XML 48 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Share-based Compensation
 6 Months Ended
Jun. 30, 2012
Share-based Compensation
10. Share-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. Compensation expense for restricted stock is amortized ratably over the vesting period. The following table summarizes the restricted stock activity:

  

          Weighed-Average  
    Shares     Grant Date Fair Value  
Unvested at December 31, 2011     455,256     $ 7.08  
Granted     15,770       17.46  
Vested     (211,975 )     7.00  
Forfeited     -       -  
Unvested at June 30, 2012     259,051     $ 7.88  

 

The total restricted stock awards vested and charged against income during the three months ended June 30, 2012 and 2011 was $882,000 and $617,000, respectively and for the six months ended June 30, 2012 and 2011 was $1.5 million and $1.3 million, respectively. During the second quarter of 2012, approximately $440,000 of restricted stock awards were vested and expensed for the former Executive Chairman of the Board of Directors. The total income tax benefit recognized in the consolidated statement of income for these restricted stock awards was approximately $341,000 and $232,000 for the three months ended June 30, 2012 and 2011, respectively and $563,000 and $488,000 for the six months ended June 30, 2012 and 2011, respectively. The tax benefit recognized in additional paid-in capital upon vesting of restricted stock awards was approximately $464,000 and $214,000 for the three months ended June 30, 2012 and 2011, respectively and $464,000 and $709,000 for the six months ending June 30, 2012 and 2011, respectively. There was approximately $2 million of total unrecognized compensation cost related to restricted stock awards as of June 30, 2012. The cost is expected to be recognized over a weighted-average period of approximately 1.5 years.