XML 48 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-based Compensation
 6 Months Ended
Jun. 30, 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 stock under our 2007 Long Term Incentive Plan and our Directors’ Restricted Stock Plan. We recognize the fair value of the stock options and restricted stock on the date of grant as compensation expense, and such expense is amortized over the vesting period of the stock option or restricted stock award.

The following table provides our stock-based compensation expense and related income tax benefit for the three-month and six-month periods ended June 30, 2012 and 2011, respectively (in thousands).

 

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

Stock-based compensation expense, gross

   $ 140     $ 34     $ 154     $ 68  

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

     (55 )      (13 )      (60 )      (27 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Stock-based compensation expense, net

   $ 85     $ 21     $ 94     $ 41  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

2007 Long Term Incentive Plan

The 2007 Long Term Incentive Plan, as amended, currently authorizes the grant of stock options, restricted stock awards and other equity-based incentive awards to our officers, non-employee directors and employees. During the six-month period ended June 30, 2012, we granted 432,396 shares of restricted common stock and we also granted options to acquire 359,568 shares of our common stock to certain executive officers. During the year ended December 31, 2011, we did not grant any stock-based awards under this plan. The fair value for each stock option granted during the six-month period ended June 30, 2012 was estimated at $1.62 per share at the date of grant using the Black-Scholes option pricing model, using for each grant respectively, the following assumptions:

 

         
    Six Months Ended  
    June 30, 2012  
   

Expected term (in years)

     6.3  

Volatility

     104.9 % 

Risk-free interest rate

     1.0 % 

Dividend yield

     0.0 % 

Expected forfeitures

     0.0 % 

A summary of award activity related to our common stock for the six-month period ended June 30, 2012 under our 2007 Long Term Incentive Plan is as follows (number of shares underlying options and number of restricted shares in thousands):

 

                 
    Six Months Ended  
    June 30, 2012  
    Number of
Shares
Underlying
Options		     Weighted-
Average
Exercise
Price		  

Stock options - common stock:

                

Stock options outstanding - beginning of period

     1,002     $ 7.50  

Options granted

     360     $ 1.99  

Options expired

     (32 )    $ 8.61  

Options forfeited

     (2 )    $ 7.64  
   

 

 

          

Stock options outstanding - end of period

     1,328     $ 5.98  
   

 

 

          
     

Exercisable at end of period

     969     $ 7.47  

 

                 
    Six Months Ended  
    June 30, 2012  
    Number of
Shares		     Weighted-
average
Grant Date
Fair Value
Per Share		  

Restricted stock - common stock:

                

Restricted stock, beginning of period

     —       $ —    

Granted

     432       1.65  

Vested

     —         —    
   

 

 

          

Restricted stock, end of period

     432     $ 1.65  
   

 

 

          

 

During the six-month period ended June 30, 2012, we did not have any options outstanding for our Class A common stock. As of June 30, 2012, the market price of our common stock was less than the exercise prices for all of our outstanding stock options.

Directors’ Restricted Stock Plan

The Directors’ Restricted Stock Plan authorizes the grant of restricted stock awards to our non-employee directors. During the six-month period ended June 30, 2012 and the year ended December 31, 2011, we did not grant any shares of restricted stock to our non-employee directors under this plan.

The following table summarizes restricted share activity under our Directors’ Restricted Stock Plan during the six-month period ended June 30, 2012 and the weighted-average fair value per share granted thereunder as of the date of grant (shares in thousands):

 

                 
    Six Months Ended  
    June 30, 2012  
    Number of
Shares		     Weighted-
average
Grant Date
Fair Value
Per Share		  

Restricted stock - common stock:

                

Restricted stock, beginning of period

     10     $ 4.94  

Granted

     —         —    

Vested

     —         —    
   

 

 

          

Restricted stock, end of period

     10     $ 4.94