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SHARE-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2012
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION | 9. SHARE-BASED COMPENSATION The Company accounts for share-based compensation arrangements, including grants of employee stock options, as compensation expense over the service period (generally the vesting period) in the consolidated financial statements based on their fair values. The impact of forfeitures that may occur prior to vesting is also estimated and considered in the amount recognized. Excess tax benefits are reported as a financing cash inflow rather than as a reduction of taxes paid. The total compensation expense recognized for share-based compensation was $489,000 and $646,000 for 2012 and 2011, respectively. There was no tax benefit or expense related thereto. Recognized share-based compensation was reduced for estimated forfeitures prior to vesting based primarily on historical annual forfeiture rates of approximately 3.2% and 3.5%, for 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 In May 2006, the Company's shareholders approved the 2006 Equity and Incentive Award Plan (the "2006 Plan") and an increase in the number of shares of common stock authorized under the Articles of Association by 1,000,000 shares, all of which have been reserved for issuance under the 2006 Plan. The 2006 Plan provides that the administrator can grant stock options and other equity instruments. The terms of certain grant types follow general guidelines, but the term and conditions of each award can vary at the discretion of the administrator. With respect to awards granted to non-employee directors, the administrator of the 2006 Plan is the Board of Directors. The Compensation Committee of the Board is the administrator of the 2006 Plan for all other persons, unless the Board assumes authority for administration. A summary of stock option award activity as of and for the year ended December 31, 2012 is presented below:
|  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Grant-Date Fair Value |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value $(000)(1) |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Outstanding at December 31, 2011 |  |  | 86,500 |  | $ | 24.08 |  |  |  |  |  |  |  |  |  |
Forfeited or Cancelled |  |  | (7,500 | ) | $ | 29.94 |  | $ | 12.02 |  |  |  |  |  |  |
Outstanding at December 31, 2012 |  |  | 79,000 |  | $ | 23.52 |  | $ | 8.53 |  |  | 3.3 |  | $ | — |
Exercisable at December 31, 2012 |  |  | 69,000 |  | $ | 26.18 |  | $ | 9.40 |  |  | 2.9 |  | $ | — |
Expected to Vest at December 31, 2012(2) |  |  | 7,200 |  | $ | 5.20 |  | $ | 2.48 |  |  | 6.2 |  | $ | — |
(1) For in the money options (2) Options expected to vest reflect estimated forfeitures. There were no stock option awards granted in 2012 or 2011. The fair value of stock options vested in 2012 and 2011 was $35,000 and $129,000, respectively. As of December 31, 2012, there was $14,700 of total unrecognized compensation for awards granted under the stock options plans that is expected to be recognized over a weighted average period of 1.2 years. Restricted Stock In 2012, 21,277 restricted shares that vest as service requirements are met were granted to management employees and the Company's Board of Directors, and 78,769 shares of restricted stock vested as directors' and management service requirements were met. In 2011, 120,304 restricted shares that vest as service requirements are met were granted to management employees and the Company's Board of Directors, and 92,289 shares of restricted stock vested as directors' and management service requirements were met. All restricted shares granted in 2012 and 2011 were granted under the 2006 Plan. The weighted average grant-date fair value of restricted stock granted during 2012 and 2011 was $3.54 and $5.37 per share, respectively. A summary of the activity for nonvested restricted stock awards as of and for the year ended December 31, 2012 is presented below:
|  | Shares |  | Weighted Average Grant-Date Fair Value |
--- | --- | --- | --- | --- | ---
Nonvested balance at December 31, 2011 |  |  | 218,929 |  | $ | 8.92 |
Granted |  |  | 21,377 |  | $ | 3.54 |
Vested |  |  | (78,769 | ) | $ | 5.23 |
Forfeited or Cancelled |  |  | (67,400 | ) | $ | 4.56 |
Nonvested balance at December 31, 2012 |  |  | 94,137 |  | $ | 5.56 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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