Restricted Stock

6 Months Ended

Jun. 30, 2011

Restricted Stock

Restricted Stock

9. Restricted Stock

In 2009, the Company granted an aggregate of 515,549 shares of common stock to independent members of the board of directors under restricted stock agreements in accordance with the terms of the Company’s Amended and Restated 2005 Stock Incentive Plan (“2005 Plan”) and the Company’s director compensation program. 115,549 shares of restricted common stock granted in 2009 vested on December 31, 2009 and the remainder vest ratably over four years beginning in January 2010. In the event that a member of the board ceases to serve on the Company’s board prior to December 31, 2013, the member shall forfeit all unvested shares in accordance with the terms of the restricted stock agreement.

A summary of the unvested shares of restricted stock as of June 30, 2011 is presented below:

	Shares		Weighted Average Grant Date Fair Value
Unvested at December 31, 2010	270,000		$	5.69
Granted	—		$	—
Vested	(42,500	)	$	5.70
Forfeited	(27,500	)	$	5.48
Unvested at June 30, 2011	200,000		$	5.72