(11) Stock Options

Incentive Stock Option Plans ("ISOP")

Under the terms of the Company's ISOP, under which options to purchase 4,296,000 shares of common stock can be issued, all key employees are eligible to receive non-assignable and non-transferable options to purchase shares. The exercise price of any option may not be less than the fair market value of the shares on the date of grant; provided, however, that the exercise price of any option granted to an eligible employee owning more than 10% of the outstanding common stock may not be less than 110% of the fair market value of the shares underlying such option on the date of grant. No options granted may be exercisable more than ten years after the date of grant. The options granted generally vest evenly over a three to five year period, beginning on the date of the grant.

No options were granted in 2009. In 2010, the Company granted incentive stock options to purchase 729,000 shares in 2010 of common stock to employees. The options granted in 2010 vests annually over three years. All options granted are non-assignable and non-transferable. In 2011, the Company granted incentive stock options to purchase 20,000 shares of common stock to employees. The options granted in 2011 vests one third of the total option shares on each of the first, second, and third anniversaries of the date of grant. All options granted are non-assignable and non-transferable.

Nonstatutory Stock Options ("NSSO")

The Company did not grant any non-statutory stock options during the three years ended December 31, 2011.

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, 2008		1,343,331			48,400		$	7.22		$	7.18

Options exercised, range from $3.52-$3.55		(198,000	)		—			3.55
Options expired		—			(48,400	)		(14.45	)

Balance outstanding, December 31, 2009		1,145,331			—		$	7.55		$	7.52

Options granted ($7.50)		729,000			—			7.50
Options exercised ($3.94)		(72,000	)		—			3.94
Options expired		(315,000	)		—			(7.80	)

Balance outstanding, December 31, 2010		1,487,331			—		$	7.65		$	7.77

Options granted, range from $11.32-$13.24		20,000			—			12.28
Options exercised, range from $8.10-$11.30		(48,000	)		—			8.63
Options expired		(70,817	)		—			12.38

Balance outstanding, December 31, 2011		1,388,514			—		$	7.44		$	7.26

Information relating to stock options at December 31, 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		450,000		12	$	3.67		450,000	$	3.67
$7.50		706,000		107	$	7.50		83,000	$	7.50
$11.32-$14.99		232,514		19	$	14.53		212,514	$	14.75

		1,388,514			$	7.44		745,514	$	7.26

The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of December 31, 2010 and 2011 was as follows:


	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Months)		Intrinsic Value (thousands)
As of December 31, 2010:
Incentive Stock Option Plans:
Outstanding		1,487,331	$	7.65		64	$	2,966
Expected to Vest		1,454,376	$	7.65		63	$	2,931
Exercisable		756,072	$	7.77		11	$	2,208

As of December 31, 2011:
Incentive Stock Option Plans:
Outstanding		1,388,514	$	7.44		62	$	8,494
Expected to Vest		1,375,499	$	7.44		61	$	8,421
Exercisable		745,514	$	7.26		22	$	4,834

The total intrinsic value of options exercised during 2011, 2010 and 2009 was $4, $260, and $895, respectively. Cash received from stock options exercised during 2011, 2010, and 2009 was $414, $284, and $702 respectively.

Stock Grants

During 2011, the Company issued a total of 35,640 shares of common and restricted stock to certain employees and non-executive board members. Vesting ranges from immediate to three years from the date of grant. The values of the grants range from $11.26 to $12.89 per share based on the publicly traded share prices. The total value of $411 will be recognized over the related service periods. During 2011, 5,556 shares of common stock granted to employees were forfeited.

During 2010, the Company issued a total of 50,877 shares of common and restricted stock to certain employees and non-executive board members. Vesting ranges from immediate to three years from the date of grant. The values of the grants range from $6.86 to $8.32 per share based on the publicly traded share prices. The total value of $401 will be recognized over the related service periods. During 2010, 22,558 shares of common stock granted to employees were forfeited.

During 2009, the Company issued a total of 135,033 shares of common and restricted stock to certain employees and non-executive board members. Vesting ranges from immediate to three years from the date of the grant. The values of the grants range from $11.73 to $11.98 per share based on the publicly traded share prices. The total value of $1,189 will be recognized over the related service periods. During 2009, 15,206 shares of common stock granted to employees were forfeited.

A status summary of nonvested shares as of and for the year ending December 31, 2011, is presented below:


	Number of Shares			Weighted Average Grant-Date Fair Value
Nonvested shares at January 1, 2011		202,096		$	11.77
Granted		35,640		$	11.52
Vested		(130,540	)	$	12.00
Forfeited		(5,556	)	$	11.97

Nonvested shares at December 31, 2011		101,640		$	11.37