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Stock Based Compensation Expense
 9 Months Ended
Sep. 30, 2012
Stock Based Compensation Expense [Abstract]  
Stock Based Compensation Expense 10. 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, 2012, the Company did not grant any employees options to acquire shares of common stock.

Option activity within each plan is as follows:

 

                         
    Incentive
Stock Option
Plans		     Weighted Average
Price Per Share		     Exercisable
Weighted
Average
Price
Per Share		  

Balance outstanding, December 31, 2011

     1,388,514     $ 7.44     $ 7.26  

Options granted

     —         —            

Options exercised, range from $7.50-$14.74

     (35,340 )      13.37          

Options expired or forfeited

     —         —            
   

 

 

    

 

 

    

 

 

  

Balance outstanding, March 31, 2012

     1,353,174     $ 7.28     $ 6.95  

Options granted

     —         —            

Options exercised, range from $7.50-$14.74

     (64,712 )      13.77          

Options expired or forfeited

     (14,000 )      7.50          
   

 

 

    

 

 

    

 

 

  

Balance outstanding, June 30, 2012

     1,274,462     $ 6.94     $ 6.27  

Options granted

     —         —            

Options exercised, range from $14.74-$14.99

     (109,681 )      14.75          

Options expired or forfeited

     —         —            
   

 

 

    

 

 

    

 

 

  

Balance outstanding, September 30, 2012

     1,164,781     $ 6.20     $ 4.60  
   

 

 

    

 

 

    

 

 

  

 

Information relating to stock options at September 30, 2012 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       3     $ 3.67       450,000     $ 3.67  

$7.50

     678,666       98     $ 7.50       69,667     $ 7.50  

$11.32—$14.75

     36,115       70     $ 13.38       22,781     $ 14.02  
   

 

 

            

 

 

    

 

 

    

 

 

  
      1,164,781             $ 6.20       542,448     $ 4.60  
   

 

 

            

 

 

    

 

 

    

 

 

  

The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of September 30, 2012 was as follows:

 

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

As of September 30, 2012:

                                

Incentive Stock Option Plans:

                                

Outstanding

     1,164,781     $ 6.20       61     $ 33,308  

Expected to Vest

     1,155,407     $ 6.19       60     $ 33,054  

Exercisable

     542,448     $ 4.60       17     $ 16,382  

During the nine months ended September 30, 2012 and 2011, the Company recognized stock-based compensation expense, excluding expense related to modifications, related to stock options of $668 and $678, respectively.

As of September 30, 2012, the Company had approximately $1,116 of unamortized stock-based compensation expenses related to unvested stock options outstanding. This amount will be recognized over the weighted-average period of 1.2 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 non-vested shares as of and for the nine months ended September 30, 2012 is presented below:

 

                 
    Number of
Shares		     Weighted
Average
Grant-Date
Fair Value		  

Nonvested shares at December 31, 2011

     101,640     $ 11.37  

Granted

     207,184     $ 20.45  

Vested

     (82,640 )    $ 11.73  

Forfeited

     —         —    
   

 

 

    

 

 

  

Nonvested shares at March 31, 2012

     226,184     $ 19.55  

Granted

     12,204       24.58  

Vested

     (12,204 )      24.58  

Forfeited

     (1,367 )    $ 20.47  
   

 

 

    

 

 

  

Nonvested shares at June 30, 2012

     224,817     $ 19.55  

Granted

     28,148       27.55  

Vested

     (5,148 )      27.79  

Forfeited

     —       $ —    
   

 

 

    

 

 

  

Nonvested shares at September 30, 2012

     247,817     $ 20.29  
   

 

 

    

 

 

  

Restricted stock grants—During the nine months ended September 30, 2012, the Company granted a total of 247,536 shares of common stock. Of these, 13,352 shares were vested immediately, 7,000 shares will cliff vest after ninety days and the balance of 227,184 shares will cliff vest after three years of service. The shares granted in 2012 were fair valued at $21.24 per share. 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 ninety days, one year or three years. During the nine months ended September 30, 2012, there were 99,992 restricted shares that vested, which had an average grant-date value of $14.13 per share and an average vest-date value of $19.29 per share. During the nine months ended September 30, 2012, there were 1,367 restricted shares that were forfeited, which had an average grant date value of $20.47 per share.

During the nine months ended September 30, 2011, 30,640 restricted shares were granted. Of these, 26,640 shares were vested immediately and the balance of 4,000 shares will cliff vest after three years of service. The shares granted in 2011 were average fair valued at $11.38 per share. During the nine months ended September 30, 2011, there were 130,040 restricted shares that vested, which had an average grant-date value of $12.00 per share and an average vest-date value of $13.87 per share. There were 4,536 restricted shares of common stock that were forfeited during the nine months ended September 30, 2011. These shares were not vested when terminated.

During the nine months ended September 30, 2012 and 2011, the Company recognized stock-based compensation expense related to restricted shares of $1,188 and $885, respectively.

As of September 30, 2012, the Company had approximately $4,140 of unamortized stock-based compensation expenses related to unvested restricted shares. This amount will be recognized over the weighted-average period of 2.5 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.