STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2012

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

4. STOCK-BASED COMPENSATION

          For a detailed description of past equity-based compensation activity, please refer to the Company’s 2011 Form 10-K. There have been no significant changes in the Company’s equity-based compensation accounting policies and assumptions from those that were disclosed in the 2011 Form 10-K.

          The Company estimates the value of employee stock options on the date of grant using the Black-Scholes option-pricing model. This determination is affected by the Company’s stock price as well as assumptions regarding expected volatility, risk-free interest rate, and expected dividends. The weighted-average grant date fair value per share of employee stock options granted during the six months ended June 30, 2012 and 2011 was $0.48 and $1.07, respectively, using the Black-Scholes model with the weighted-average assumptions presented below. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options.

	For the Six Months Ended June 30,
	2012			2011
Expected option lives		3.5	years		3.5	years
Expected volatility		51.75%			55.98%
Risk-free interest rate		0.58%			1.54%
Expected dividend yield		5.47%			3.51%

          As of June 30, 2012, there remained 844,432 shares available for future awards under the Company’s 2007 Performance Incentive Plan (the “2007 Plan”). In connection with awards under both the 2007 Plan and awards issued outside of the Plan, the Company recorded approximately $0.5 million and $1.1 million of non-cash stock-based compensation for the three and six month periods ended June 30, 2012, respectively, as compared to approximately $0.7 million and $1.4 million for the three and six month periods ended June 30, 2011, respectively. As of June 30, 2012, there was approximately $3.7 million of unrecognized stock-based compensation expense remaining to be recognized over a weighted-average period of 2.3 years.

          A summary of the activity of the Company’s 1998 Stock Incentive Plan (the “1998 Plan”), the 2007 Plan, and awards issued outside of the Plan pertaining to stock option grants is as follows:

	Shares Underlying Awards			Weighted Average Exercise Price		Aggregate Intrinsic Value ($000)		Weighted Average Remaining Contractual Life (In Years)
Awards outstanding, December 31, 2011		1,008,544		$	4.63
Options granted		1,953,500		$	1.83
Options cancelled		(50,005	)	$	3.22
Options expired		(1,666	)	$	2.75
Awards outstanding, March 31, 2012		2,910,373		$	2.77
Options granted		255,874		$	1.73
Options cancelled		(216,505	)	$	2.22
Options expired		(132,495	)	$	8.76
Awards outstanding, June 30, 2012		2,817,247		$	2.44	$	—		5.39
Awards vested and expected to vest at June 30, 2012		2,420,712		$	2.53	$	—		5.26
Awards exercisable at June 30, 2012		425,694		$	5.32	$	—		1.53

          A summary of the activity of the 1998 Plan and 2007 Plan pertaining to grants of restricted stock units is as follows:

	Shares Underlying Awards			Weighted Average Exercise Price		Aggregate Intrinsic Value ($000)		Weighted Average Remaining Contractual Life (In Years)
Awards outstanding, December 31, 2011		2,448,376		$	—
Restricted stock units granted		199,998		$	—
Restricted stock units settled by delivery of common stock upon vesting		(883,256	)	$	—
Restricted stock units cancelled		(307,337	)	$	—
Awards outstanding, March 31, 2012		1,457,781		$	—
Restricted stock units granted		43,246		$	—
Restricted stock units settled by delivery of common stock upon vesting		(22,082	)	$	—
Restricted stock units cancelled		(116,001	)	$	—
Awards outstanding, June 30, 2012		1,362,944		$	—	$	2,044		1.81
Awards vested and expected to vest at June 30, 2012		1,224,007		$	—	$	1,836		1.68
Awards exercisable at June 30, 2012		—		$	—	$	—		—

          A summary of the status of the Company’s unvested share-based payment awards as of June 30, 2012 and changes in the six-month period then ended, is as follows:

Unvested Awards	Number of Shares			Weighted Average Grant Date Fair Value
Shares underlying awards unvested at December 31, 2011		3,095,801		$	2.39
Shares underlying options granted		2,209,374		$	0.48
Shares underlying restricted stock units granted		243,244		$	1.77
Shares underlying options vested		(198,736	)	$	0.93
Shares underlying restricted stock units vested		(905,338	)	$	2.80
Shares underlying options cancelled		(266,510	)	$	0.69
Shares underlying restricted stock units cancelled		(423,338	)	$	2.56
Shares underlying awards unvested at June 30, 2012		3,754,497		$	1.31

          For the six months ended June 30, 2012 and 2011, the total fair value of share-based awards vested was approximately $2.0 million and $1.4 million, respectively. For the six months ended June 30, 2012 and 2011, the total intrinsic value of options exercised was $0 and $0, respectively (no options were exercised in either period). For the six months ended June 30, 2012 and 2011, 2,209,374 and 540,250 stock options, respectively, and 243,244 and 1,200,341 restricted stock units, respectively, were granted to employees of the Company. Additionally, for the six months ended June 30, 2012 and 2011, zero and zero stock options, respectively, were exercised, and 905,338 and 395,470 shares were issued under restricted stock unit grants, respectively, yielding cash proceeds of approximately $0 and $0, respectively, to the Company.