Stock-Based Compensation

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2012, 134,150 shares of unvested restricted stock were awarded at a weighted average 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 nine months ended September 30, 2012:

	Number of Shares
Outstanding at beginning of period	283,608
Granted	134,150
Forfeited	(1,398	)
Vested	(159,236	)
Outstanding at end of Period	257,124

For the quarters ended September 30, 2012 and 2011, stock compensation expense, net of forfeitures, of $160,000 and $191,000 was recorded, respectively.  For the nine-months ended September 30, 2012 and 2011, stock compensation expense, net of forfeitures, of $446,000 and $514,000 was recorded, respectively.