Stock Based Compensation

6 Months Ended

Jun. 30, 2013

Stock Based Compensation

Stock Based Compensation

3.             Stock-Based Compensation

Restricted Stock:

Total stock-based compensation expense related to restricted stock was $696,000 and $579,000 for the three months ended June 30, 2013 and 2012, respectively.  Total stock-based compensation expense related to restricted stock was $1.5 million and $1.0 million for the six months ended June 30, 2013 and 2012, respectively.  Unrecognized stock-based compensation expense related to restricted stock was $6.8 million at June 30, 2013 which we will amortize ratably through May 2017.

The following table summarizes our restricted stock activity for the six months ended June 30, 2013:

	Number of Shares		Weighted Average Grant-Date Fair Value
Restricted stock that had not vested at January 1, 2013	1,247,668		$	7.47
Granted	299,500		$	11.21
Cancelled	(190,561	)	$	8.75
Shares vested	(77,250	)	$	5.41
Restricted stock that has not vested at June 30, 2013	1,279,357		$	8.29

Stock Options:

Total stock-based compensation expense related to stock options was $60,000 for both of the three months ended June 30, 2013 and 2012, respectively.  Total stock-based compensation expense related to stock options was $121,000 for both of the six months ended June 30, 2013 and 2012, respectively.  Unrecognized stock-based compensation expense related to stock options was $14,000 at June 30, 2013 which we will amortize ratably through July 2013.

The following table represents stock option activity for the six months ended June 30, 2013:

	Number of Shares		WeightedAverage Exercise Price		Weighted Average RemainingContract Life in Years
Outstanding options as of January 1, 2013	568,040		$	3.49
Options granted	—		—
Options exercised	(74,738	)	3.16
Options cancelled	(2,050	)	3.32
Outstanding options as of June 30, 2013	491,252		$	3.55	5.79
Exercisable options as of June 30, 2013	378,752		$	3.56	5.70

Other:

During the three months ended June 30, 2013 and 2012, we recognized expense of $96,000 and $86,000 related to the issuance of 9,000 shares of fully vested common stock in each period to members of our Board of Directors.  During the six months ended June 30, 2013 and 2012, we recognized expense of $204,000 and $172,000, respectively, related to the issuance of 18,000 shares of fully vested common stock in each period to members of our Board of Directors.