Stock Option Plan

9 Months Ended

Sep. 30, 2011

Stock Option Plan [Abstract]

Stock Option Plan

Note 12 — Stock Option Plan

     The Company recorded $256 and $237 of stock-based compensation in general and administrative expenses during the three months ended September 30, 2011 and 2010 and $1,065 and $513 during the nine months ended September 30, 2011 and 2010, respectively. Stock-based compensation expense for the nine months ended September 30, 2011 included a charge of $116 arising from the revaluation of redeemable common stock options held by the CEO and President.

     In addition, the Company made a cash distribution to holders of vested time options granted before December, 2010 of $98 during the three months ended September 30, 2011, and $507 during the nine months ended September 30, 2011.

     During February 2011, the Company granted 26 time options and 138 performance options to employees under the terms of the Company’s 2004 Equity Incentive Plan. These options vest at a rate of 20% per year and are exercisable at $27,700 per share. During June 2011, the Company granted 175 time options and 350 performance options to the Company’s CEO and President under the terms of the 2004 Equity Incentive Plan. These options vest one third upon grant and one third per year thereafter, and are exercisable at $29,600 per share. The ability to exercise vested performance options is contingent upon the occurrence of an initial public offering or a change in control, as defined, and the achievement of specific investment returns to the Company’s stockholders.

     During the three and nine months ended September 30, 2011, 20.29 and 33.07 options were exercised, respectively. There are options to purchase 3,777.37 shares of common stock outstanding at September 30, 2011.