Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

5. Stock-Based Compensation

     2005 Incentive Compensation Plan

     On May 10, 2010, our stockholders approved the Amended and Restated 2005 Incentive Compensation Plan (the “2005 Plan”) which replaced our 2003 Stock Option Plan (the “2003 Plan”) as to future grants. The 2005 Plan extends through March 2015 and allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to officers and a selected number of employees.

     Stock-Based Compensation

     Compensation expense of approximately $34,000 and $163,000, respectively, and related tax benefits of $14,000 and $67,000, respectively, were recognized for the three and nine months ended September 30, 2011. For the three and nine months ended September 30, 2010, the Company recognized compensation expense of approximately $113,000 and $439,000, respectively, and related tax benefits of $47,000 and $180,000, respectively. Compensation expense is reported in corporate general and administrative expenses in our results of operations.

     The following summarizes the stock option transactions for the 2005 and 2003 Plans and the 1992 Stock Option Plan (the “1992 Plan”) for the nine months ended September 30, 2011:

						Weighted Average
						Remaining		Aggregate
	Number of			Weighted Average		Contractual Term		Intrinsic
	Options			Exercise Price		(Years)		Value
Outstanding at January 1, 2011		293,993		$	51.70		3.9	$	—
Granted		—			—
Exercised		—			—
Expired		(65,916	)		58.10
Forfeited		(282	)		37.96
Outstanding at September 30, 2011		227,795		$	49.86		3.9	$	—
Exercisable at September 30, 2011		220,785		$	50.24		3.8	$	—

     The following summarizes the non-vested stock option transactions for the 2005, 2003 and 1992 Plans for the nine months ended September 30, 2011:

				Weighted Average
	Number of			Grant Date Fair
	Options			Value
Non-vested at January 1, 2011		35,155		$	18.51
Granted		—			—
Vested		(27,863	)		18.30
Forfeited/canceled		(282	)		19.30
Non-vested at September 30, 2011		7,010		$	19.30

The following summarizes the restricted stock transactions for the nine months ended September 30, 2011:

				Weighted
				Average
				Grant Date
	Shares			Fair Value
Outstanding at January 1, 2011		21,120		$	28.73
Granted		—			—
Vested		(10,632	)		31.28
Forfeited		(463	)		25.87
Non-vested and outstanding at September 30, 2011		10,025		$	26.15

     For the three and nine months ended September 30, 2011 and the three and nine months ended September 30, 2010, we had approximately $40,000, $148,000, $74,000 and $276,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. The associated tax benefit recognized for the three and nine months ended September 30, 2011 and the three and nine months ended September 30, 2010 was approximately $17,000, $61,000, $31,000 and $113,000, respectively.