Share-Based Compensation

9 Months Ended

Sep. 30, 2012

Share-Based Compensation [Abstract]

SHARE-BASED COMPENSATION

4. SHARE-BASED COMPENSATION:

Stock-based compensation expense under all of the Company’s share-based plans was $298 thousand and $1.0 million for the three- and nine-month periods ended September 30, 2012, respectively. Stock-based compensation expense under all of the Company’s share-based plans was $265 thousand and $874 thousand for the three- and nine-month periods ended September 30, 2011, respectively.

Cash received from employee stock purchase plan (“ESPP”) and stock option exercises was $230 thousand and $470 thousand during the three- and nine-month periods ended September 30, 2012, respectively. Cash received from ESPP exercises under all share-based payment arrangements was $111 thousand and $345 thousand during the three- and nine-month periods ended September 30, 2011, respectively. There were no stock option exercises during the three- and nine-month periods ended September 30, 2011.

As of September 30, 2012, unrecognized compensation expense, net of estimated forfeitures, related to the unvested portion of all share-based compensation arrangements was approximately $2.3 million and is expected to be recognized over a weighted-average period of 1.3 years.

The Company intends to use previously purchased treasury shares for shares issued for options, restricted share awards and ESPP purchases. Shares may also be issued from unissued share reserves.