STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2012

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

8. STOCK-BASED COMPENSATION

        The Company has several stock-based compensation programs. See the Annual Report on Form 10-K filed with the SEC on February 28, 2012—Item 8. Financial Statements—Note 16, Stockholders' Equity" for a discussion of these programs.

        On January 6, 2012, the Compensation Committee of the Company's Board approved the additional grants of options to purchase up to 560,000 shares of common stock to certain employees of the Company, at an exercise price of $9.07, under the Company's 2009 Stock Incentive Plan. The exercise price represents the closing price of the Company's common stock on the grant date. These options are divided equally into two tranches: options that vest over four years and are subject only to the passage of time (with 25% of options vesting on the first anniversary and the remainder vesting on a quarterly basis over the following three years) (the "Time-based Tranche") and options that are subdivided in four equal sub-tranches that vest upon the achievement of certain performance criteria set by the board of directors for each of 2012, 2013, 2014 and 2015 (the "Performance-based Tranche").

        The following assumptions were used in the option-pricing model to assess the fair values of the options granted in the three months ended March 31, 2012:

	Options
Risk free interest rate	0.38 - 1.20	%
Expected option life (years)	2.5 - 5.5
Expected dividend yield	5.40 - 5.61	%
Volatility factor	51.44 - 84.69	%
Weighted-average grant date fair value (per share)	$2.23

        As of March 31, 2012, the total compensation cost related to unvested granted awards not yet recognized of $12,577 is to be recognized over a weighted average period of 3.2 years.