.87     $ —       $ 0.87     $ 1.67  

Restricted stock grants

   $ 3.37     $ —       $ 3.37     $ 5.61  

Intrinsic value of options exercised

   $ 70     $ —       $ 437     $ —    

Fair value of restricted stock vested

   $ —       $ —       $ 1,164     $ 540  

Cash received for strike price and tax withholdings

   $ 134     $ —       $ 652     $ —    

Shares acquired through cashless exercise (1)

     —         —         147       —    

Value of shares acquired

   $ —       $ —       $ 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 September 30, 2012  
    Stock
Options		     Restricted
Stock		  

Unrecognized expense

   $ 1,120     $ 3,711  

Weighted average remaining years

     1.18       1.71