Share-Based Compensation

6 Months Ended

Jun. 30, 2011

Share-Based Compensation

Share-Based Compensation

9. Share-Based Compensation

The total compensation expense recognized for share-based compensation was $171,000 and $182,000 for the three months ended June 30, 2011 and 2010, respectively, and $330,000 and $428,000 for the six months ended June 30, 2011 and 2010, respectively. There was no tax benefit or expense related thereto for each period presented.  Recognized stock compensation was reduced for estimated forfeitures prior to vesting primarily based on historical annual forfeiture rates of approximately 3.8% and 4.3%, as of June 30, 2011 and 2010, respectively. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances.

Stock Options

A summary of stock option award activity as of and for the six months ended June 30, 2011 is presented below:

							Weighted
			Weighted		Weighted		Average	Aggregate
			Average		Average		Remaining	Intrinsic
			Exercise		Grant-Date		Contractual	Value
	Shares		Price		Fair Value		Term (years)	$(000)(1)
Outstanding at December 31, 2010	144,000		$	27.95
Granted	—		$	—	$	—
Exercised	—		$	—	$	—
Forfeited or Cancelled	(29,000	)	$	39.34	$	15.96
Outstanding at June 30, 2011	115,000		$	25.08	$	9.34	4.2	$	—
Exercisable at June 30, 2011	91,500		$	27.99	$	10.23	3.4	$	—
Expected to Vest at June 30, 2011 (2)	16,877		$	13.75	$	5.87	7.2	$	—

(1)   For in-the-money options

(2) Options expected to vest reflect estimated forfeitures

There were no stock options granted or exercised in the six months ended June 30, 2011 or 2010.  The fair value of shares vested during the six months ended June, 2011 and 2010 was $76,000 and $177,000, respectively. As of June 30, 2011, there was $96,000 of total unrecognized compensation expense for awards granted under the stock option plans that is expected to be recognized over a weighted average period of 1.3 years.

Restricted Stock

In the first six months of 2011, 120,304 restricted shares that vest as service requirements are met were granted to management employees and the Company’s Board of Directors, and 44,071 shares of restricted stock vested as directors’ and management service requirements were met.

A summary of the activity for restricted stock awards as of and for the six months ended June 30, 2011 is presented below:

			Weighted
			Average
			Grant-Date
	Shares		Fair Value
Nonvested balance at December 31, 2010	235,550		$	10.34
Granted	120,304		$	5.37
Vested	(44,071	)	$	6.76
Forfeited or Cancelled	(30,800	)	$	13.41
Nonvested balance at June 30, 2011	280,983		$	8.35