Shared-Based Compensation

6 Months Ended

Jun. 30, 2011

Shared-Based Compensation [Abstract]

Shared-Based Compensation

Note 12. Shared-Based Compensation

In the three and six month periods ended June 30, 2011 and 2010, approximately $116 and $116 in 2011 and $34 and $1,200 in 2010, respectively, of compensation expense was recognized in selling, general and administrative expense for all share-based awards. There were 75 share awards and 201 option awards granted to non-executive directors, officers and certain other key employees during the three and six month periods ended June 30, 2011.

During the three month period ended March 31, 2010, we granted 249 shares and 26 share options to non-executive directors, officers and certain other key employees. The 249 shares of our common stock were issued on March 17, 2010 and were fully vested at the date of grant. We incurred $1,101 of non-cash compensation expense, which was the entire fair value of the grant, at that date. The fair value of the shares issued was determined by using the grant date closing price of our common stock.

We incurred $66 and $99 of stock option expense in the six month periods ended June 30, 2011 and 2010, respectively. The fair value of the options cannot be determined by market value, as our options are not traded in an open market. Accordingly, a financial pricing model is utilized to determine fair value. The Company utilizes the Black Scholes model which relies on certain assumptions to estimate an option’s fair value.

The following table provides a reconciliation of option activity for the six month period ended June 30, 2011:

						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
Options	Shares (000)			Price		Term		Value ($000)
Outstanding at January 1, 2011		1,205		$	9.23
Granted		201		$	14.13
Exercised		(244	)	$	9.45
Forfeited or expired		(3	)	$	1.30
Outstanding at June 30, 2011		1,159		$	10.05		6.1	$	5,687	(1)
Exercisable at June 30, 2011		897		$	9.62		7.4	$	4,765	(1)

⁽¹⁾ The intrinsic value is the amount by which the market price of our stock was greater than the exercise price of any individual option grant at June 30, 2011.