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Stock Compensation
 6 Months Ended
Jun. 30, 2012
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, 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

      304,000        11.64         

Exercises

      (120,000 )      6.08         

Cancellations

      (4,750 )      15.20         
  

 

 

          

Options outstanding, June 30, 2012

      2,655,000        12.80         6.59       $ 7,231,883   
  

 

 

          

 

 

  

Options exercisable, June 30, 2012

      1,612,875        14.07         5.36       $ 5,184,715   
  

 

 

          

 

 

  

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, 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 June 29, 2012 and the exercise price.

The total intrinsic value of stock options exercised for the six months ended June 30, 2012 and 2011 was $668,440 and $41,000, 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 $754,000 and $675,000 for the three months ended June 30, 2012 and 2011, respectively, and $1.5 million and $1.4 million for the six months ended June 30, 2012 and 2011, respectively.

Total unrecognized compensation cost related to unvested stock options at June 30, 2012, before the effect of income taxes, was $5.3 million and is expected to be recognized over a weighted-average period of 1.90 years.

During the three months ended June 30, 2012, the Company granted an aggregate of 23,394 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 $270,000 at the grant date that will be recognized in expense over the one year vesting period.

On June 13, 2012, the shareholders of the Company approved an amendment to the Company’s 2000 Long-Term Incentive Plan to increase the shares available for grant under the plan by 700,000 shares. At June 30, 2012, there were 709,832 shares available for awards under the plan.