Stock Option Plan

6 Months Ended

Jun. 30, 2011

Stock Option Plan [Abstract]

Stock Option Plan

Note 11 — Stock Option Plan

     The Company recorded $666 and $183 of stock-based compensation in general and administrative expenses during the three months ended June 30, 2011 and 2010 and $809 and $276 during the six months ended June 30, 2011 and 2010, respectively. Stock based compensation expense for the three and six months ended June 30, 2011 included a charge of $116 arising from the revaluation of redeemable common stock options held by the CEO and President.

     During February 2011, the Company granted 26 time options and 138 performance options to employees under the terms of the Company’s 2004 Equity Incentive Plan. The options vest at a rate of 20% per year and are exercisable at $27,700 per share. The ability to exercise vested performance options is contingent upon the occurrence of an initial public offering or a change in control, as defined, and the achievement of specific investment returns to the Company’s stockholders.

     During June 2011, the Company granted 175 time options and 350 performance options to the Company’s CEO and President under the terms of the Company’s 2004 Equity Incentive Plan. The options vested one third upon grant and one third per year thereafter, and are exercisable at $29,600 per share. The ability to exercise vested performance options is contingent upon the occurrence of an initial public offering or a change in control, as defined, and the achievement of specific investment returns to the Company’s stockholders.

     During the six months ended June 30, 2011, 12.78 options were exercised. There are options to purchase 3,798.27 shares of common stock outstanding at June 30, 2011.