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Share-Based Compensation
 6 Months Ended
Jun. 30, 2012
Share-Based Compensation  
Share-Based Compensation

9.              Share-Based Compensation

 

The total compensation expense recognized for share-based compensation was $120,000 and $171,000 for the three months ended June 30, 2012 and 2011, respectively, and $267,000 and $330,000 for the six months ended June 30, 2012 and 2011, respectively. There was no tax benefit or expense related thereto for each period presented. Recognized stock compensation was reduced for estimated forfeitures prior to vesting primarily based on historical annual forfeiture rates of approximately 3.3% and 3.8%, as of June 30, 2012 and 2011, respectively. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. In February 2012, executive officers and management were awarded an incentive bonus of $150,300 based on meeting certain performance metrics included in the Executive and Key Management Compensation Plan.  In accordance with the plan, the incentive award was settled through the issuance of 39,294 shares of common stock.

 

Stock Options

 

A summary of stock option award activity as of and for the six months ended June 30, 2012 is as follows:

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted

 

Weighted

 

Average

 

Aggregate

 

 

 

 

 

Average

 

Average

 

Remaining

 

Intrinsic

 

 

 

 

 

Exercise

 

Grant-Date

 

Contractual

 

Value

 

 

 

Shares

 

Price

 

Fair Value

 

Term (years)

 

$(000)(1)

 

Outstanding at December 31, 2011

 

86,500

 

$

24.08

 

 

 

 

 

 

 

Forfeited or cancelled

 

(7,500

)

$

29.94

 

$

12.02

 

 

 

 

 

Outstanding at June 30, 2012

 

79,000

 

$

23.52

 

$

8.53

 

3.8

 

$

—

 

Exercisable at June 30, 2012

 

67,000

 

$

26.13

 

$

9.35

 

3.3

 

$

—

 

Expected to vest at June 30, 2012 (2)

 

8,600

 

$

8.93

 

$

3.94

 

6.5

 

$

—

 

 

(1)   For in-the-money options

(2)          Options expected to vest reflect estimated forfeitures

 

There were no stock options granted or exercised in the six months ended June 30, 2012 or 2011. The fair values of shares vested during the six months ended June 30, 2012 and 2011 were $79,000 and $76,000, respectively. As of June 30, 2012, there was $28,000 of total unamortized compensation expense for awards granted under the stock option plans that is expected to be recognized over a weighted average period of 1.1 years.

 

Restricted Stock

 

During the six months ended June 30, 2012, 40,384 shares of restricted stock vested as directors’ and management service requirements were met.

 

A summary of restricted stock activity as of and for the six months ended June 30, 2012 is as follows:

 

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

 

 

 

Grant-Date

 

 

 

Shares

 

Fair Value

 

Nonvested balance at December 31, 2011

 

218,929

 

$

8.92

 

Granted

 

15,000

 

$

4.00

 

Vested

 

(40,384

)

$

4.50

 

Forfeited or cancelled

 

(50,400

)

$

5.09

 

Nonvested balance at June 30, 2012

 

143,145

 

$

7.83