Stock-based Compensation

3 Months Ended

Mar. 31, 2012

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

Stock-based Compensation

Stock-based Compensation

During the three months ended March 31, 2012 and 2011, 5,100 and 13,900 options were vested, respectively. At March 31, 2012, there were 15,200 options unvested and no shares available for grants of options other than shares available under the Omnibus Plan.

As of March 31, 2012, there are 143,000 restricted shares outstanding, of which 23,331 shares of restricted stock are vested and 119,669 shares are nonvested. There were no shares of restricted stock issued during the quarter ended March 31, 2012, and 20,000 restricted shares were forfeited. During the first quarter of 2011, there were 145,000 shares of restricted stock granted at an average fair value of $2.34 per share. The fair value of each share grant is based on the closing market price of the stock on the date of issuance.

There were no options granted during the first three months of 2012 or 2011.

The compensation expense related to options and restricted shares was $35,862 for the three-month period ended March 31, 2012 and 2011. As of March 31, 2012, there was $289,845 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under all of the Company's stock benefit plans. This cost is expected to be recognized over an average vesting period of 1.8 years.

There were no options exercised during the three months ended March 31, 2012 and 2011.