Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

8. Stock-Based Compensation Plans

Stock-based compensation expense for the three and six months ended June 30, 2011 and 2010 was as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2011			2010		2011		2010
	(In thousands)
Employee:
Stock options	$	(168	)	$	432	$	127	$	871
Restricted stock and performance shares		860			1,777		2,682		3,378
		692			2,209		2,809		4,249
Non-employee directors:
Stock options		—			29		—		83
Restricted stock		117			68		290		168
		117			97		290		251
Total stock-based compensation	$	809		$	2,306	$	3,099	$	4,500

The Company records stock-based compensation for employees in employee compensation and benefits and for non-employee directors in general and administrative expenses in the Consolidated Statements of Operations. In conjunction with the June 2011 resignation of the Company’s President, unvested stock options, restricted stock and performance shares were canceled and previously recorded expense amounting to $1.4 million was reversed.

During the six months ended June 30, 2011, the Company granted to employees a total of 340,771 options to purchase shares of common stock, 409,718 shares of restricted stock or restricted stock units and performance-based shares with an expected pay-out at target of 77,665 shares of common stock. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $11.29 per share. The fair value of the restricted stock and performance-based share awards was based on a weighted-average grant date fair value per share of $21.58 and $21.56, respectively. As of June 30, 2011, the total unrecognized compensation costs related to non-vested awards was $15.4 million. That cost is expected to be recognized over a weighted-average period of 1.9 years.