Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation

Stock-Based Compensation

4.Stock-Based Compensation

Stock Incentive Plans

The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options, and stock appreciation rights, to employees and non-employees, including directors of the Company.

Restricted Stock

In the quarter ended March 31, 2012, 134,150 shares of unvested restricted stock were awarded at a market value of $7.13.  Of the restricted shares granted, 30,000 shares have performance based vesting conditions.  The value of the shares is amortized to compensation expense over the related service period, which is normally three years, or over the estimated performance period. Shares of unvested restricted stock are forfeited if a recipient leaves the Company before the vesting date.  Shares that are forfeited become available for future awards.

The following is a summary of restricted stock activity during the quarter ended March 31, 2012:

	Number of Shares
Outstanding at beginning of period	283,608
Granted	134,150
Forfeited	—
Vested	(159,486	)
Outstanding at end of Period	258,272

For the quarter ended March 31, 2012 and 2011, compensation expense, net of forfeitures, of $140,000 and $142,000 was recorded, respectively.