Stock-Based Employee Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2012

Weighted Average Assumptions used to Determine Fair Values of Options Granted

The table below summarizes the weighted average assumptions used to determine the fair values of the options granted during the following periods:


	Three Months Ended June 30,						Six Months Ended June 30,
Assumptions with respect to:	2012			2011			2012			2011
Expected volatility		40	%		40	%		40	%		40	%
Risk-free interest rate		1.54	%		2.74	%		1.54	%		2.74	%
Expected dividends		0.26	%		0.26	%		0.26	%		0.26	%
Expected term (years)		6.6 – 8.2			6.6 – 8.2			6.6 – 8.2			6.6 – 8.2
Weighted average fair value of options granted during period	$	1.54		$	2.00		$	1.54		$	2.00

Stock Option Activity under Plans

The following tables summarize the stock option activity under the Plans during the six months ended June 30, 2012 and 2011, respectively.


	Number of Shares			Weighted- Average Exercise Price Per Share		Number of Shares			Weighted- Average Exercise Price Per Share
	2012					2011
Outstanding – January 1,		1,153,741		$	7.35		1,177,642		$	7.57
Granted		421,500			4.88		45,500			4.34
Exercised		(5,328	)		3.16		—			—
Forfeited/Canceled		(100,066	)		7.5		(84,901	)		7.65

Outstanding – June 30,		1,469,847			6.74		1,138,241			7.43

Options Exercisable – June 30,		828,899		$	8.55		706,350		$	9.72

Additional Information Regarding Vested and Unvested Options Outstanding

The following table provides additional information regarding the vested and unvested options that were outstanding at June 30, 2012.


	Options Outstanding as of June 30, 2012								Options Exercisable as of June 30, 2012⁽¹⁾
	Vested		Unvested		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Shares		Weighted Average Exercise Price
$ 2.97 – $5.99		350,498		635,806	$	4.06		8.67		350,498	$	3.48
$ 6.00 – $9.99		27,800		4,800		7.22		2.55		27,800		7.28
$10.00 – $12.99		310,100		—		11.23		1.63		310,100		11.23
$13.00 – $17.99		121,001		342		15.09		3.14		121,001		15.09
$18.00 – $18.84		19,500		—		18.06		3.59		19,500		18.06

		828,899		640,948	$	6.74		6.52		828,899	$	8.55

(1)	The weighted average remaining contractual life of the options that were exercisable as of June 30, 2012 was 4.56 years.

Summary of Status of Unvested Options and Changes in Number of Shares Subject to and in Weighted Average Grant Date Fair Values of Unvested Options

A summary of the status of the unvested options as of December 31, 2011, and changes in the number of shares subject to and in the weighted average grant date fair values of the unvested options during the six months ended June 30, 2012, are set forth in the following table.


	Number of Shares Subject to Options			Weighted Average Grant Date Fair Value
Unvested at December 31, 2011		352,049		$	1.39
Granted		421,500			2.34
Vested		(105,111	)		1.47
Forfeited/Cancelled		(27,490	)		2.99

Unvested at June 30, 2012		640,948		$	1.99

Compensation Expense of Non-Vested Stock Options Outstanding

The following table sets forth the compensation expense which was expected to be recognized during the periods presented below in respect of non-vested stock options outstanding at June 30, 2012:


	Estimated Stock Based Compensation Expense
(Dollars in thousands)
For the years ending December 31,
Reminder of 2012	$	251
2013		462
2014		343
2015		109
2016		21

	$	1,186