Stockholders Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

Common Stock

     At June 30, 2011 and December 31, 2010, Basic had 80,000,000 shares of common stock, par value $.01 per share, authorized.

     During the year ended 2010, Basic issued 53,975 shares of common stock from treasury stock upon the exercise of stock options.

     In March 2010, Basic granted various employees 588,600 restricted shares of common stock which vest over a five-year period.

     In March 2010, the Compensation Committee of Basic’s Board of Directors approved grants of performance-based stock awards to certain members of management. In February 2011, it was determined that 285,281 shares, or 150% of the target number of shares, were earned based on Basic’s achievement of total stockholder return over the performance period from January 1, 2010 through December 31, 2010, as compared to other members of a defined peer group. These restricted shares remain subject to vesting over a three-year period, with the first shares vesting on March 15, 2012.

     In March 2011, Basic granted various employees 510,399 restricted shares of common stock that vest over a three-year period.

     During the six months ended June 30, 2011, Basic issued 390,750 shares of common stock from treasury stock for the exercise of stock options and 37,500 shares of newly-issued common stock for the exercise of stock options.

Treasury Stock

     Basic has acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of restricted stock. Basic acquired a total of 40,381 shares through net share settlements during 2010 and 76,077 shares through net share settlements during the first six months of 2011.

Preferred Stock

     At June 30, 2011 and December 31, 2010, Basic had 5,000,000 shares of preferred stock, par value $.01 per share, authorized, of which none was designated, issued or outstanding.