Share-based Compensation

12 Months Ended

Dec. 31, 2011

Share-based Compensation [Abstract]

Share-Based Compensation [Text Block]

Share-based Compensation

Stock Options—The Company accounts for compensation expense associated with stock options issued to employees, Directors, and non-employees based on their fair value, which is calculated using an option pricing model, and is recognized over the service period, which is usually the vesting period. At December 31, 2011, the Company has one equity based compensation plan. No stock options were granted to employees during 2011, 2010 and 2009; however, options were granted to Directors in 2011, 2010 and 2009. Stock compensation expense of $537 thousand, $444 thousand and $216 thousand was recognized during the years ending December 31, 2011, 2010 and 2009, respectively, on outstanding and unvested options.

The fair value of options granted during is estimated on the date of grant using the Black-Scholes option pricing model. The following table includes the weighted- average assumptions used in estimating the fair values and the resulting weighted-average fair value of stock options granted in the periods presented:

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Weighted average fair values of stock options granted	$	20.58		$	21.70		$	17.58
Expected volatility	59.0		%	54.9		%	63.2		%
Expected dividends	.74		%	—		%	—		%
Weighted average risk-free interest rate	.33		%	.72		%	1.16		%
Expected life of stock options	3.5 years			3.5 years			3.5 years

A summary of stock option activity for the years ended December 31, 2011, 2010 and 2009 is as follows:

	Within Plans		Outside Plan		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
								(in thousands)
Outstanding at December 31, 2008	4,718,808		5,625		$	1.47	3.71	$	30,680
Granted	135,000		—		$	17.58
Exercised	(302,163	)	—		$	5.18
Canceled	(9,009	)	—		$	8.39
Outstanding at December 31, 2009	4,542,636		5,625		$	1.69	2.91	$	66,344
Granted	45,000		—		$	21.70
Exercised	(1,247,160	)	(5,625	)	$	4.99
Canceled	—		—		$	—
Outstanding at December 31, 2010	3,340,476		—		$	2.22	2.51	$	71,638
Granted	45,000		—		$	20.58
Exercised	(69,509	)	—		$	0.73
Canceled	(792	)	—		$	0.72
Outstanding at December 31, 2011	3,315,175		—		$	2.51	1.56	$	64,959
Exercisable at December 31, 2011	3,135,170		—		$	1.66	1.56	$	64,072

The aggregate intrinsic value for stock options outstanding and exercisable is defined as the difference between the market value of the Company’s stock as of the end of the period and the exercise price of the stock options. The total intrinsic value of stock options exercised during 2011, 2010 and 2009 was $941 thousand, $5.7 million, $2.0 million, respectively.

Cash received from option exercises under all share-based payment arrangements for the years ended December 31, 2011, 2010 and 2009, was $51 thousand, $1.2 million and $1.5 million, respectively.

A summary of non-vested options and changes for the years ended December 31, 2011, 2010 and 2009 is as follows:

	Non-Vested Number of Shares		Weighted Average Exercise Price
Non-vested balance at December 31, 2008	270,000		$	7.13
Granted	135,000		$	17.58
Vested	(101,100	)	$	7.08
Canceled	—		$	—
Non-vested balance at December 31, 2009	303,900		$	11.79
Granted	45,000		$	21.70
Vested	(101,210	)	$	10.61
Canceled	—		$	—
Non-vested balance at December 31, 2010	247,690		$	14.07
Granted	45,000		$	20.58
Vested	(112,685	)	$	11.71
Canceled	—		$	—
Non-vested balance at December 31, 2011	180,005		$	17.17

The following table summarizes information about stock options outstanding by price range as of December 31, 2011:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price		Number of Shares	Weighted-Average Exercise Price
$0.38-$.0.74	2,324,542	1.15	$	0.61	2,324,542	$	0.61
$1.50-$1.75	480,375	2.28	$	1.74	480,375	$	1.74
$2.17-$2.36	54,000	4.39	$	2.27	54,000	$	2.27
$6.98-$7.27	231,258	1.56	$	7.14	197,503	$	7.12
$17.58-$21.70	225,000	3.54	$	19.00	78,750	$	18.17
	3,315,175	1.56	$	2.51	3,135,170	$	1.66

Restricted Stock—Pursuant to the Company’s restricted stock agreements, the restricted stock generally vests in three equal annual installments. The restricted stock also vests with respect to any unvested shares upon the applicable employee’s death, disability or retirement, the Company’s termination of the employee other than for cause, or for a change in control of the Company. A summary of the status of the Company’s non-vested restricted stock grant shares is presented in the following table:

	Shares		Weighted-Average Grant Date Fair Value
Non vested at December 31, 2008	299,142		$	6.56
Granted	236,616		$	8.17
Vested	(130,446	)	$	5.69
Forfeited	—		$	—
Non vested at December 31, 2009	405,312		$	7.79
Granted	50,371		$	16.05
Vested	(241,215	)	$	7.59
Forfeited	(4,183	)	$	8.22
Non vested at December 31, 2010	210,285		$	9.98
Granted	103,469		$	23.33
Vested	(150,267	)	$	9.51
Forfeited	(18,406	)	$	8.79
Non vested at December 31, 2011	145,081		$	20.13

As of December 31, 2011 there was $2.2 million of total unrecognized compensation cost related to non-vested share based compensation arrangements granted under the 2006 and 2010 Incentive Compensation Program. That cost is expected to be recognized over a weighted-average period of 1.93 years. The total fair value of shares vested during the years ended December 31, 2011, 2010 and 2009 was $1.4 million, $1.8 million and $742 thousand, respectively.

In the aggregate the total compensation expense recognized in connection with the restricted grants was $1.7 million,$1.4 million and $1.2 million, during each of the years ending December 31, 2011, 2010 and 2009, respectively.

As of December 31, 2011 the Company has 5.9 million shares of common stock reserved for stock option and restricted stock grants.