STOCK-BASED AWARDS

12 Months Ended

Dec. 31, 2011

STOCK-BASED AWARDS

STOCK-BASED AWARDS

17. STOCK-BASED AWARDS

Stock Option Awards

        Our board of directors adopted the 2005 Equity Incentive Plan (the "Plan"), in April 2005. Under this Plan, the Board of Directors may issue incentive stock options to employees and directors of the Company and non-qualified stock options to consultants of the Company. Options granted under this Plan generally expire at the end of ten years and vest in accordance with a vesting schedule determined by our Board of Directors, usually over four years from the grant date. We did not grant any options during the years ended December 31, 2011, 2010 and 2009. As of December 31, 2011, 1.0 million shares of stock based awards are available for future grants under the 2005 Equity Incentive Plan. We settle stock option exercises with newly issued common shares.

        The following is a summary of stock option activity (in thousands):

	2011					2010					2009
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding—beginning of year		496		$	18.09		721		$	20.29		974		$	21.27
Granted at fair value		—			—		—			—		—			—
Exercised		—			—		(90	)		17.05		(2	)		15.82
Expired/Forfeited		(91	)		20.55		(135	)		30.41		(251	)		24.12
Outstanding—end of year		405		$	17.58		496		$	18.09		721		$	20.29
Options exercisable at year-end		404		$	17.59		472		$	18.08		543		$	21.17

        The following table summarizes information about stock options as of December 31, 2011 (in thousands, except per share data):

Options Outstanding								Options Exercisable
Shares		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Aggregate Intrinsic Value		Shares		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Aggregate Intrinsic Value
	405	$	17.58		5.04	$	—		404	$	17.59		5.04	$	—

        Stock options vest over four years at 28% at the end of the first year and 2% each month thereafter. During the years ended December 31, 2011, 2010 and 2009, we recorded stock based compensation related to stock options of $200,000, $1.6 million and $2.2 million, respectively.

        Total unrecognized compensation costs related to nonvested stock option awards was approximately $3,000, $239,000 and $1.8 million as of December 31, 2011, 2010 and 2009, respectively. Remaining unrecognized compensation costs related to nonvested awards are expected to be recognized over the weighted average period of one year.

        The aggregate intrinsic value in the table above represents the total pretax intrinsic value, based on our stock price of $7.84 as of December 31, 2011, which would have been received by the option holders had all option holders exercised their options as of that date. There were no in-the-money options exercisable as of December 31, 2011.

        The total intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009 was zero, $381,000 and $2,000, respectively. The total cash received from employees as a result of employee stock option exercises during the years ended December 31, 2011, 2010 and 2009 were approximately zero, $1.5 million and $29,000, respectively. In connection with these exercises, there was no tax benefit realized due to our current net operating loss position.

Restricted Stock Unit Activity

        For the years ended December 31, 2011, 2010 and 2009, 268,000, 302,000 and 366,000 restricted stock units were granted, respectively. The cost of restricted stock units is determined using the fair value of our common stock on the date of the grant and compensation expense is recognized straight-line over the three year vesting schedule. The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2011, 2010 and 2009 was $15.47, $13.17 and $10.15, respectively.

        The following is a summary of restricted stock unit activity (amounts in thousands, except per share data):

	2011					2010					2009
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Outstanding—beginning of year		685		$	12.08		640		$	11.35		449		$	12.69
Granted at fair value		268			15.47		302			13.17		366			10.15
Vested		(318	)		12.20		(185	)		11.52		(110	)		12.64
Forfeited		(113	)		13.88		(72	)		11.50		(65	)		11.55
Outstanding—end of year		522		$	13.40		685		$	12.08		640		$	11.35

        The restricted stock units vest over three years at 25% at the end of the first year, 25% at the end of the second year and 50% at the end of the third year. During the years ended December 31, 2011, 2010 and 2009, we recorded stock based compensation related to restricted stock units of $2.8 million, $3.5 million and $2.6 million, respectively. Changes to the forfeiture rate are accounted for as a cumulative effect of change in the period of such change.

        At December 31, 2011, there were 522,000 restricted stock units that remained outstanding. On January 24, 2012, we granted 681,000 additional restricted stock units.