Share-Based Compensation

9 Months Ended

Sep. 30, 2012

Share-based Compensation [Abstract]

Share-Based Compensation

Share-Based Compensation

Set forth below is a summary of share-based compensation expense for option grants, restricted stock awards and restricted stock unit awards included as a component of SG&A in the Unaudited Condensed Statements of Consolidated Operations:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2012		2011			2012		2011
Stock options and restricted stock awards	$	1,198	$	1,505		$	4,756	4,873
Restricted stock unit awards - cash settled	24		(201		)	135		129
Share-based compensation expense - employees	$	1,222	$	1,304		$	4,891	$	5,002
Share-based compensation expense - non-employee directors	$	131	$	90		394		245

No tax benefit for share-based compensation was realized during the three and nine months ended September 30, 2012 or 2011 as a result of a valuation allowance against the deferred tax assets.

At September 30, 2012, there was $8.7 million of unrecognized compensation expense related to unvested share-based awards. That cost is expected to be recognized as follows: $1.5 million in the fourth quarter of 2012, $4.6 million in 2013, $2.4 million in 2014 and $0.2 million in 2015 as a component of SG&A. Unearned compensation expense is recognized over the vesting period for the particular grant. Total unrecognized compensation cost will be adjusted for future changes in actual and estimated forfeitures and fluctuations in the fair value of restricted stock unit awards.

Non-employee directors of the Company are paid a portion of their annual retainer in unrestricted shares of common stock. For purposes of determining the number of shares of common stock to be issued, the 2007 Plan provides that shares are to be valued at the average of the high and low sale price of the Company’s common stock on the NYSE on the last trading date of the quarter. Pursuant to this plan, we issued 7,007 shares and 16,710 shares in the three and nine months ended September 30, 2012, respectively, and 1,982 shares and 5,967 shares in the three and nine months ended September 30, 2011, respectively, to non-employee directors.