Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Black-Scholes Valuation Model Assumptions Used to Estimate Fair Value of Stock Options Granted

The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions:

	2011
Expected dividend yield		5.09	%
Expected stock price volatility		56.6	%
Risk-free interest rate		2.57	%
Expected life of options (in years)		6.5
Weighted average estimated fair value
of options at grant date per share	$	3.48

Summary Stock Option Activity

The following table summarizes stock option activity under our 2011 Equity Incentive Plan for 2012:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Terms		Aggregate Intrinsic Value (Current Value Less Exercise Price)
				(Per share)		(In years)		(in thousands)
Outstanding at December 31, 2011		940,000		$	9.75		8	$	-
Granted		-		$	-
Exercised		-		$	-
Forfeited		(47,000	)	$	9.75
Outstanding at December 31, 2012		893,000		$	9.75		8	$	-
Exercisable at December 31, 2012		-		$	-			$	-

Equity-Based Compensation Expense

Equity-based compensation expense for 2012 and 2011 was (in thousands):

	2012		2011
Included in corporate general and administrative salaries
and other compensation in the consolidated statements of operations
Stock options	$	700	$	441
Time-based restricted stock		214		-
Performance-based restricted stock		171		-
		1,085		441
Included in corporate general and administrative other in
the consolidated statements of operations
Director stock		120		39
	$	1,205	$	480

Time Based Restricted Stock

Restricted Stock Activity

The following table summarizes time-based restricted stock activity under our 2011 Equity Incentive Plan for 2012:

	Number of Shares			Weighted Average Grant Date Fair Value			Aggregate Current Value
				(Per share)			(In thousands)
Non-vested January 1, 2012		-
Granted		110,137		$	7.78
Vested		(27,534	)	$	7.78
Forfeited		-
Non-vested December 31, 2012		82,603		$	7.78	$	785

Performance Based Restricted Stock

Restricted Stock Activity

The following table summarizes performance-based restricted stock activity under our 2011 Equity Incentive Plan for 2012:

	Number of Shares		Weighted Average Grant Date Fair Value		Aggregate Current Value
			(Per share)		(In thousands)
Non-vested January 1, 2012		-
Granted		82,602	$	7.78
Vested		-
Forfeited		-
Non-vested December 31, 2012		82,602	$	7.78	$785