Stock Options And Restricted Stock

9 Months Ended

Sep. 30, 2011

Stock Options And Restricted Stock [Abstract]

Stock Options And Restricted Stock

Note 2. Stock Options and Restricted Stock

The Company has two equity incentive plans: the AMERISAFE 2005 Equity Incentive Plan (the "2005 Incentive Plan") and the AMERISAFE 2010 Non-Employee Director Restricted Stock Plan (the "2010 Restricted Stock Plan"). See Note 13 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2010 for additional information regarding the Company's incentive plans.

Pursuant to the 2010 Restricted Stock Plan, 11,830 shares of restricted common stock granted in June 2010 to non-employee directors vested on June 15, 2011, the date of the annual shareholders' meeting. On June 15, 2011, non-employee directors were granted 9,513 shares of restricted common stock in accordance with the 2010 Restricted Stock Plan. The market value of the restricted shares granted was $0.2 million.

During the nine months ended September 30, 2011, there were 217,750 stock options exercised. Related to these exercises, the Company received $2.0 million of stock option proceeds. During the nine months ended September 30, 2010, there were 139,902 stock options exercised. Related to these exercises, the Company received $1.3 million of stock option proceeds.

The Company recognized share-based compensation expense of $0.1 million in the quarter ended September 30, 2011, compared to $0.4 million for the same period in 2010. The Company recognized share-based compensation expense of $0.4 million in the nine months ended September 30, 2011, compared to $0.9 million for the same period in 2010.