Share Based Compensation

9 Months Ended

Sep. 30, 2012

Share Based Compensation [Abstract]

SHARE BASED COMPENSATION

NOTE 8 SHARE BASED COMPENSATION

A summary of option activity under our stock compensation plans as of September 30, 2012, and the changes during the first nine months of 2012 is presented below:

Options	Number of Options
Outstanding at December 31, 2011		4,053,652
Granted		1,000
Exercised		—
Forfeited		(71,245	)
Expired		(425,776	)
Outstanding at September 30, 2012		3,557,631
Exercisable at September 30, 2012		3,263,774

We granted options to purchase 1,000 shares at an exercise price of $1.89 during the first nine months of 2012, with an average fair value at the date of grant of $0.96. The grant becomes exercisable between one and three years after the date of grant. We estimate the fair value of each stock option on the date of grant using the Black-Scholes option-pricing formula and amortize expense over the option’s vesting period using the straight-line attribution approach.

A summary of our restricted stock awards as of September 30, 2012 and the changes during the first nine months of 2012 is presented below:

Awards	Number of Awards
Nonvested at December 31, 2011		405,977
Granted		—
Vested		(290,695	)
Forfeited		(16,220	)
Nonvested at September 30, 2012		99,062

Share-based compensation expense for the three months ended September 30, 2012 and September 24, 2011 was $1.2 million and $0.8 million, respectively. Share-based compensation expense for the nine months ended September 30, 2012 and September 24, 2011 was $2.8 million and $2.0 million, respectively. The share-based compensation expense for the three and nine months ended September 30, 2012 reflect $1.0 million and $1.3 million, respectively of share-based expense relating to the modification of terms of certain outstanding stock options and restricted stock awards. The modifications included accelerated vesting and extended exercise periods related to certain employee terminations.