Stock Based Compensation

9 Months Ended

Sep. 30, 2011

Stock Based Compensation [Abstract]

Stock Based Compensation

Note 12.  Stock Based Compensation

A summary of the activity for restricted stock awards during the nine months ended September 30, 2011 is as follows:

	Shares	Weighted Average Fair Value Per Share
Non-vested –December 31, 2010	132,500	$22.38
Shares Granted	51,934	$26.27
Shares Vested	(96,934)	$23.98
Non-vested – September 30, 2011	87,500	$22.91

The following table, relating to the Company's restricted stock grants as of September 30, 2011, summarizes the future amortization of unrecognized compensation cost, which we will include in future administrative and general expenses.

Grant Date	2011		2012		Total
April 30, 2008	$	101,000	$	55,000	$	156,000
January 14, 2011	$	30,000	$	-	$	30,000
January 27, 2011	$	266,000	$	267,000	$	533,000
Total	$	397,000	$	322,000	$	719,000

For the nine months ended September 30, 2011, our income before taxes and net income included $1,404,000 and $913,000, respectively, of stock-based compensation expense charges, which reduced both basic and diluted earnings per share by $0.12 per share. For the nine months ended September 30, 2010, our income before taxes and net income included $1,926,000 and $1,252,000, respectively, of stock-based compensation expense charges, which reduced both basic and diluted earnings per share by $0.17 per share.

For the three months ended September 30, 2011, our income before taxes and net income included $398,000 and $259,000, respectively, of stock-based compensation expense charges, which reduced both basic and diluted earnings per share by $0.03 per share. For the three months ended September 30, 2010, our income before taxes and net income included $527,000 and $343,000, respectively, of stock-based compensation expense charges, which reduced both basic and diluted earnings per share by $0.05 per share.

On January 14, 2011, our Independent Directors received an unrestricted grant of a total of 4,434 shares of common stock from the 2009 Stock Incentive Plan.

On January 27, 2011, our Compensation Committee granted a total of 47,500 shares of restricted stock to certain executive officers.  The shares vest on the day in 2012 when we file our Form 10-K annual report for the fiscal year 2011, contingent upon the Company achieving certain performance measures for fiscal year 2011 and the executive officer remaining employed by us on such date.  The fair value of the Company's restricted stock, which is determined using the average stock price as of the date of the grant, is applied to the total shares that are expected to fully vest and is amortized to compensation expense on a straight-line basis over the vesting period.