Stock-Based Compensation

9 Months Ended

Sep. 30, 2012

Share-based Compensation [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Company recognizes stock-based compensation in accordance with the provisions of Accounting Standards Codification (ASC) 718, Compensation-Stock Based Compensation. Stock-based compensation expense was $879 and $851 for the three months ended September 30, 2012 and September 30, 2011, respectively, and $2,747 and $2,677 for the nine months endedSeptember 30, 2012 and September 30, 2011, respectively. As of September 30, 2012, there was $2,817 of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.98 years. As of September 30, 2012, there was $2,980 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 1.40 years.

The Company granted 40,000 and 43,340 restricted stock awards to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan during the three and nine months ended September 30, 2012, respectively. The restricted stock awards vest ratably over four years from the date of grant subject to the recipient remaining employed through the applicable vesting dates. Compensation expense for restricted stock awards is measured at fair value on the date of grant based on the number of shares granted and the quoted market closing price of the Company’s common stock. Such value is recognized as expense over the vesting period of the award, net of estimated forfeitures.

The Company granted 4,213 and 436,874 stock options to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan and the Amended and Restated 2003 Incentive and Nonqualified Stock Option Plan during the three and nine months ended September 30, 2012, respectively.

The fair value of stock options granted for the nine months ended September 30, 2012 was estimated as of the date of grant using the Black-Scholes option-pricing model. The weighted-average fair value per share for all options granted during the nine months endedSeptember 30, 2012 and 2011 was $4.72 and $6.88, respectively. The weighted-average assumptions used to value options as of their grant date were as follows:

	Nine Months Ended
	September 30, 2012
Risk-free interest rate	0.72	%
Expected volatility	64.60	%
Expected life (in years)	4.22
Dividend yield	0	%