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Stock Compensation
 3 Months Ended
Mar. 31, 2012
Stock Compensation [Abstract]  
Stock Compensation

(8)   Stock Compensation

Our Company’s stock option plan provides for the grant of options to purchase up to 506,188 shares of our Company’s common stock to officers and other key employees of our Company and its subsidiaries. All options have been granted at exercise prices equal to fair value and vest over periods ranging from four to five years, except options issued in 2008 to acquire 10,705 shares that vested immediately.

The following table summarizes our Company’s stock option activity:

 

                                 
                Weighted        
          Weighted     Average     Aggregate  
    Number     Average     Contractual     Intrinsic  
    of     Exercise     Term     Value  
    Shares     Price     (in years)     (000)  

Outstanding at January 1, 2012

     260,274     $ 24.45                  

Granted

     —         —                    

Exercised

     —         —                    

Forfeited

     —         —                    

Expired

     (36,503 )      16.63                  
   

 

 

    

 

 

    

 

 

    

 

 

  

Outstanding at March 31, 2012

     223,771     $ 25.72       3.8     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable at March 31, 2012

     200,958     $ 26.01       3.6     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total stock-based compensation expense for the three months ended March 31, 2012 and 2011 was $10,755 and $22,000, respectively. As of March 31, 2012, the total unrecognized compensation expense related to non-vested stock awards was $88,000 and the related weighted average period over which it is expected to be recognized is approximately three years.