Share-based Compensation and Common Stock

6 Months Ended

Jun. 30, 2011

Share-based Compensation and Common Stock

Share-based Compensation and Common Stock

8.    Share-based Compensation and Common Stock

Share-based Compensation

In February 2010, the Board of Directors granted to employees 1,600,000 restricted Class A Common Stock awards ("RSA") under the BankAtlantic Bancorp, Inc. 2005 Restricted Stock and Option Plan.  The Board of Directors also granted 75,000 RSAs to employees of BFC Financial Corporation ("BFC") that perform services for the Company.  The RSAs vest pro-rata over four years and had a fair value of $1.24 per share at the grant date. 

The following is a summary of the Company's non-vested restricted Class A common share activity:

	Class A		Weighted
	Non-vested		Average
	Restricted		Grant date
	Stock		Fair Value
Outstanding at December 31, 2009	19,800	$	42.11
Vested	(3,900)		35.85
Forfeited	(5,000)		1.24
Granted	1,675,000		1.24
Outstanding at June 30, 2010	1,685,900	$	1.64
Outstanding at December 31, 2010	1,568,900	$	1.48
Vested	(433,650)		1.71
Forfeited	(36,250)		1.24
Granted	-		-
Outstanding at June 30, 2011	1,099,000	$	1.39

Common Stock

On May 2, 2011, the Company announced its intention to pursue a rights offering for up to $30 million of Class A Common Stock.  Under the terms of the rights offering, holders of the Company's Class A Common Stock and Class B Common Stock as of May 12, 2011 had the right to purchase a pro-rata number of shares of Class A Common Stock at a subscription price of $0.75 per share. The Company completed the rights offering on June 16, 2011 and issued 15,129,524 shares of its Class A Common Stock to existing shareholders.   The Company used the net proceeds of $11.0 million to fund part of its $20 million capital contribution to BankAtlantic in June 2011.