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Shared-based Compensation
 3 Months Ended
Mar. 31, 2012
Shared-based Compensation
10. Shared-based Compensation

 

Restricted Stock

 

The Company has issued restricted stock to employees and directors generally with terms ranging from one 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     Weighed-Average
Grant Date Fair
Value		  
Unvested at December 31, 2011     455,256     $ 7.08  
Granted     15,770       17.46  
Vested     (80,907 )     7.09  
Forfeited     -       -  
Unvested at March 31, 2012     390,119     $ 7.50  

 

The total restricted stock awards vested and charged against income during the three months ended March 31, 2012 and 2011 was $573,000 and $682,000, respectively. The total income tax benefit recognized in the consolidated statement of income for these restricted stock awards was approximately $223,000 and $266,000 for the three months ended March 31, 2012 and 2011, respectively. The tax benefit recognized in additional paid-in capital upon vesting of restricted stock awards was $0 and $495,000 for the three months ended March 31, 2012 and 2011, respectively. There was approximately $2.9 million of total unrecognized compensation cost related to restricted stock awards as of March 31, 2012. The cost is expected to be recognized over a weighted-average period of approximately 1.75 years.