Note 12 - Stock Incentive Plans

12 Months Ended

Dec. 31, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

(12)         Stock Incentive Plans

2003 Stock Incentive Plan

Our 2003 Stock Incentive Plan, as amended, (the “2003 Plan”) allows for the granting of up to a total of 2.8 million nonqualified stock options and shares of restricted stock to our officers, key employees, directors and consultants. We also have grants outstanding and options exercisable pursuant to prior plans. Grants canceled under prior plans do not return to the pool available for grant under the 2003 Plan. All of our plans are administered by the Compensation Committee of the Board of Directors and permit accelerated vesting of outstanding awards upon the occurrence of certain changes in control. Options become exercisable over a period of up to five years from the date of grant with expiration dates up to ten years from the date of grant and at exercise prices of not less than market value, as determined by the Board of Directors. Restricted stock grants vest over a period up to five years from the date of grant. Beginning in 2004, the expiration date of options granted was reduced to six years.

At December 31, 2011, 724,050 shares of Class A common stock were available for future grants.

Activity under our stock incentive plans was as follows:

	Shares Subject to Options			Weighted Average Exercise Price		Aggregate Intrinsic Value	Weighted Average Remaining Contractual Term
Balance, December 31, 2010		1,185,241		$	13.56
Granted		-			-
Forfeited		(58,066	)		9.62
Expired		(84,773	)		27.28
Exercised		(231,226	)		12.57
Balance, December 31, 2011		811,176		$	12.69	$8.9 million	2.0 years
Exercisable, December 31, 2011		407,133		$	13.25	$4.4 million	1.8 years

	Non-Vested Stock Grants			Weighted Average Grant Date Fair Value
Balance, December 31, 2010		458,529		$	8.12
Granted		191,450			13.58
Vested		(43,498	)		23.56
Forfeited		(15,931	)		9.39
Balance, December 31, 2011		590,550		$	8.72

As of December 31, 2011, unrecognized stock-based compensation related to outstanding, but unvested stock option and stock awards was $2.6 million, which will be recognized over the remaining weighted average vesting period of 1.3 years.

2009 Employee Stock Purchase Plan

In May 2009, our shareholders approved the 2009 Employee Stock Purchase Plan (the “2009 ESPP”) and the reservation of 1,500,000 shares of our Class A common stock there under. The 2009 ESPP replaced the 1998 Employee Stock Purchase Plan, which was terminated. The 2009 ESPP is intended to qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended, and is administered by the Compensation Committee of the Board of Directors.

Eligible employees are entitled to defer up to 10% of their base pay for the purchase of stock, up to $25,000 of fair market value of our Class A common stock annually. The purchase price is equal to 85% of the fair market value at the end of the purchase period. During 2011, a total of 197,815 shares were purchased under the 2009 ESPP at a weighted average price of $14.52 per share, which represented a weighted average discount from the fair market value of $2.56 per share. As of December 31, 2011, 824,364 shares remained available for purchase under the 2009 ESPP.

Stock-Based Compensation

Compensation expense related to our 2009 ESPP is calculated based on the 15% discount from the per share market price on the date of grant. Compensation expense related to non-vested stock is based on the intrinsic value on the date of grant as if the stock is vested.

We estimate the fair value of stock options using the Black-Scholes valuation model. This valuation model takes into account the exercise price of the award, as well as a variety of significant assumptions. We believe that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of our stock options. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons who receive equity awards.

Compensation expense related to stock options for 2010 and 2009 is based on values calculated using the Black-Scholes valuation model. No stock options were issued in 2011. Below are the significant assumptions used in the Black-Scholes valuation model:

Year Ended December 31,	2010		2009
Risk-free interest rate(1)		2.53%		2.03% - 2.93%
Dividend yield(2)		2.54%		0.0%
Expected term(3)	4.2 years		5.9 years
Volatility(4)		81.22%		87.41%
Discount for post-vesting restrictions		0.0%		0.0%

(1)   The risk-free interest rate for each grant is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the stock option.

(2)   The dividend yield is calculated as a ratio of annualized expected dividends per share to the market value of our common stock on the date of grant.

(3)   The expected term is calculated based on the observed and expected time to post-vesting exercise behavior of identifiable employee groups.

(4)   The expected volatility is estimated based on a weighted average of historical volatility of our common stock.

We amortize stock-based compensation on a straight-line basis over the vesting period of the individual award with estimated forfeitures considered. Shares to be issued upon the exercise of stock options will come from newly issued shares.

Certain information regarding our stock-based compensation was as follows:

Year Ended December 31,	2011		2010		2009
Weighted average grant-date fair value per share of stock options granted	$	-	$	4.19	$	3.10
Per share intrinsic value of non-vested stock granted		13.58		6.02		2.91
Weighted average per share discount for compensation expense recognized under the 2009 ESPP		2.56		1.11		0.85
Total intrinsic value of stock options exercised		1,521,647		1,066,000		28,000
Fair value of non-vested stock that vested during the period		664,404		357,000		267,000
Stock-based compensation recognized in results of operations, as a component of selling, general and administrative expense - excludes compensation expense related to an option granted to one of our executives. See Note 19.	2.3 million		1.8 million		2.1 million
Tax benefit recognized in statement of operations		698,000		529,000		583,000
Cash received from options exercised and shares purchased under all share-based arrangements	5.8 million		4.2 million		2.4 million
Tax deduction realized related to stock options exercised		938,000		541,000		112,000