Stock-Based Compensation

9 Months Ended

Sep. 30, 2012

Share-based Compensation [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

The Company's 2006 Stock Incentive Plan, as amended and restated (the “2006 Plan”), authorizes the Company to issue up to 3,000,000 shares of common stock to employees, non-employee directors and consultants pursuant to awards of stock options, stock appreciation rights, restricted stock, in payment of performance shares or other stock-based awards. Under the 2006 Plan, stock options must be granted at a price not less than the fair market value of the stock on the date the option is granted, generally are not subject to re-pricing, and will not be exercisable more than ten years after the date of grant. Options granted under the 2006 Plan generally qualify as “non-qualified stock options” under the U.S. Internal Revenue Code. Certain options granted under the Company's 2004 Common Stock Option Plan, as amended (the “2004 Plan”), generally qualify as “incentive stock options” under the U.S. Internal Revenue Code; the exercise price of a stock option granted under this plan may not be less than the fair market value of common stock on the option grant date.

At September 30, 2012, the Company had 60,340stock options outstanding under the 2004 Plan and1,477,027 shares of restricted stock and stock options outstanding under the 2006 Plan.

Stock Option Awards

The Company did not issue any stock option grants during the nine months ended September 30, 2012.

The total compensation expense, classified within payroll and related on the condensed consolidated statements of income, related to optionsoutstanding was $113 and $409forthe three and ninemonths ended September 30, 2012, respectively, and $217 and $743 for the three and nine months ended September 30, 2011, respectively.

As of September 30, 2012, a total of $309 in unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.7 years.

Restricted Stock Awards

On May 18, 2012 and April 27, 2012, the Company issued 75,000 and 8,000 shares of restricted stock, respectively, to employees. The fair value per share for the May 18, 2012 and April 27, 2012 restricted stock awards were$11.46and $13.01, respectively, representing the closing stock price on the respective dates of grant. These shares will vest 25% per year over four years on the anniversary dates of the respective grants. During the nine months ended September 30, 2011, the Company issued 64,000 shares of restricted stock to employees with a fair value per share of $4.57 which vests 25% per year over four years on the anniversary date of the grant.

The total compensation expense, classified within payroll and related on the condensed consolidated statements of income, related to restricted stock was $105 and $262for the three and ninemonths ended September 30, 2012, respectively, and $22 and $58 for three and nine months ended September 30, 2011, respectively.

As of September 30, 2012, a total of $1,563 in unrecognized compensation expense related to restricted stock awards is expected to be recognized over a weighted-average period of 3.2 years.

Stock Grants

In the nine months endedSeptember 30, 2012, the Company issued shares of common stock to members of the Company's Board of Directors as payment of their annual and quarterly retention. The total fair value of the shares issued was expensed upon the date of grant. Total shares issued were:

Date	Number of Shares	Price Per Share		Grant Date Fair Value
January 18, 2012	10,835	$	8.69	$	94
May 10, 2012	1,667	$	12.99	$	22