STOCK BASED COMPENSATION

3 Months Ended

Mar. 31, 2012

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION

NOTE 10.  STOCK BASED COMPENSATION

All of our stock based compensation to employees is recorded as selling, general and administrative expenses in our Consolidated Statements of Operations based on the fair value at the grant date of the award. These non-cash compensation costs were included in the depreciation and amortization amounts in the Consolidated Statements of Cash Flows.

A summary of stock based compensation expense is as follows:

	Three Months Ended
	March 31,
	2012		2011
	(in thousands)
Restricted stock/unit awards (“RSA”)	$	123	$	126
Performance share incentives (“PSI”)	35		-
Stock options	-		9
	$	158	$	135

During the first quarter of 2012, we granted 18,000 RSAs. We did not grant any RSAs during the same period in 2011.  The fair value of the 2012 grant was $0.2 million.  The deferred compensation is being amortized on a straight-line basis over the specified service period. Unrecognized compensation and the expected weighted-average recognition periods with respect to the outstanding RSAs as of March 31, 2012 and December 31, 2011, are as follows:

	March 31,		December 31,
	2012		2011
Unrecognized compensation cost, in thousands	$	886	$	851
Expected weighted-average recognition period for unrecognized compensation cost, in years	1.8		1.2

During the first quarter of 2012 and 2011, we did not grant any PSIs. The deferred compensation with respect to the PSI is being recognized into earnings based on the passage of time and achievement of performance targets.  All outstanding PSIs are unvested.