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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments
Stock-Based Compensation

Stock Options:

A summary of option activity under our 1998 Stock Option plan for the six months ended June 30, 2012 is presented below.

 
Number
 of
Stock Options
 
Weighted Average
Exercise
 Price
 
Weighted
Average
Remaining
Contractual Life (years)
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2011
422,239

 
$
15.06

 
6.48

 
$
766

Granted
20,000

 
14.89

 
8.00

 


Exercised
(7,500
)
 
7.66

 
—

 


Canceled/Forfeited
—

 
—

 
—

 


Outstanding, June 30, 2012
434,739

 
$
15.18

 
6.10

 
$
770

Exercisable, June 30, 2012
366,072

 
$
14.81

 
5.66

 
$
770



We granted options to purchase 20,000 shares to our non-executive employees on January 25, 2012 at an exercise price of $14.89 with a three year vesting period.  
 
The following table summarizes information about our stock options outstanding at June 30, 2012:

 
Range of Exercise Prices
 
Options Outstanding
 
Options Exercisable
 
Shares
 
Weighted
Average
Remaining
Contractual
Life (years)
 
Weighted
Average
Exercise
Price
 
Shares
 
Weighted
Average
Exercise
Price
0.01 – 5.58
 
5,000

 
1.00
 
$
4.72

 
5,000

 
$
4.72

5.59 – 9.43
 
89,239

 
4.41
 
8.62

 
89,239

 
8.62

9.44 – 15.60
 
85,000

 
6.32
 
12.94

 
65,000

 
12.34

15.61 – 20.48
 
255,500

 
6.71
 
18.42

 
206,833

 
18.50

0.01 – 20.48
 
434,739

 
6.10
 
$
15.18

 
366,072

 
$
14.81




The summary of the status of our unvested stock options as of December 31, 2011 and changes during the six months ended June 30, 2012 is presented below.

 
 
 
Unvested stock options:
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2011 
78,666

 
$
8.82

Granted
20,000

14.89

14.89

Vested
(29,999
)
 
7.99

Unvested at June 30, 2012
68,667

 
$
10.95



As of June 30, 2012, there was $474,715 of unrecognized compensation cost related to unvested options.  Such cost is expected to be recognized over a weighted-average period of 1.77 years. Total compensation expense for stock options was $214,083 and $234,150 for the six months ended June 30, 2012 and 2011, respectively.

Restricted Stock:

On January 25, 2012, the Compensation Committee awarded 70,000 shares of restricted common stock to our three named executive officers. 30,000 of the restricted shares were awarded to Stephen C. Taylor, our Chief Executive Officer, pursuant to the terms of his employment agreement. We also awarded Mr. Taylor an additional 20,000 restricted shares and our other two named executive officers 10,000 restricted shares each in connection with our review of their performance in 2011. The restricted shares issued to Messrs. Hazlett and Lawrence vest in annual one-third installments beginning on January 25, 2013, with Mr. Taylor's restricted shares subject to a one year vesting requirement. On March 28, 2012, we awarded and issued 12,500 shares of restricted stock to our Board of Directors as part payment for 2012 Directors' fees. The restricted stock vests in quarterly installments beginning on March 31, 2013. Total compensation expense related to restricted stock awards was $471,629 and $215,868 for the six months ended June 30, 2012 and 2011, respectively. As of June 30, 2012, there was a total of $953,385 of unrecognized compensation expenses related to these shares of restricted stock.