Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 10 — Stock–Based Compensation

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

	Three Months Ended March  31,
	2012		2011
Stock options		598		451
Restricted stock		1,001		980

There were no options granted during the three-month period ended March 31, 2012. The fair values of options granted during the three-month period ended March 31, 2011 were estimated at the date of grant using a Black-Scholes option-pricing model assuming no dividends and with the following weighted average assumptions:

	Three Months Ended March  31, 2011
Volatility		85	%
Expected term (in years)		3.8
Risk-free rate		1.8	%
Weighted average fair value of options – grant date	$	17.94

The following table sets forth a summary of option transactions for the three months ended March 31, 2012:

	Number of Options			Weighted Average Grant Price		Aggregate Intrinsic Value (1) ($000)		Weighted Average Remaining Contractual Life
								(in years)
Outstanding at beginning of period		1,678,237		$	19.40
Canceled		(7,887	)		29.80
Exercised		(2,625	)		5.28	$	4
Outstanding at end of period		1,667,725			19.38	$	566		2.5
Vested and expected to vest		1,457,493			20.10	$	480		2.5
Options exercisable at end of period		789,899			26.41	$	328		1.5

(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 March 31, 2012, unrecognized compensation expense related to nonvested stock option grants totaled $2.7 million. Such unrecognized expense will be recognized as vesting occurs over a weighted average period of 2.5 years.

At March 31, 2012, unrecognized compensation expense related to restricted stock totaled $4.3 million. Such unrecognized expense will be recognized as vesting occurs over a weighted average period of 2.2 years. The following table sets forth the changes in nonvested restricted stock for the three months ended March 31, 2012:

	Number of Shares			Weighted Average Grant-date Fair Value		Aggregate Intrinsic Value (1) ($000)
Nonvested at beginning of period		832,029		$	11.74
Vested		(123,967	)		14.60
Nonvested at end of period		708,062			11.24	$	5,204

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