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Shared-Based Compensation
 6 Months Ended
Jun. 30, 2012
Shared-Based Compensation [Abstract]  
Shared-Based Compensation
Note 11. Shared-Based Compensation

During the three and six month periods ended June 30, 2012 and 2011, approximately $525 and $884 in 2012 and $116 and $116 in 2011, respectively, of compensation expense was recognized in selling, general and administrative expense for all share-based awards. During the six month period ended June 30, 2012, there were 75 share awards and 285 option awards granted to non-executive directors, officers and certain other key employees. There were 75 share awards and 201 option awards granted to non-executive directors, officers and certain other key employees during the three and six month periods ended June 30, 2011.

The 75 restricted shares granted during the six month period ended June 30, 2012, vest pro-rata over three years. During the six month periods ended June 30, 2012 and 2011, we incurred $365 and $50, respectively, in expense related to restricted stock. The fair value of the shares issued was determined by using the grant date closing price of our common stock.

We incurred $519 and $66 of stock option expense in the six month periods ended June 30, 2012 and 2011, respectively. The fair value of our options cannot be determined by market value, as our options are not traded in an open market. Accordingly, the Black Scholes financial pricing model is utilized to estimate the fair value.

 

The following table provides a reconciliation of option activity for the six month period ended June 30, 2012:

 

                                 

Options

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

Outstanding at January 1, 2012

     1,141     $ 10.12                  

Granted

     285     $ 8.85                  

Exercised

     (5 )    $ 1.30                  

Forfeited or expired

     (12 )    $ 11.69                  
   

 

 

                          

Outstanding at June 30, 2012

     1,409     $ 9.88       6.2     $ 2,307 (1)  
   

 

 

    

 

 

    

 

 

    

 

 

  

Exercisable at June 30, 2012

     979     $ 9.61       4.7     $ 1,892 (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 June 30, 2012.