Stock Based Compensation

3 Months Ended

Mar. 31, 2012

Stock Based Compensation [Abstract]

Stock Based Compensation

(9)  Stock Based Compensation

The Company recognizes compensation costs for stock option awards to employees based on their grant-date fair value.  The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model.  The weighted-average fair value per share for stock options granted to employees during the three months ended March 31, 2011 was $2.91.  No stock options were granted during the three months ended March 31, 2012.

For the three months ended March 31, 2012 and 2011, the Company recorded $316 and $245, respectively, in selling, general and administrative expenses for stock options.  As of March 31, 2012, the total compensation cost related to unvested stock options not yet recognized was $2,610.  The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 2.4 years.

For the three months ended March 31, 2012 and 2011, the Company recorded $41 and $54, respectively, in selling, general and administrative expenses for restricted stock awards.  As of March 31, 2012 the total compensation cost related to unvested restricted stock not yet recognized was $136.  The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 0.8 years.

The following table is a summary of the Company's stock options:

Options	Number of Shares			Weighted Average Exercise Price
Outstanding at December 31, 2011		2,289,873		$	6.67
Exercised		(13,750	)	$	4.84
Forfeited or expired		(16,850	)	$	10.08
Outstanding at March 31, 2012		2,259,273		$	6.65
Exercisable at March 31, 2012		1,122,273		$	7.94

The aggregate intrinsic value for all stock options exercised for the three months ended March 31, 2012 was $33.  The aggregate intrinsic values for all stock options outstanding and exercisable as of March 31, 2012 were $3,310 and $1,483, respectively.

The following table is a summary of the Company's nonvested stock options and restricted stock:

	Nonvested Stock Options					Nonvested Restricted Stock
	Number of Shares			Weighted- Average Grant-Date Fair Value		Number of Shares			Weighted- Average Grant-Date Fair Value
Nonvested at December 31, 2011		1,167,751		$	2.89		58,899		$	5.54
Vested during period		(25,001	)	$	2.69		(29,449	)	$	5.54
Forfeited		(5,750	)	$	2.96		-		$	-
Nonvested at March 31, 2012		1,137,000		$	2.89		29,450		$	5.54