Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 10 — Stock–Based Compensation

Stock-based compensation expense was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Stock options		687		657		1,690		2,022
Restricted stock		1,097		1,151		2,979		3,344

The fair values of options granted were estimated at the date of grant using a Black-Scholes option-pricing model assuming no dividends and with the following weighted average assumptions for grants during the periods indicated:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Weighted average volatility		87	%		84	%		85	%		84	%
Expected term (in years)		3.8			3.8			3.8			3.8
Risk-free rate		0.8	%		1.0	%		1.4	%		1.2	%
Weighted average fair value of options – grant date	$	8.41		$	5.45		$	9.62		$	5.53

The following table sets forth a summary of option transactions for the nine months ended September 30, 2011:

	Number of Options			Weighted Average Grant Price		Aggregate Intrinsic Value (1) ($000)		Weighted Average Remaining Contractual Life
									(in years	)
Outstanding at beginning of period		1,521,291		$	23.31
Granted		328,510			16.03
Canceled		(61,682	)		23.17
Expired		(173,687	)		38.27
Exercised		(34,927	)		6.15	$	406
Outstanding at end of period		1,579,505			20.54	$	570		2.9
Vested and expected to vest		1,347,270			20.51	$	486		2.9
Options exercisable at end of period		623,055			27.61	$	235		1.9

(1) Based upon the difference between the market price of the common stock on the last trading day of the period and the option exercise price of in-the-money options.

At September 30, 2011, unrecognized compensation expense related to nonvested stock option grants totaled $3.5 million. Such unrecognized expense will be recognized as vesting occurs over a weighted average period of 2.5 years.

At September 30, 2011, unrecognized compensation expense related to restricted stock totaled $4.2 million. Such unrecognized expense will be recognized as vesting occurs over a weighted average period of 2.1 years. The following table sets forth the changes in nonvested restricted stock for the nine months ended September 30, 2011:

	Number of Shares			Weighted Average Grant-date Fair Value		Aggregate Intrinsic Value (1) ($000)
Nonvested at beginning of period		422,637		$	19.76
Granted		313,111			16.62
Vested		(243,065	)		24.65
Nonvested at end of period		492,683			15.36	$	3,799

(1) Based upon the closing market price of the common stock on the last trading day of the period.