Compensation Plans

9 Months Ended

Sep. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Compensation Plans

Compensation Plans

The Company's Equity Compensation Plan (Equity Plan), subject to certain conditions, authorizes the issuance of stock options, restricted stock, stock appreciation rights and other similar awards to the Company's employees in connection with compensation and incentive arrangements that may be established by the Company's board of directors.

The following represents a summary of the status of the Company's unvested restricted shares, all of which were granted to the Company's executives pursuant to the Equity Plan as of and for the nine months ended September 30, 2012:

	Unvested Restricted Shares	Weighted Average Grant Date Fair Value per Restricted Share
Balance at January 1, 2012	14	$	17.13
Shares granted (a)	32	17.38
Shares vested	—	—
Shares forfeited	—	—
Balance at September 30, 2012	46	$	17.30

(a) Of the shares granted, 50% vest on each of the third and fifth anniversaries of the grant date.

During the three months ended September 30, 2012 and 2011, the Company recorded compensation expense of $48 and $14, respectively, related to unvested restricted shares. During the nine months ended September 30, 2012 and 2011, the Company recorded compensation expense of $162 and $31, respectively, related to unvested restricted shares. As of September 30, 2012, total unrecognized compensation expense related to unvested restricted shares was $564, which is expected to be amortized over a weighted average term of 3.1 years.

The Company's Independent Director Stock Option Plan (Option Plan), as amended, provides, subject to certain conditions, for the grant to each independent director of options to acquire shares following their becoming a director and for the grant of additional options to acquire shares on the date of each annual shareholders' meeting. As of September 30, 2012 and December 31, 2011, options to purchase 70 shares of common stock had been granted, of which options to purchase one share had been exercised and none had expired.

The Company calculates the per share weighted average fair value of options granted on the date of the grant using the Black-Scholes option pricing model utilizing certain assumptions regarding the expected dividend yield, risk-free interest rate, expected life and expected volatility. Compensation expense of $14 and $16 related to these stock options was recorded during the three months ended September 30, 2012 and 2011, respectively. Compensation expense of $41 and $48 related to these stock options was recorded during the nine months ended September 30, 2012 and 2011, respectively.