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STOCK-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2011
STOCK-BASED COMPENSATION PLANS
4.
STOCK-BASED COMPENSATION PLANS
 
In accordance with the Company’s stock-based compensation plans, the Company may grant incentive stock options as well as non-qualified and other stock-related incentives to officers, employees and non-employee directors of the Company. Options vest ratably over a two to four-year period beginning on the grant date and expire ten years from the date of grant.  Shares available for granting options at December 31, 2011, 2010 and 2009 were 0.6 million.
 
A summary of the activity of stock options for the years ended December 31, 2011, 2010 and 2009, is presented below (shares in thousands):
 
   
2011
    
2010
    
2009
  
   
Shares Under Option
    
Weighted Average
Exercise Price
    
Shares Under Option
    
Weighted Average
Exercise Price
    
Shares Under Option
    
Weighted Average
Exercise Price
  
Outstanding at Beginning of Period
     831     $ 5.82       905     $ 5.83       930     $ 5.87  
Granted
     —       —       —       —       —       —  
Exercised
     (468 )     5.91       (74 )     5.99       (19 )     6.23  
Forfeited and cancelled
     (3 )     5.49       —       —       (6 )     10.79  
Outstanding at End of Period
   $ 360     $ 5.71       831     $ 5.82       905     $ 5.83  
Options exercisable at year end
     161     $ 5.98       430     $ 6.13       304     $ 6.50  
Weighted average fair value of options granted
           $ —             $ —             $ —  
 
A summary of options outstanding under the Company’s stock-based compensation plans at December 31, 2011 is presented below (shares in thousands):
 
Exercise Price Range
    
Shares
Under
Option
    
Weighted Average
Exercise Price of
Options Outstanding
    
Weighted Average Remaining Life
    
Options Exercisable
    
Weighted Average
Exercise Price of
Shares Exercisable
  
$ 
 5.49
     –     $ 8.24       332     $ 5.49       6.9       133     $ 5.49  
8.31
     –       10.94       28       8.31       2.2       28       8.31  
Total
       360     $ 5.71       6.5       161     $ 5.98