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Share-Based Compensation
 3 Months Ended
Mar. 31, 2012
Share-Based Compensation [Abstract]  
Share-Based Compensation

Note 11. Share-Based Compensation

 

The following tables set forth certain share-based compensation information for the three months ended March 31, 2012 and 2011, respectively:

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

 

2012

 

2011

Share-based compensation:

 

 

 

 

 

Expense relating to share grants (including , in 2012,

 

 

 

 

 

the equity and liability awards)

 

 

$          891,000

 

$          979,000

Adjustments to reflect changes in market price of

 

 

 

 

 

Company's common stock

 

 

 30,000

 

 (150,000)

Total charged to operations

 

 

$          921,000

 

$          829,000

 

 

 

 

 

 

 

On March 21, 2012, the Company’s Board of Directors approved the 2012 Stock Incentive Plan (the “2012 Plan”), subject to shareholder approval, which is designed to replace the existing 2004 Stock Incentive Plan (the “2004 Plan”). Upon approval of the 2012 Plan by the Company’s shareholders, the Company has agreed not to grant any additional new awards under the 2004 Plan. The 2012 Plan will establish the procedures for the granting of, among other things, restricted stock awards and, in addition to mirroring the basic provisions of the 2004 Plan, does specifically provide for the awarding of the remaining two million shares to the Company’s President and Chief Executive Officer, as provided in his previously-disclosed employment agreement. The 2012 Plan also increases the maximum number of shares that may be granted to a participant in any calendar year to 500,000. The 2012 Plan will initially have 4.5 million shares available, representing the approximate 1.8 million shares remaining in the 2004 Plan (to be no longer available as noted above) and a 2.7 million share new availability. Should the 2012 Plan not be approved by shareholders at the 2012 Annual Meeting of Shareholders, the Company will continue to use the 2004 Plan and the available shares thereunder.