Stock Based Compensation

3 Months Ended

Mar. 31, 2012

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 March 31, 2012, there was $5,287,000 unrecognized compensation costs related to the outstanding shares of restricted stock, which is expected to be recognized over a weighted average period of 3.75 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 stock award is generally entitled at all times on and after the date of issuance of the restricted stock 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 stock at January 1, 2012		216,920		$	21.74
Restricted stock granted		93,600			24.45
Restricted stock vested		(52,120	)		21.83
Restricted stock forfeited		(5,000	)		24.45
Unvested restricted stock at March 31, 2012		253,400		$	22.67