Stock-Based Compensation

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note C - Stock-Based Compensation

     The Company currently has three stock-based compensation plans under which awards have been granted: (1) the Stock Incentive Plan, (2) the 2006 Management Incentive Plan (“2006 MIP”) and (3) the 2008 Equity Incentive Plan (“2008 EIP”) (collectively, the “Plans”). The Plans are described in the Company’s Annual Report on Form 10—K for the fiscal year ended December 31, 2010.

     Stock options granted under the 2008 EIP generally have a term of seven years and vest in equal annual increments over the vesting period, which typically is three years for employees and one year for directors. The following table summarizes stock option grants during the six months ended June 30, 2011 and 2010:

					Weighted
	Grantee	# of Options		Vesting	Average		Grant Date
	Type	Granted		Period	Exercise Price		Fair Value
2011
	Director		4,273	5 months	$	6.11	$	14,497
	Director group		53,837	1 year		7.41		225,292
	Director		8,546	3 years		6.11		33,723
	Employee group		140,000	2 years		6.09		521,108
	Employee group		470,064	3 years		7.38		2,035,602
2010
	Director group		42,730	1 year		3.96		103,184
	Employee group		600,010	3 years		4.02		1,564,873

     Nonvested stock awards, including both restricted stock and restricted stock units, generally are nontransferable until vesting and the holders are entitled to receive dividends with respect to the nonvested shares. Prior to vesting, the grantees of restricted stock are entitled to vote the shares, but the grantees of restricted stock units are not entitled to vote the shares. Generally, nonvested stock awards vest in equal annual increments over the vesting period, which typically is three years for employees and one year for directors. The following table summarizes nonvested stock award grants (restricted stock and restricted stock units) during the six months ended June 30, 2011 and 2010:

	Grantee	# of Shares		Vesting	Grant Date
	Type	Granted		Period	Fair Value
2011
	Director		4,273	5 months	$	52,216
	Director group		53,837	1 year		398,932
	Director		8,546	3 years		26,108
	Employee group		60,000	2 years		365,400
	Employee group		455,064	3 years		3,372,024
2010
	Director group		42,730	1 year		169,211
	Employee group		600,010	3 years		2,410,965

2006 MIP Performance Units

     All of the 2006 MIP Performance Units outstanding as of December 31, 2010 were settled by an executive officer on May 2, 2011. This settlement resulted in the issuance of 26,898 shares of common stock and a cash payment totaling $0.1 million.

     Selling, general and administrative expenses for the three months ended June 30, 2011 and 2010 include $1.3 million and $1.1 million, respectively, related to stock-based compensation charges. Selling, general and administrative expenses for the six months ended June 30, 2011 and 2010 include $2.2 million and $1.9 million, respectively, related to stock-based compensation charges. At June 30, 2011, there was $9.8 million of unrecognized stock-based compensation expense related to stock options, restricted stock and restricted stock unit awards which we expect to recognize over a weighted-average period of 2.0 years.