Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

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, 2013, 175,213 shares of unvested restricted stock were awarded at a market value of $7.03.  Of the restricted shares granted, 58,909 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, 2013:

	Number of Shares
Outstanding at beginning of period	243,124
Granted	175,213
Forfeited	—
Vested	(129,733	)
Outstanding at end of Period	288,604

For the quarter ended March 31, 2013 and 2012, compensation expense, net of forfeitures, of $224,000 and $140,000 was recorded, respectively.