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Share-Based Compensation
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2012 and 2011, respectively:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2012

 

2011

 

2012

 

2011

Share-based compensation:

 

 

 

 

 

 

 

 

Expense relating to share grants (including the

 

 

 

 

 

 

 

 

equity and liability awards)

 

$               845,000 

 

$            2,816,000 

 

$            1,736,000 

 

$            3,796,000 

Adjustments to reflect changes in market price of

 

 

 

 

 

 

 

 

Company's common stock

 

 (20,000)

 

 (518,000)

 

 10,000 

 

 (668,000)

Total charged to operations (a)

 

$               825,000 

 

$            2,298,000 

 

$            1,746,000 

 

$            3,128,000 

 

 

 

 

 

 

 

 

 

(a) The 2011 amounts include $1,980,000 applicable to accelerated vestings included in management transition charges.

 

 

 

 

 

 

 

 

 

 

On June 15, 2012, the Company’s shareholders approved the 2012 Stock Incentive Plan (the “2012 Plan”), which was designed to replace the existing 2004 Stock Incentive Plan (the “2004 Plan”). In connection with the approval of the 2012 Plan, the Company agreed not to grant any additional new awards under the 2004 Plan. The 2012 Plan establishes the procedures for the granting of, among other things, restricted stock awards an  d, in addition to mirroring the basic provisions of the 2004 Plan, specifically provides for the awarding of the remaining two million shares to the Company’s President and Chief Executive Officer, as provided in his employment agreement. As a result of the approval, 500,000 of such shares, which had previously been recorded as a liability award, were reclassified to equity. In addition, during the six months ended June 30, 2012, there were 557,000 other time-based restricted shares issued with a weighted average grant date fair value of $4.60 per share. The 2012 Plan also increases the maximum number of shares that may be granted to a participant in any calendar year to 500,000 and initially had 4.5 million shares available. At June 30, 2012, 2.5 million shares remained available for grants pursuant to the 2012 Plan.