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SHARE-BASED PAYMENTS | 9 Months Ended
--- | ---
Jun. 30, 2012
SHARE-BASED PAYMENTS |
SHARE-BASED PAYMENTS |
3. SHARE-BASED PAYMENTS The Company’s share-based compensation (benefit) expense and related income tax effects are as follows:
|  | Three months ended |  | Nine months ended |
|  | June 30, |  | June 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Share-based compensation (benefit) expense |  |  | $ | (124,000 | ) |  |  | $ | (945,000 | ) |  |  | $ | (192,000 | ) |  |  | $ | 972,000 |  |
Income tax effect |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | - |  |
Share-based compensation (benefit) expense recognized in (loss) earnings for the three and nine months ended June 30, 2012 and 2011 are reflected in “General and administrative” expenses in the Condensed Consolidated Statements of Operations. There was no impact on income taxes for the three and nine months ended June 30, 2012 and 2011 due to a full valuation allowance on the related deferred tax asset. Equity-classified Awards A summary of the activity in Barnwell’s equity-classified share options from October 1, 2011 through June 30, 2012 is presented below:
|  |  |  |  |  | Weighted- |  |  |
|  |  |  |  |  | Average |  |  |
|  |  |  | Weighted- |  | Remaining |  |  |
|  |  |  | Average |  | Contractual |  | Aggregate |
|  |  |  | Exercise |  | Term |  | Intrinsic |
Options |  | Shares |  | Price |  | (in years) |  | Value |
Outstanding at October 1, 2011 |  |  | 60,000 |  |  |  | $ | 8.62 |  |  |  |  |  |  |  |  |  |
Granted |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expired/Forfeited |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2012 |  |  | 60,000 |  |  |  | $ | 8.62 |  |  |  | 2.4 |  |  |  | $ | – |  |
Exercisable at June 30, 2012 |  |  | 60,000 |  |  |  | $ | 8.62 |  |  |  | 2.4 |  |  |  | $ | – |  |
There was no share-based compensation expense for equity-classified awards in the three and nine months ended June 30, 2012 and 2011. Liability-classified Awards As of June 30, 2012, there was $66,000 of total unrecognized compensation cost related to nonvested liability-classified share options. That cost is expected to be recognized over 1.4 years. The following assumptions were used in estimating fair value for all liability-classified share options outstanding:
|  | Nine months ended June 30, |
|  | 2012 |  | 2011 |
Expected volatility range |  | 60.1% to 65.2% |  | 36.4% to 70.9% |
Weighted-average volatility |  | 61.9% |  | 62.2% |
Expected dividends |  | 0.0% |  | 0.0% |
Expected term (in years) |  | 2.4 to 7.5 |  | 0.3 to 8.5 |
Risk-free interest rate |  | 0.4% to 1.1% |  | 0.0% to 2.8% |
Expected forfeitures |  | None |  | None |
The application of alternative assumptions could produce significantly different estimates of the fair value of share-based compensation, and consequently, the related costs reported in the Condensed Consolidated Statements of Operations. A summary of the activity in Barnwell’s liability-classified share options from October 1, 2011 through June 30, 2012 is presented below:
|  |  |  |  |  | Weighted- |  |  |
|  |  |  |  |  | Average |  |  |
|  |  |  | Weighted- |  | Remaining |  |  |
|  |  |  | Average |  | Contractual |  | Aggregate |
|  |  |  | Exercise |  | Term |  | Intrinsic |
Options |  | Shares |  | Price |  | (in years) |  | Value |
Outstanding at October 1, 2011 |  |  | 755,375 |  |  |  | $ | 8.40 |  |  |  |  |  |  |  |  |  |
Granted |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expired/Forfeited |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2012 |  |  | 755,375 |  |  |  | $ | 8.40 |  |  |  | 5.7 |  |  |  | $ | - |  |
Exercisable at June 30, 2012 |  |  | 591,625 |  |  |  | $ | 9.53 |  |  |  | 5.2 |  |  |  | $ | - |  |
The following table summarizes the components of the total share-based compensation for liability-classified awards:
|  |  |  | Three months ended |  |  |  | Nine months ended |
|  |  |  | June 30, |  |  |  | June 30, |
|  |  |  | 2012 |  |  |  | 2011 |  |  |  | 2012 |  |  |  | 2011 |
Due to vesting |  |  |  | $ | 20,000 |  |  |  | $ | 76,000 |  |  |  | $ | 76,000 |  |  |  | $ | 293,000 |
Due to remeasurement |  |  |  | (144,000 | ) |  |  | (1,021,000 | ) |  |  | (268,000 | ) |  |  | 679,000 |
Total share-based compensation (benefit) expense for liability-based awards |  |  |  | $ | (124,000 | ) |  |  | $ | (945,000 | ) |  |  | $ | (192,000 | ) |  |  | $ | 972,000 |
No liability-classified options were exercised during the three and nine months ended June 30, 2012. In the three and nine months ended June 30, 2011, the cash feature of 3,750 and 43,125 shares, respectively, of non-qualified options were exercised. The total intrinsic value of the liability-classified options exercised during the three and nine months ended June 30, 2011 was $12,000 and $130,000, respectively. There was no estimated tax benefit related to the options exercised during the three and nine months ended June 30, 2011 due to a full valuation allowance on the related deferred tax asset.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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