STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2012

STOCK-BASED COMPENSATION

7. STOCK-BASED COMPENSATION

Stock compensation expense was $100,000 for each of the three month periods ended March 31, 2012 and 2011.  Stock compensation expenses are 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 ended March 31, 2012. As of March 31, 2012, the Company had $233,000 of unrecognized compensation expense related to stock options which will be expensed during the remainder of 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, 2011.

During the three months ended March 31, 2012 and 2011, options were exercised for the purchase of 52,675 shares of common stock at a weighted-average exercise price of $5.63 and 104,935 shares of common stock at a weighted-average exercise price of $5.82, respectively.