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Stock-based Compensation
9 Months Ended
Sep. 30, 2011
Stock-based Compensation [Abstract] 
Stock-based Compensation
7. Stock-based Compensation

We recognize compensation expense for share-based payment awards granted to our employees and directors, including stock option and restricted share awards under our 2007 Long-Term Incentive Plan and the Directors’ Restricted Stock Plan. The following table provides our stock-based compensation expense and related income tax benefit for the three-month and nine-month periods ended September 30, 2011 and 2010, respectively (in thousands).

 

      0000000000       0000000000       0000000000       0000000000  
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2011     2010     2011     2010  

Stock-based compensation expense, gross

     $ 34          $ 57          $ 102          $ 274     

Income tax benefit at our statutory rate associated with stock-based compensation

     (13)         (22)         (40)         (107)    
   

 

 

    

 

 

    

 

 

    

 

 

  

Stock-based compensation expense, net

     $ 21          $ 35          $ 62          $ 167     
   

 

 

    

 

 

    

 

 

    

 

 

  

Long-term Incentive Plan

During the nine-month periods ended September 30, 2011 and 2010, we did not grant any options to our employees to acquire our common stock. A summary of stock option activity related to our common stock for the nine-month periods ended September 30, 2011 and 2010 is as follows (option amounts in thousands):

 

      0000000000       0000000000       0000000000       0000000000  
    Nine Months Ended September 30,  
    2011     2010  
    Options     Weighted-
Average
Exercise
Price		     Options     Weighted-
Average
Exercise
Price		  

Common stock:

                                

Stock options outstanding - beginning of period

     1,005          $ 7.51          1,476          $ 8.28     

Options expired

     -          $ -                (368)         $ 9.99     

Options forfeited

     (2)         $ 8.61          (72)         $ 10.43     
   

 

 

            

 

 

          

Stock options outstanding - end of period

     1,003          $ 7.50          1,036          $ 7.52     
   

 

 

            

 

 

          

Exercisable at end of period

     1,003          $ 7.50          1,036          $ 7.52     

For the nine-month period ended September 30, 2011, there were no options outstanding for the purchase of our Class A common stock. As of September 30, 2011, the market price of our common stock was less than the exercise prices of all of our outstanding stock options.

Directors’ Restricted Stock Plan

During the nine-month periods ended September 30, 2011 and 2010, we did not grant any shares of restricted stock to our directors. The unearned compensation resulting from previous grants is being amortized as an expense over the vesting period of the restricted common stock. The total amount of unearned compensation is equal to the market value of the shares at the date of grant, net of accumulated amortization.

 

The following table summarizes our unvested restricted shares during the nine-month period ended September 30, 2011 and the weighted-average fair value per share as of the date of grant (shares in thousands):

 

      0000000000       0000000000  
    Number of
Shares		     Weighted-average
Fair Value
Per Share		  

Restricted Stock:

                

Unvested common restricted shares, December 31, 2010

     33       $ 5.74  

Granted

     -           -      

Vested

     -           -      
   

 

 

          

Unvested common restricted shares, September 30, 2011

     33       $ 5.74