Share-Based Compensation Plans

3 Months Ended

Mar. 31, 2013

Share-Based Compensation Plans [Abstract]

Share-Based Compensation Plans

Note 5. Share-Based Compensation Plans:

We issued an aggregate of 6,666 shares to our executive officers on March 14, 2013 at the then current market price of the shares of $7.22 (the closing price on March 13, 2013). We issued an aggregate of 10,000 shares our executive officers on March 12, 2012 at the then current market price of the shares of $7.27 (the closing price on March 9, 2012). The restricted shares vest based on two years of continuous service with one-third of the shares vesting immediately upon issuance of the shares and one-third vesting at the end of each of the next two years. Restricted share awards provide for accelerated vesting if there is a change in control (as defined in the plan). Compensation expense related to the restricted shares is being recognized over the vesting periods. We recorded compensation expense of $25,000 and $40,000 during the three months ended March 31, 2013 and 2012, respectively, related to restricted shares. As of March 31, 2013, there was $37,000 of total unrecognized compensation expense related to restricted shares which will be recognized over the next two years.