Stock-Based Compensation

12 Months Ended

Dec. 31, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

Long Term Incentive Plan

The 2007 Long Term Incentive Plan (the “2007 Incentive Plan”) provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to our officers and employees to acquire shares of our Class A common stock, common stock or to receive other awards based on our performance. We recognize the fair value of the stock options on the date of grant as compensation expense, and such expense is amortized over the vesting period of the stock option. The 2007 Incentive Plan allows us to grant share-based awards for a total of 6.0 million shares of stock, with not more than 1.0 million out of that 6.0 million to be Class A common stock and the remaining shares to be common stock. As of December 31, 2011 and in addition to options then outstanding for the issuance of our common stock, 5.0 million shares were available for issuance under the 2007 Incentive Plan. Shares of common stock underlying outstanding options or performance awards are counted against the 2007 Incentive Plan’s maximum shares. Under the 2007 Incentive Plan, the options granted typically vest after a two-year period and expire three years after fully vesting. However, options will vest immediately upon a “change in control” as such term is defined in the 2007 Incentive Plan. All options have been granted with purchase prices that equal the market value of the underlying stock at the close of business on the date of the grant.

Directors’ Restricted Stock Plan

On May 14, 2003, our stockholders approved a restricted stock plan for our Board of Directors (the “Directors’ Restricted Stock Plan”). We have reserved 1.0 million shares of our common stock for issuance under this plan and, as of December 31, 2011, there were 770,000 shares available for award. Under the Directors’ Restricted Stock Plan, each director can be awarded up to 10,000 shares of restricted stock each calendar year. We did not grant any shares of restricted common stock to our directors during the years ended December 31, 2011, 2010 or 2009. Of the total shares granted to the directors since the inception of the Directors’ Restricted Stock Plan, 10,000 shares were not vested as of December 31, 2011.

Stock-Based Compensation — Valuation Assumptions for Stock Options

Included in corporate and administrative expenses in the years ended December 31, 2011, 2010 and 2009 were $0.1 million, $0.3 million and $1.4 million, respectively, of non-cash expense for stock-based compensation which included amortization of restricted stock and stock option expense. We did not grant any stock options during the years ended December 31, 2011, 2010 or 2009.

A summary of our stock option activity for common stock for the years ended December 31, 2011, 2010 and 2009 is as follows (in thousands, except weighted average data):

	Year Ended December 31,
	2011				2010				2009
	Options		Weighted Average Exercise Price		Options		Weighted Average Exercise Price		Options		Weighted Average Exercise Price
Stock options outstanding - beginning of period		1,005	$	7.51		1,476	$	8.28		1,949	$	8.31
Options granted		-		-		-		-		-		-
Options exercised		-		-		-		-		-		-
Options forfeited		(3)		8.61		(75)		10.37		(460)		8.31
Options expired		-		-		(396)		9.84		(13)		12.37
Stock options outstanding - end of period		1,002	$	7.50		1,005	$	7.51		1,476	$	8.28
Exercisable at end of period		1,002	$	7.50		1,005	$	7.51		498	$	9.93

As of December 31, 2011, all outstanding common stock options are fully vested. Information concerning common stock options outstanding has been segregated into five groups as follows:

As of December 31, 2011
Number of Options   Outstanding		Exercise Price Per Share		Remaining   Contractual   Life
(in thousands)				(in years)
	32	$	8.61	0.2
	5		9.46	0.8
	925		7.64	1.1
	30		3.61	1.4
	10	$	2.10	1.6
	1,002

The aggregate intrinsic value of our stock options was $0 based on the closing market price of our common stock at December 31, 2011.

The following table summarizes the activity for our non-vested restricted shares during the year ended December 31, 2011 under our Directors’ Restricted Stock Plan:

	Number of     Shares		Weighted     Average Fair Value
	(in thousands)
Restricted Stock:
Non-vested common restricted shares, December 31, 2010		33	$	5.74
Vested		(23)		6.08
Non-vested common restricted shares, December 31, 2011		10	$	4.94

As of December 31, 2011, there was $56,214 of total unrecognized compensation cost related to all non-vested share based compensation arrangements. The cost is expected to be recognized over a weighted average period of one year.