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STOCK COMPENSATION
 3 Months Ended
Mar. 31, 2012
STOCK COMPENSATION

NOTE E — STOCK COMPENSATION

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2012 is as follows:

 

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

Options outstanding, January 1, 2012

      2,475,750      $ 12.62         

Grants

      —          —           

Exercises

      (7,500 )      2.99         

Cancellations

      (200 )      22.46         
  

 

 

          

Options outstanding, March 31, 2012

      2,468,050        12.65         6.29       $ 6,170,028   
  

 

 

          

 

 

  

Options exercisable, March 31, 2012

      1,398,050        14.03         5.13       $ 4,089,333   
  

 

 

          

 

 

  

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 March 31, 2012. 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 March 30, 2012 and the exercise price.

The total intrinsic value of stock options exercised for the three months ended March 31, 2012 and 2011 was $56,889 and $16,990, 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 $698,000 and $748,000 for the three months ended March 31, 2012 and 2011, respectively.

Total unrecognized compensation cost related to unvested stock options at March 31, 2012, before the effect of income taxes, was $3.8 million and is expected to be recognized over a weighted-average period of 1.27 years.

At March 31, 2012, there were 332,676 shares available for awards that could be granted under the Company’s 2000 Long-Term Incentive Plan, as amended. On May 1, 2012, the Company granted stock options to purchase a total of 303,000 shares of common stock with an exercise price of $11.64 per share. The aggregate grant date unrecognized compensation cost of $2.0 million for these options will be recognized over their vesting period of 4 years.