Stock Compensation

9 Months Ended

Sep. 30, 2011

Stock Compensation [Abstract]

Stock Compensation

4. Stock Compensation

Stock Options

The following table presents activity of all stock options for the nine month period ended September 30, 2011:

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual Term		Value
	Options			Price		(in years)		(in thousands)
Outstanding at January 1, 2011		2,261,565		$	7.28
Granted		400,400			5.70
Exercised		(8,000	)		4.79
Cancelled, expired or forfeited		(278,918	)		4.92
Outstanding at September 30, 2011		2,375,047		$	7.30		4.12	$	0
Vested at September 30, 2011 and unvested expected to vest		2,347,961		$	7.33		4.10	$	0
Exercisable at September 30, 2011		1,423,822		$	8.70		3.21	$	0

The aggregate intrinsic values in the preceding table represent the total intrinsic values based on our closing stock price of $3.17 per share as of September 30, 2011.

Unvested Restricted Stock

Unvested restricted stock represents shares of common stock that are subject to the risk of forfeiture until the fulfillment of specified performance criteria. Our unvested restricted stock awards generally cliff vest on either the first, second or third anniversary date of the grant.

For grants which vest based on specified Company performance criteria, the grant date fair value of the shares is recognized over the period of performance once achievement of such criteria is deemed probable. For grants that vest through passage of time, the grant date fair value of the award is recognized ratably over the vesting period. The fair value of unvested restricted stock awards is determined based on the number of shares granted and the market value of our shares on the grant date.

The following table presents activity of all unvested restricted stock for the nine months ended September 30, 2011:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at January 1, 2011		784,063		$	4.77
Granted		344,784			5.39
Vested and exercised		(224,225	)		5.29
Forfeited and cancelled		(187,608	)		4.65
Unvested at September 30, 2011		717,014		$	4.94