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Share-based Compensation
 12 Months Ended
Dec. 31, 2011
Share-based Compensation

10. Share-based Compensation

 

The Company has issued restricted stock to employees generally with terms ranging up to six years. The fair value is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes the restricted stock activity:

 

    Shares     Weighted-Average
Grant Date Fair Value		  
Outstanding at January 1, 2011     786,421     $ 5.84  
Granted     79,084       17.88  
Vested     (370,249 )     6.82  
Forfeited     (40,000 )     6.55  
Outstanding at December 31, 2011     455,256     $ 7.08  

 

The total restricted stock awards vested and charged against income during the years ended December 31, 2011, 2010, and 2009 were $2,524,000, $2,678,000 and $2,151,000, respectively. The total income tax benefit recognized in the consolidated statement of income for these restricted stock awards was approximately $986,000, $1,044,000 and $839,000, for the years ending December 31, 2011, 2010, and 2009, respectively. The tax benefit recognized in additional paid-in capital upon vesting of restricted stock awards was approximately $614,000 and $1,770,000 for the years ending December 31, 2011 and 2010, respectively. There was approximately $3,223,000 of total unrecognized compensation cost related to restricted stock awards as of December 31, 2011. The cost is expected to be recognized over a weighted-average period of approximately 2 years.