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Stock Based Compensation Expense
9 Months Ended
Sep. 30, 2011
Stock Based Compensation Expense [Abstract] 
Stock Based Compensation Expense

10. Stock Based Compensation Expense—The Company accounts for stock-based awards to employees and directors in accordance with FASB ASC 718, "Share-Based Payment," which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including shares of common stock granted for services, employee stock options, and employee stock purchases related to the Employee Stock Purchase Plan ("employee stock purchases") based on estimated fair values.

 

Stock Options—During the nine months ended September 30, 2011, the Company granted employees options to acquire 20,000 shares of common stock at an average exercise price of $12.28 per share. The options were valued at $132 and vest over a three year service period.

Option activity within each plan is as follows:

 

     Incentive
Stock Option
Plans		     Non-Statutory
Stock Options
Plans		      Weighted Average
Price Per Share		      Exercisable
Weighted
Average
Price
Per Share		  

Balance outstanding, December 31, 2010

      1,487,331        —         $ 7.65       $ 7.77   
          

Options exercised

      (40,000 )      —           8.10      
  

 

 

    

 

 

     

 

 

     

Balance outstanding, March 31, 2011

      1,447,331        —         $ 7.63       $ 7.77   
          

Options granted

      10,000        —           11.32      

Options expired

      (15,272 )      —           9.52      
  

 

 

    

 

 

     

 

 

     

Balance outstanding, June 30, 2011

      1,442,059        —         $ 7.64       $ 7.73   
          

Options granted

      10,000        —           13.24      

Options exercised

      (8,000 )      —           11.30      

Options expired

      (39,834 )      —           14.37      
  

 

 

    

 

 

     

 

 

     

Balance outstanding, September 30, 2011

      1,404,225        —         $ 7.47       $ 7.29   
  

 

 

    

 

 

     

 

 

     

During the nine months ended September 30, 2010, the Company amended an option to extend the expiration date for a terminated employee to purchase 72,000 shares of common stock. The award would have expired 3 months after termination. The Company extended the expiration date to one year and recognized an award-based compensation expense of $8 for the modification. There were options to acquire 30,000 shares that were forfeited during the nine months ended September 30, 2010, which had an average exercise price of $4.93.The options were vested when terminated.

Information relating to stock options at September 30, 2011 summarized by exercise price is as follows:

 

     Outstanding Weighted Average      Exercisable Weighted
Average		  

Exercise Price Per Share

    Shares      Remaining
Life
(Months)		      Exercise
Price		      Shares      Exercise
Price		  

Incentive Stock Option Plan:

               

$3.67—$4.93

      450,000         15       $ 3.67         450,000       $ 3.67   

$7.00—$8.10

      716,000         110       $ 7.50         —           —     

$11.30—$14.74

      238,225         22       $ 14.54         218,225       $ 14.64   
  

 

 

        

 

 

     

 

 

     

 

 

  
     1,404,225          $ 7.47         668,225       $ 7.29   
  

 

 

        

 

 

     

 

 

     

 

 

  

The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of September 30, 2011 was as follows:

 

     Number
of
Shares		      Weighted
Average
Exercise
Price		      Weighted
Average
Remaining
Contractual
Life
(Months)		      Intrinsic
Value
(thousands)		  

As of September 30, 2011:

            

Incentive Stock Option Plans:

            

Outstanding

      1,404,225       $ 7.47         65       $ 5,990   

Expected to Vest

      1,364,768       $ 7.46         63       $ 5,850   

Exercisable

      668,225       $ 7.29         15       $ 3,369   

Non-statutory Stock Option Plans:

            

Options Outstanding

      —           —           —           —     

Expected to Vest

      —           —           —           —     

Options Exercisable

      —           —           —           —     

Stock Options—During the nine months ended September 30, 2011 and 2010, the Company recognized stock-based compensation expense related to stock options, excluding expense associated with modifications, related to stock options of $678 and $20, respectively.

 

As of September 30, 2011, the Company had approximately $2,100 of unamortized stock-based compensation expenses related to unvested stock options outstanding. This amount will be recognized over the weighted-average period of 2.2 years. This projected expense will change if any stock options are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures.

Restricted Shares—A status summary of nonvested shares as of and for the nine months ended September 30, 2011 is presented below:

 

     Number
of Shares		     Weighted
Average
Grant-Date
Fair Value		  

Nonvested shares at December 31, 2010

      202,096      $ 11.77   

Granted

      —          —     

Vested

      —          —     

Forfeited

      (1,993 )    $ 12.21   

Nonvested shares at March 31, 2011

      200,103      $ 11.77   

Granted

      —          —     

Vested

      —          —     

Forfeited

      (1,893 )    $ 12.21   

Nonvested shares at June 30, 2011

      198,210      $ 11.76   

Granted

      4,000      $ 12.16   

Vested

      (103,400 )    $ 12.19   

Forfeited

      (650 )    $ 12.19   
  

 

 

    

Nonvested shares at September 30, 2011

      98,160      $ 11.33   
  

 

 

    

During the nine months ended September 30, 2010, the Company granted a total of 5,000 of common stock, The shares will cliff vest after three years of service. The shares granted in 2010 were fair valued at $8.32 per share (or $42 in total). The fair value was determined by using the publicly traded share price as of the date of grant. The Company is recognizing as expense the value of restricted shares over the required service period of three years. There were 22,008 restricted shares of common stock that were forfeited during the nine months ended September 30, 2010, which had an average grant-date value of $12.21 per share. Forfeited shares were not vested when terminated. During the nine months ended September 30, 2010, there were 40,783 restricted shares that vested, which had an average grant-date value of $13.01 per share and an average vest-date value of $7.62 per share.

During the nine months ended September 30, 2011 and 2010, the Company recognized stock-based compensation expense related to restricted shares of $949, including related cash costs and $813, respectively.

As of September 30, 2011, the Company had approximately $238 of unamortized stock-based compensation expenses related to unvested restricted shares. This amount will be recognized over the weighted-average period of 1.2 years, whereby $141 will be recognized over the next 0.4 years and the balance will be recognized over the next 2.4 years. This projected expense will change if any restricted shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures.