Stock-Based Compensation

9 Months Ended

Sep. 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 nine months ended September 30, 2011 and 2010:

	Grantee Type	# of Options Granted	Vesting Period	Weighted Average Exercise Price		Grant Date Fair Value
2011
	Director group	11,964	Less than 1 year	$	6.40	$	42,068
	Director group	53,837	1 year		7.41		225,292
	Director group	16,237	3 years		6.32		64,666
	Employee group	140,000	2 years		6.09		521,108
	Employee group	475,064	3 years		7.38		2,056,677
2010
	Director	8,546	3 years		5.39		34,146
	Director group	51,276	1 year		4.20		129,604
	Employee group	624,010	3 years		4.07		1,646,418

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 nine months ended September 30, 2011 and 2010:

	Grantee Type	# of Shares Granted	Vesting Period	Grant Date Fair Value
2011
	Director group	11,964	Less than 1 year	$	76,561
	Director group	53,837	1 year		398,932
	Director group	17,237	3 years		109,229
	Employee group	60,000	2 years		365,400
	Employee group	455,064	3 years		3,372,024
2010
	Director	8,546	3 years	$	46,063
	Director group	51,276	1 year		215,274
	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 September 30, 2011 and 2010 include $1.5 million and $1.2 million, respectively, related to stock-based compensation charges. Selling, general and administrative expenses for the nine months ended September 30, 2011 and 2010 include $3.7 million and $3.0 million, respectively, related to stock-based compensation charges. At September 30, 2011, there was $9.5 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 1.8 years.