Stock-Based Employee Compensation

9 Months Ended

Sep. 30, 2011

Stock-Based Employee Compensation [Abstract]

STOCK-BASED EMPLOYEE COMPENSATION

8. STOCK-BASED EMPLOYEE COMPENSATION

The Company recognized $0.4 million and $0.6 million in non-cash stock-based compensation in the nine months ended September 30, 2011 and 2010, respectively. During the first nine months of 2011, the Company granted an aggregate of 817,750 shares of restricted stock at a fair market value of $0.89 per share under its 2005 Executive Incentive Compensation Plan. The restricted shares vest in three equal installments on the first, second and third anniversaries of the grant date. During the first nine months of 2011, the Company granted 52,500 restricted stock units under its 2005 Non-employee Directors’ Restricted Stock Plan at a fair market value of $0.94 per share. The restricted stock units vest on the date of the 2012 Annual Meeting. The unearned compensation expense is being amortized into expense on a straight-line basis over the requisite service period for the entire award. As of September 30, 2011 and 2010, the total compensation expense not yet recognized related to all outstanding restricted stock/unit awards was approximately $0.9 million and $0.8 million, respectively.