Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

3. Stock-Based Compensation

Stock Award Plans

The Company made various stock option and award grants under the 1999 Stock Option/Stock Issuance Plan prior to May 2009.  In April 2009, the Company’s stockholders approved the 2009 Long-Term Incentive Plan (the “Incentive Plan”), which had been previously approved by the Company’s Board of Directors.  The Incentive Plan allows for the granting of various types of stock awards, not to exceed a total of 1.5 million shares, to eligible individuals.  The Compensation Committee of the Board of Directors administers the Incentive Plan and determines the terms of all stock awards made under the Incentive Plan.

Stock-based compensation cost recognized for the three months ended March 31, 2012 and 2011 was approximately $2.2 million and $2.1 million, respectively, which included $0.4 million and $0.3 million of expense for retirement savings plan contributions, respectively.   The associated current and future income tax benefits recognized for the three months ended March 31, 2012 and 2011 was approximately $0.7 million.  As of March 31, 2012, there was $14.1 million of total unrecognized compensation cost related to non-vested share-based awards. This cost is expected to be recognized over a weighted-average period of two years.

Stock option activity for the three months ended March 31, 2012 was as follows (in thousands, except exercise price information):

	Shares			Range of Exercise Prices		Weighted-Average Exercise Price
Options outstanding at January 1, 2012		358		$	0.03 – 9.19	$	4.61
Options exercised		(9	)		0.03 – 1.15		0.29
Options canceled		(1	)		3.10 – 3.10		3.10
Options outstanding at March 31, 2012		348			0.03 – 9.19		4.73
Options vested at March 31, 2012		348		$	0.03 – 9.19	$	4.73

Restricted stock activity for the three months ended March 31, 2012 was as follows (in thousands, except fair value information):

	Shares			Weighted-Average Grant Date Fair Value
Restricted stock awards outstanding at January 1, 2012		2,043		$	9.16
Awards granted		80			12.09
Awards vested		(83	)		10.36
Awards forfeited		(40	)		8.41
Restricted stock awards outstanding at March 31, 2012		2,000		$	9.24