Stock-Based And Other Compensation Plans

12 Months Ended

Dec. 31, 2011

Stock-Based And Other Compensation Plans [Abstract]

Stock-Based And Other Compensation Plans

Note 9 — Stock-Based and Other Compensation Plans

In January 2001, the Board of Directors approved the 2000 Stock Plan (the "2000 Plan") and in June 2010 the Shareholders approved the 2010 Stock Plan (the "2010 Plan") to provide increased incentive for the Company's employees and directors. The 2000 Plan authorized the granting of options and restricted stock awards for up to 4,000,000 shares of common stock, and expired in February 2011. The 2010 Plan authorizes the granting of options, restricted stock awards, restricted stock bonus awards and performance share bonus awards for up to an aggregate 6,000,000 shares of common stock. Generally, options are granted at prices equal to at least 100% of the fair value of the stock at the date of grant, expire not later than five years from the date of grant and vest ratably over a four-year period following the date of grant. From time to time, as approved by the Board of Directors, options with differing terms have also been granted. We recognized stock option compensation expense of $2.6 million, $2.5 million and $3.0 million for the years ended December 31, 2011, 2010 and 2009, respectively.

The fair values of options granted during the years ended December 31, 2011, 2010 and 2009 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:

	Year Ended December 31,
	2011			2010			2009
Weighted average volatility		87	%		84	%		76	%
Expected term (in years)		3.8			3.8			3.8
Risk-free rate		1.1	%		1.0	%		1.7	%
Weighted average fair value of options – grant date	$	7.94		$	5.53		$	8.81

Volatilities are based on the historical volatility of our closing common stock price. Expected term of options granted represents the period of time that options granted are expected to be outstanding. The expected term of the options granted in 2011, 2010 and 2009 is estimated using the simplified method because the option terms are homogeneous and the Company has insufficient option exercise history to refine its expectations. The risk-free rate for periods within the contractual life of the options is based on the comparable U.S. Treasury rates in effect at the time of each grant. The aggregate intrinsic values of options exercised during the years ended December 31, 2011, 2010 and 2009 were $0.4 million, $0.4 million and $0, respectively. The following table sets forth a summary of option transactions for the year ended December 31, 2011:

	Number of Options			Weighted Average Grant Price		Aggregate Intrinsic Value (1) ($000)		Weighted Average Remaining Contractual Life
								(in years)
Outstanding at beginning of year		1,521,291		$	23.31
Granted		476,510			13.15
Exercised		(34,927	)		6.15
Canceled		(110,950	)		20.78
Expired		(173,687	)		38.27
Outstanding at end of year		1,678,237			19.40	$	577		2.8
Vested and expected to vest		1,465,761			20.12	$	489		2.7
Options exercisable at end of year		680,967			29.17	$	201		1.6

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

A summary of the status of ATP's nonvested stock options as of December 31, 2011 and changes during the year is presented below:

	Number of Options			Weighted Average Grant-date Fair Value
Nonvested at beginning of year		933,972		$	6.98
Granted		476,510			7.94
Vested		(331,307	)		8.21
Forfeited		(81,905	)		7.79
Nonvested at end of year		997,270			6.97

At December 31, 2011, unrecognized compensation expense related to nonvested stock option grants totaled $3.3 million. Such unrecognized expense will be recognized as vesting occurs over a weighted average period of 2.6 years.

Restricted stock grants vest over a three-year period, are subject to forfeiture, and cannot be sold, transferred or disposed of during the restriction period. The holders of the shares have voting and dividend rights with respect to such shares. During the years ended December 31, 2011, 2010 and 2009, we recognized aggregate compensation expense of $4.1 million, $4.3 million and $4.9 million, respectively, related to outstanding restricted stock grants.

The following table sets forth the changes in nonvested restricted stock for the year ended December 31, 2011:

	Number of Shares			Weighted Average Grant-date Fair Value		Aggregate Intrinsic Value (1) ($000)
Nonvested at beginning of year		422,637		$	19.76
Granted		658,611			11.40
Forfeited		(6,154	)		16.25
Vested		(243,065	)		24.65
Nonvested at end of year		832,029			11.74	$	6,124

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

At December 31, 2011, unrecognized compensation expense related to restricted stock totaled $5.2 million. Such unrecognized expense will be recognized as vesting occurs over a weighted average period of 2.3 years.

We have a 401(k) Savings Plan which covers all domestic employees. At our discretion, we may match a certain percentage of the employees' contributions to the plan. The matching percentage is currently 100% of the first 3% and 50% of the next 2% of each participant's compensation. Our matching contributions to the plan were approximately $302,000, $299,000 and $289,000 for the years ended December 31, 2011, 2010 and 2009, respectively.

We also have a defined contribution plan for our U.K. employees. We currently contribute 4% to the plan and such contributions are subject to the Pensions Act 1999 (U.K.) and to U.K. rules on taxation. For the years ended December 31, 2011, 2010 and 2009, we contributed approximately $34,000, $29,000 and $33,000, respectively.