Stock Based Compensation

6 Months Ended

Jun. 30, 2012

Stock Based Compensation [Abstract]

Stock Based Compensation

(9)       Stock Based Compensation

The Company recognizes compensation costs for stock options awarded 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 six months ended June 30, 2011 was $2.91.  No stock options were granted during the six months ended June 30, 2012.

For the three months ended June 30, 2012 and 2011, the Company recorded $303 and $254, respectively, in selling, general and administrative expenses for stock options.  For the six months ended June 30, 2012 and 2011, the Company recorded $619 and $499, respectively in selling, general and administrative expenses for stock options.  As of June 30, 2012, the total compensation cost related to unvested stock options not yet recognized was $2,307.  The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 2.3 years.

For the three months ended June 30, 2012 and 2011, the Company recorded $134 and $148, respectively, in selling, general and administrative expenses for restricted stock awards.  For the six months ended June 30, 2012 and 2011, the Company recorded $175 and $202, respectively, in selling, general and administrative expenses for restricted stock awards.  As of June 30, 2012 the total compensation cost related to unvested restricted stock not yet recognized was $282.  The cost will be amortized on a straight-line basis over the remaining weighted-average vesting period of 0.4 years.

The Company grants cash-settled performance share units ("PSUs") to certain executives.  PSU awards provide the recipient the right to receive the cash value of a certain number of shares of the Company's common stock in the future, which depends on the Company's level of achievement of revenue and EBITDA growth as compared to the relative revenue and EBITDA growth of the members of a specified peer group of companies typically over a three year performance period.  The peer group consists of publicly-traded life sciences companies competing in the same industry as the Company.

For the three and six months ended June 30, 2012, the Company recorded $424 and $400, respectively, in selling, general and administrative expenses for PSU awards.  There was no expense for the three and six months ended June 30, 2011, in selling, general and administrative expenses for PSU awards.

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
Exercised		(9,600	)	$	5.77
Forfeited or expired		(43,934	)	$	25.62
Outstanding at June 30, 2012		2,205,739		$	6.28
Exercisable at June 30, 2012		1,187,489		$	7.01

The aggregate intrinsic value for all stock options exercised for the three and six months ended June 30, 2012 was $17 and $50, respectively.  The aggregate intrinsic values for all stock options outstanding and exercisable as of June 30, 2012 were $8,181 and $4,126, 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
Granted		-		$	-		41,727		$	6.71
Vested during period		(118,750	)	$	2.14		-		$	-
Nonvested at June 30, 2012		1,018,250		$	2.98		71,177		$	6.23