STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2011

STOCK-BASED COMPENSATION

7.           STOCK-BASED COMPENSATION

Stock compensation expense for each of the three months ended June 30, 2011 and 2010 was $100,000 and $200,000 for each of the six months ended June 30, 2011 and 2010 and is included in selling, general and administrative expenses in the accompanying consolidated statements of income.  The Company did not issue any stock options during the three months and six months ended June 30, 2011.  As of June 30, 2011, the Company had $532,000 of unrecognized compensation expense related to stock options with $199,000 to be expensed during the remainder of 2011 and $333,000 to be expensed in 2012.  For additional disclosures related to the Company’s stock-based compensation refer to Notes 2 and 5 of the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010.

During the three months ended June 30, 2011 and 2010, options were exercised for the purchase of 186,717 shares of common stock at a weighted-average exercise price of $6.13 and 42,917 shares of common stock at a weighted-average exercise price of $6.18, respectively.  During the six months ended June 30, 2011 and 2010, options were exercised for the purchase of 298,652 shares of common stock at a weighted-average exercise price of $6.02 and 45,542 shares of common stock at a weighted-average exercise price of $6.14, respectively.