STOCK BASED COMPENSATION

12 Months Ended

Dec. 31, 2011

STOCK BASED COMPENSATION [Abstract]

STOCK BASED COMPENSATION

15.   STOCK-BASED COMPENSATION

On July 7, 2005, the Company's shareholders approved the LMI Aerospace, Inc. 2005 Long-term Incentive Plan (the “Plan”).  The Plan provides for the grant of non-qualified stock options, incentive stock options, shares of restricted stock, restricted stock units, stock appreciation rights, performance awards and other share-based grants and cash bonus awards to employees and directors.

The Company did not make any share-based grants or awards, except for restricted stock awards as disclosed below, during the years ended December 31, 2011, 2010, and 2009, respectively.  All share-based grants or awards are time vested.

All outstanding stock options were exercisable at December 31, 2010 and were exercised on or before January 19, 2011 at an exercise price of $2.00 per share.  The aggregate intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009, based upon the market price on exercise date, were $126, $239 and $210, respectively.

A summary of the activity for non-vested restricted stock awards under the Company's share-based compensation plans is presented below:

	2011
Restricted Stock Awards	Shares			Weighted Average Grant Date
Outstanding at January 1		320,671		$	18.45
Granted		76,458			18.72
Vested		(108,185	)		23.43
Forfeited		(10,534	)		23.07
Outstanding at December 31		278,410		$	16.42

All restricted stock awards are time vested, and they generally vest over three to five years.  Total unrecognized compensation costs related to non-vested restricted stock awards granted under the Plan were $1,716 and $1,781 as of December 31, 2011 and 2010, respectively.  These costs are expected to be recognized over a weighted average period of 0.8 year and 1.0 year, respectively.  The fair value of restricted stock awards that vested during the years ended December 31, 2011, 2010 and 2009, based on the market price on the vesting date, was $2,149, $835 and $566, respectively.

Common stock compensation expense related to restricted stock awards granted under the Plan was $1,254, $1,794 and $1,672 for the years ended December 31, 2011, 2010 and 2009, respectively.