Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

Stock-Based Compensation

2.    Stock-Based Compensation

The Company estimates the fair value of restricted stock and stock option grants at the date of grant and amortizes those amounts into expense on a straight line basis or amount vested, if greater, over the appropriate vesting period.

As of September 30, 2011, there was $3,856,000 unrecognized compensation costs related to the outstanding restricted shares, which is expected to be recognized over a weighted average period of 3.49 years.  The Company used a 0% discount factor and forfeiture rate for determining the fair value of restricted stock.  The forfeiture rate was based on historical results and trends. The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares.

	Shares Outstanding			Weighted Average Grant Date Fair Value
Unvested restricted shares at January 1, 2011		166,850		$	22.00
Restricted shares granted		105,050			22.01
Restricted shares vested		(37,410	)		20.78
Restricted shares forfeited		(12,150	)		22.22
Unvested restricted shares at September 30, 2011		222,340		$	22.04