Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

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

For the three months ended March 31, 2012 and 2011, we had approximately $22,000 and $95,000, respectively, of total compensation expense related to stock options. This expense is included in corporate general and administrative expenses in our results of operations. The associated future income tax benefit recognized for the three months ended March 31, 2012 and 2011 was approximately $9,000 and $39,000, respectively.

The following summarizes the stock option transactions for the 2005 and 2003 Plans and the 1992 Stock Option Plan (the “1992 Plan”) for the three months ended March 31, 2012:

						Weighted  Average Remaining Contractual Term (Years)
								Aggregate Intrinsic Value
	Number  of Options			Weighted  Average Exercise Price
Outstanding at January 1, 2012		227,747		$	49.86		3.6	$	—
Granted		—			—
Exercised		—			—
Expired		(191	)		37.96
Forfeited		—			—
Outstanding at March 31, 2012		227,556		$	49.87		3.4	$	—
Exercisable at March 31, 2012		227,556		$	49.87		3.4	$	—

The following summarizes the non-vested stock option transactions for the 2005, 2003 and 1992 Plans for the three months ended March 31, 2012:

				Weighted Average Grant Date Fair Value
	Number  of Options
Non-vested at January 1, 2012		6,962		$	19.30
Granted		—			—
Vested		(6,962	)		19.30
Forfeited/canceled		—			—
Non-vested at March 31, 2012		—		$	—

The following summarizes the restricted stock transactions for the three months ended March 31, 2012:

				Weighted Average Grant Date Fair Value
	Shares
Outstanding at January 1, 2012		9,914		$	26.15
Granted		—			—
Vested		(5,734	)		27.75
Forfeited		(30	)		23.96
Non-vested and outstanding at March 31, 2012		4,150		$	23.96

For the three months ended March 31, 2012 and 2011, we had approximately $35,000 and $67,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. This expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the three months ended March 31, 2012 and 2011 was approximately $14,000 and $28,000, respectively.