Share-based Compensation

9 Months Ended

Sep. 30, 2012

Share-based Compensation [Abstract]

Share-based Compensation

11. Share-based Compensation

Our 2006 Stock Option and Incentive Plan allows for granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, unrestricted stock awards, and deferred stock awards to our officers, employees, directors, and consultants.

The components of share-based compensation expense were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2012		2011		2012		2011
	(in thousands)
Stock option awards to employees	$	239	$	185	$	530	$	456
Restricted common stock awards		167		132		406		391
Total share-based compensation	$	406	$	317	$	936	$	847

We have computed the fair values of employee stock options for option grants issued during the nine months ended September 30, 2012 and 2011 using the Black-Scholes option model with the following assumptions:

	2012			2011
Dividend yield		1.6	%		1.1	%
Volatility		61.8	%		66.1	%
Risk-free interest rate		0.6	%		1.4	%
Weighted average expected option term (in years)		5.5			4.8
Weighted average fair value per share of options granted	$	2.91		$	3.57

The weighted-average fair value per share of restricted stock unit grants issued for the nine months ended September 30, 2012 was $6.23. The weighted-average fair value per share of restricted stock unit grants issued for the nine months ended September 30, 2011 was $7.10.