Stockholders' Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity

Stockholders' Equity

11.Stockholders’ Equity

On March 15, 2011, an award entitling Michael E. McGrath, our Executive Chairman, President and Chief Executive Officer, to receive up to an aggregate of 60,000 shares of restricted stock was granted to Mr. McGrath with vesting of 15,000 shares at the end of each calendar quarter, contingent upon his being employed by us at the end of such calendar quarter. On March 31, 2011, the first 15,000 shares vested and were issued to Mr. McGrath. Although Mr. McGrath continues to be employed by us as of this date, on June 9, 2011, the Compensation and Corporate Governance Committee of our Board of Directors and Mr. McGrath mutually agreed to cancel the restricted share award. Mr. McGrath will not receive the remaining 45,000 restricted shares.

Options

A summary of the status of our stock options issued to employees for the six month period ended June 30, 2011 is presented below. As of June 30, 2011, there were no unvested stock options or remaining stock-based compensation costs related to outstanding stock options.

Common Option Shares	Shares		Weighted Average Exercise Price
Outstanding at January 1, 2011	110		$	14.19
Granted	—		—
Exercised	—		—
Expired	(110	)	$	14.19
Outstanding at June 30, 2011	—		$	—
Options exercisable at June 30, 2011	—		$	—
Weighted average life of outstanding options (years)			—

Restricted Stock

A summary of the restricted stock award activity for the six month period ended June 30, 2011 is presented below.

Restricted Stock	Shares
Outstanding award grants at January 1, 2011 (1)	—
Awards granted (2)	60,000
Awards cancelled	(45,000	)
Vested (1)	(15,000	)
Outstanding grants at June 30, 2011	—
Authorized awards to be granted in future years	—
Authorized awards at June 30, 2011 (2)	—

(1) Authorized awards are future rights to shares, usually subject to conditions. Grants are authorized awards for which there is a mutual understanding of the key terms and conditions applicable to the award. Vested shares are shares on which all restrictions have lapsed under the terms of the award and that have been issued to the holder and constitute outstanding common stock. A holder of vested shares has all rights, powers and privileges of a holder of unrestricted shares of our common stock.

(2) An authorized award of 60,000 shares consisting of fully restricted shares was approved and granted to Mr. McGrath on March 15, 2011. Of the 60,000 shares, 15,000 shares vested and were issued to Mr. McGrath on March 31, 2011. On June 9, 2011, the Compensation and Corporate Governance Committee of our Board of Directors and Mr. McGrath mutually agreed to cancel the award, and Mr. McGrath will not receive the remaining 45,000 restricted shares.