Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 3—Stock-Based Compensation:

Stock Options

A summary of the status of the Company’s stock options as of September 30, 2011, and the activity during the nine months then ended, is presented below:

Stock Options	Options
Outstanding at December 31, 2010		497,686
Granted		86,048
Forfeited		(1,801	)
Expired		(5,199	)
Exercised		(7,337	)
Outstanding at September 30, 2011		569,397
Exercisable at September 30, 2011		366,962

The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model based upon the assumptions noted in the following table:

	2011
Risk-free interest rate		1.92	%
Expected dividend yield		0.00	%
Expected lives (in years)		4.0
Expected volatility		67.00	%

The weighted-average grant date fair value of stock option awards granted during the nine months ended September 30, 2011 was $14.70.

Restricted Stock

A summary of the status of the Company’s nonvested restricted stock as of September 30, 2011, and the activity during the nine months then ended, is presented below:

Nonvested Restricted Stock Awards	Shares
Nonvested at December 31, 2010		154,289
Granted		64,569
Vested		(54,857	)
Forfeited		(2,000	)
Nonvested at September 30, 2011		162,001

The fair value of restricted stock grants was calculated using the market value of the Company’s Common Stock on the date of issuance. The weighted-average grant date fair value of restricted stock awards granted during the nine months ended September 30, 2011 was $29.14.

Performance Share Awards

A summary of the Company’s performance share award activity during the nine months ended September 30, 2011 is presented below:

Performance Share Awards	Awards Activity			Maximum Shares Eligible to Receive
Outstanding at December 31, 2010		113,430			226,860
Granted		52,341			104,682
Forfeited		(2,500	)		(5,000	)
Outstanding at September 30, 2011		163,271			326,542

The fair value of the performance share awards granted was estimated by the Company at the grant date using a Monte Carlo model. The weighted-average grant-date fair value of performance shares awarded during the nine months ended September 30, 2011 was $43.68.