Shared-Based Compensation

3 Months Ended

Mar. 31, 2012

Shared-Based Compensation [Abstract]

Shared-Based Compensation

Note 11. Shared-Based Compensation

During the three month periods ended March 31, 2012 and 2011, approximately $358 and $0, respectively, of compensation expense was recognized in selling, general and administrative expense for all share-based awards. During the three month period ended March 31, 2012, there were 75 share awards and 278 option awards granted. There were no share awards or option awards granted during the three month period ended March 31, 2011.

During the three month period ended March 31, 2012, we granted 75 restricted shares to non-executive directors, officers and certain other key employees which vest pro-rata over three years. During the three month periods ended March 31, 2012 and 2011, we incurred $149 and $0, respectively, in expense related to restricted stock. The fair value of the shares issued was determined by using the grant date closing price of our common stock.

We incurred $209 and $0 of stock option expense in the three month periods ended March 31, 2012 and 2011, respectively. The fair value of our options cannot be determined by market value, as our options are not traded in an open market. Accordingly, the Black Scholes financial pricing model is utilized to estimate the fair value.

The following table provides a reconciliation of option activity for the three month period ended March 31, 2012:

Options	Shares (000)			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2012		1,141		$	10.12
Granted		278		$	8.86
Exercised		—		$	—
Forfeited or expired		(6	)	$	11.69
Outstanding at March 31, 2012		1,413		$	9.86		6.4	$	1,413	(1)
Exercisable at March 31, 2012		920		$	9.24		4.7	$	1,394	(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 March 31, 2012.