SHARE-BASED PAYMENTS

6 Months Ended

Jun. 30, 2011

SHARE-BASED PAYMENTS [Abstract]

SHARE-BASED PAYMENTS

NOTE 9 - SHARE-BASED PAYMENTS

Awards of restricted stock are amortized at their grant date fair value.  Compensation expense for the restricted stock awards is recognized on a straight-line basis over the requisite service period.  Nonvested restricted stock awards are not recorded as part of common stock in the consolidated balance sheets until they are earned.  However, since the shares are issued when granted, the shares are included as part of the total number of shares issued and outstanding in the parenthetical disclosure on the face of the consolidated balance sheets.

The fair value of nonvested shares is determined based on the closing trade price of the Company's shares on the grant date.  For the three months ended June 30, 2011 and 2010, compensation expense for restricted stock awards was $0.1 million and zero, respectively.  For the six months ended June 30, 2011 and 2010, compensation expense for restricted stock awards was $0.2 million and zero, respectively.  At June 30, 2011 and December 31, 2010, unrecognized compensation expense for restricted stock awards was $0.2 million and zero, respectively.

On April 21, 2011, each of three newly appointed independent members of the Board of Directors was issued 75,640 restricted shares of common stock. These restricted shares vest on December 31, 2011, subject to immediate vesting in the event of a change in control. On the grant date, the total number of restricted shares of common stock issued was 226,920, with an aggregate fair value of $0.2 million. Unvested restricted shares issued to former Board members who resigned during 2011 have been forfeited.

The following table presents the changes in nonvested shares during the six months ended June 30, 2011:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested shares, December 31, 2010		316,267		$	0.83
Granted		946,093			0.72
Vested		(316,267	)		(0.83	)
Forfeited		(410,956	)		(0.73	)
Nonvested shares, June 30, 2011		535,137		$	0.71