Stock-Based Compensation

6 Months Ended

Jun. 30, 2012

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

Stock-Based Compensation

STOCK-BASED COMPENSATION

We accounts for stock-based compensation under the fair value recognition provisions of ASC Topic 718 - “Compensation - Stock Compensation.”

On June 14, 2012, our Board appointed John Forney as our Chief Executive Officer and granted him an initial equity award equaling $500,000 (or 86,960 shares), based on a book value on March 31, 2012. The shares will vest in equal parts on each anniversary of Mr. Forney's appointment as CEO ending on the fifth anniversary of this appointment. Mr. Forney's shares will vest only if he is employed at the conclusion of each annual anniversary of his appointment.

The following table presents certain information related to non-vested shares:

	Three Months Ended June 30, 2012
	Non-Vested Shares
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2011	—	—
Granted	86,960	$	5.25
Outstanding as of June 30, 2012	86,960	$	5.25

There was approximately $457,000 of unrecognized stock compensation expense related to non-vested compensation granted, which we expects to recognize over the next five years.