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Shared-Based Compensation
9 Months Ended
Sep. 30, 2011
Shared-Based Compensation [Abstract] 
Shared-Based Compensation

Note 12. Shared-Based Compensation

During the three and nine month periods ended September 30, 2011 and 2010, approximately $353 and $469 in 2011 and $27 and $1,227 in 2010, respectively, of compensation expense was recognized in selling, general and administrative expense for all share-based awards. There were 75 share awards and 216 option awards granted to non-executive directors, officers and certain other key employees during the nine month period ended September 30, 2011. During the nine month period ended September 30, 2010, we granted 249 shares and 33 share options to non-executive directors, officers and certain other key employees.

During the nine month period ended September 30, 2011, we granted 75 restricted shares to non-executive directors, officers and certain other key employees. The 75 shares of our common stock were issued on May 26, 2011 and vest pro-rata over three years. During the nine month period ended September 30, 2011, we incurred $199 in expense related to the 2011 restricted stock issuance. On March 17, 2010, 249 shares of our common stock were issued and were fully vested at the date of grant. We incurred $1,101 of non-cash compensation expense, which was the entire fair value of the grant, at that date. The fair values of the shares issued during both 2011 and 2010 were determined by using the grant date closing price of our common stock.

We incurred $270 and $126 of stock option expense in the nine month periods ended September 30, 2011 and 2010, respectively. The fair value of the options cannot be determined by market value, as our options are not traded in an open market. Accordingly, a financial pricing model is utilized to determine fair value. The Company utilizes the Black Scholes model which relies on certain assumptions to estimate an option’s fair value.

The following table provides a reconciliation of option activity for the nine month period ended September 30, 2011:

 

                                 

Options

   Shares (000)     Weighted-
Average
Exercise
Price		     Weighted-
Average
Remaining
Contractual
Term		     Aggregate
Intrinsic
Value ($000)		  

Outstanding at January 1, 2011

     1,205     $ 9.23                  

Granted

     216     $ 14.05                  

Exercised

     (254 )    $ 9.40                  

Forfeited or expired

     (26 )    $ 8.76                  
   

 

 

                          

Outstanding at September 30, 2011

     1,141     $ 10.12       5.9     $ 752 (1)  
   

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable at September 30, 2011

     892     $ 9.71       7.1     $ 579 (1)  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

  (1) 

The intrinsic value is the amount by which the market price of our stock was greater than the exercise price of any individual option grant at September 30, 2011.