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Stock-based Compensation
 3 Months Ended
Mar. 31, 2012
Stock-based Compensation [Abstract]  
Stock-based Compensation
6. Stock-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted shares under our 2007 Long-Term Incentive Plan and our Directors’ Restricted Stock Plan. The following table provides our stock-based compensation expense and related income tax benefit for the three-month periods ended March 31, 2012 and 2011, respectively (in thousands).

 

                 
    Three Months Ended March 31,  
    2012     2011  

Stock-based compensation expense, gross

   $ 14     $ 34  

Income tax benefit at our statutory rate associated with stock-based compensation

     (5 )      (13 ) 
   

 

 

    

 

 

  

Stock-based compensation expense, net

   $ 9     $ 21  
   

 

 

    

 

 

  

 

Long-term Incentive Plan

The 2007 Long-Term Incentive Plan authorizes the grant of stock options, restricted stock awards and other equity-based incentive awards to our officers and employees. During the three-month periods ended March 31, 2012 and 2011, we did not grant any stock options, restricted stock awards or other equity-based incentive awards to our officers or employees. A summary of stock option activity related to our common stock for the three-month periods ended March 31, 2012 and 2011 is as follows (option amounts in thousands):

 

                                 
    Three Months Ended  
    March 31, 2012     March 31, 2011  
    Options     Weighted-
Average
Exercise Price		     Options     Weighted-
Average
Exercise Price		  

Common stock:

                                

Stock options outstanding - beginning of period

     1,002     $ 7.50       1,005     $ 7.51  

Options granted

     —       $ —         —       $ —    

Options exercised

     —       $ —         —       $ —    

Options expired

     (32 )    $ 8.61       —       $ —    

Options forfeited

     —       $ —         (1 )    $ 8.61  
   

 

 

            

 

 

          

Stock options outstanding - end of period

     970     $ 7.47       1,004     $ 7.51  
   

 

 

            

 

 

          

Exercisable at end of period

     970     $ 7.47       1,004     $ 7.51  
         

Weighted-average fair value of options granted during the period

           $ —               $ —    

For the three-month period ended March 31, 2012, we did not have any options outstanding for our Class A common stock. The purchase price of shares underlying stock options outstanding as of March 31, 2012 exceeded the closing market price of our common stock.

Directors’ Restricted Stock Plan

The Directors’ Restricted Stock Plan authorizes the grant of restricted stock awards to our non-employee directors. During the three-month periods ended March 31, 2012 and 2011, we did not grant any shares of restricted stock to our directors. The unearned compensation associated with prior grants of our restricted common stock is amortized as an expense over the vesting period of the restricted common stock. The total amount of unearned compensation is equal to the market value of the shares at the date of grant, net of accumulated amortization.

The following table summarizes our non-vested restricted shares during the three-month period ended March 31, 2012 and their weighted-average fair value per share as of their date of grant (shares in thousands):

 

                 
    Number of
Shares		     Weighted-
Average
Fair Value		  

Restricted Stock:

                

Non-vested common restricted shares, December 31, 2011

     10     $ 4.94  

Vested

     —       $ —    
   

 

 

          

Non-vested common restricted shares, March 31, 2012

     10     $ 4.94