STOCK BASED COMPENSATION

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(in thousands)				(in thousands)
Restricted stock/unit awards (“RSA”)	$	118	$	110	$	241	$	236
Performance share incentives (“PSI”)	66		34		101		34
Stock options	—		9		—		18
	$	184	$	153	$	342	$	288

During the six months ended June 30, 2012 and 2011, we granted 18,000 and 54,000 RSAs, respectively. The total deferred compensation expense associated with these awards, which were measured based on the fair value at the grant date, were $0.2 million and $0.7 million, respectively. 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 June 30, 2012 and December 31, 2011, are as follows:

	June 30,		December 31,
	2012		2011
Unrecognized compensation cost, in thousands	$	768	$	851
Expected weighted-average recognition period for unrecognized compensation cost, in years	1.6		1.2

During the six months ended June 30, 2012, we did not grant any PSIs. During the six months ended June 30, 2011, we granted 54,000 PSIs. The total deferred compensation expenses associated with the 2011 PSI awards, which were measured based on the fair value at the grant date, were $0.7 million, which are being realized into earnings based on passage of time and achievement of performance criteria. All outstanding PSIs are unvested.