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Stock-Based Compensation Arrangements
 6 Months Ended
Jun. 30, 2011
Stock Based Compensation Arrangements [Abstract]  
Stock-Based Compensation Arrangements

Note 6 – Stock-Based Compensation Arrangements

 

We grant restricted stock and stock options to employees and directors as incentive compensation. The restricted stock and options generally vest over three years. Non-cash stock-based compensation is recorded in general and administrative (“G&A”) expenses or capitalized G&A as follows:

  Three Months Ended  Six Months Ended
  June 30,  June 30,
 2011 2010 2011 2010
            
G & A Expenses$ 634 $ 615 $ 1,277 $ 1,498
Capitalized G & A  283   230   515   500
            
Total non-cash stock-based compensation$ 917 $ 845 $ 1,792 $ 1,998

At June 30, 2011, total compensation cost related to awards not yet recognized was approximately $6.7 million and is expected to be recognized over a weighted average period of less than three years.

Stock Options

 

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. We have not granted any stock options during 2010 or the first six months of 2011. Information relating to stock options is summarized as follows:

   Weighted Weighted  
 Number of Average Average  
 Shares Exercise Contractual Aggregate
 Underlying Price per Life in Intrinsic
 Options Share Years Value
Balance outstanding - January 1, 2011 464$ 10.04    
Exercised (56)  6.80    
Forfeited (21)  12.95    
Expired (48)  24.16    
        
Balance outstanding - June 30, 2011 339$ 8.37  6.5$ 2,293
Currently exercisable - June 30, 2011 297$ 8.98  6.4$ 1,829
        

Restricted Stock

 

Restricted stock awards are valued based on the closing price of our common stock on the measurement date, which is typically the date of grant. Status of the restricted shares as of June 30, 2011 and the changes during the six months ended June 30, 2011 are presented below:

     Weighted
     Average Grant
     Date Fair
  Number of  Value per
  Shares  Share
Balance outstanding - January 1, 2011  816 $ 7.39
Granted  374   13.65
Vested  (299)   7.38
Forfeited  (44)   7.51
      
Balance outstanding - June 30, 2011  847 $ 10.15
      
Total grant date fair value of shares vesting during the period$ 3,995