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Stock Compensation
 6 Months Ended
Jun. 30, 2011
Stock Compensation  
Stock Compensation

NOTE E — STOCK COMPENSATION

A summary of the Company's stock option activity and related information for the six months ended June 30, 2011 is as follows:

 

         Options           Weighted-
average
exercise
price		     Weighted-
average
remaining
contractual life
(years)		     Aggregate
intrinsic
value		  

Options outstanding, January 1, 2011

     2,219,200      $               12.46       

Grants

     376,500        11.16       

Exercises

     (4,500 )      3.26       

Cancellations

     (9,300 )      12.40       
 

 

 

        

Options outstanding, June 30, 2011

     2,581,900        12.29        6.75      $         7,572,163   
 

 

 

        

 

 

  

Options exercisable, June 30, 2011

     1,376,950        13.73        5.25        4,745,023   
 

 

 

        

 

 

  

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on June 30, 2011. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company's common stock on June 30, 2011 and the exercise price.

The total intrinsic value of stock options exercised for the six months ended June 30, 2011 and 2010 was $41,000 and $234,000, respectively. The intrinsic value of a stock option that is exercised is calculated at the date of exercise.

The Company recognized stock compensation expense of $675,000 and $741,000 for the three months ended June 30, 2011 and 2010, respectively, and $1.4 million for both the six months ended June 30, 2011 and 2010.

Total unrecognized compensation cost related to unvested stock options at June 30, 2011, before the effect of income taxes, was $5.6 million and is expected to be recognized over a weighted-average period of 1.88 years.

During the three months ended, June 30, 2011, the Company granted an aggregate of 13,900 shares of restricted stock to its independent directors as part of their annual retainer that vests 100% one year from the date of grant. The restricted stock had a fair value of $150,000 at the grant date that will be recognized in expense over the one year vesting period. On August 4, 2011, the Company granted an aggregate of 7,500 shares of restricted stock to its independent directors that vests one year from the date of grant. The restricted stock had a fair value of $80,000 at the grant date that will be recognized in expense over the one year vesting period.

At June 30, 2011, there were 352,826 shares available for grants of awards under the Company's 2000 Long-Term Incentive Plan.