Note 6 - Stock-based Compensation

9 Months Ended

Sep. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

6.        Stock-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted stock under our 2007 Long Term Incentive Plan and our Directors’ Restricted Stock Plan.  We recognize the fair value of the stock options and restricted stock on the date of grant as compensation expense, and such expense is amortized over the vesting period of the stock option or restricted stock award.

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, 2012 and 2011, respectively (in thousands).  

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Stock-based compensation expense, gross	$	170		$	34		$	324		$	102
Income tax benefit at our statutory rate associated with stock-based compensation		(66	)		(13	)		(126	)		(40	)
Stock-based compensation expense, net	$	104		$	21		$	198		$	62

2007 Long Term Incentive Plan

The 2007 Long Term Incentive Plan, as amended, authorizes the grant of stock options, restricted stock awards and other equity-based incentive awards to our officers, non-employee directors and employees.  During the nine-month period ended September 30, 2012, we granted 432,396 shares of restricted common stock to our executive officers and non-employee directors, and we also granted options to acquire 359,568 shares of our common stock to our executive officers. During the year ended December 31, 2011, we did not grant any stock-based awards under this plan.  The fair value for each stock option granted during the nine-month period ended September 30, 2012 was estimated at $1.62 per share at the date of grant using the Black-Scholes option pricing model using the following assumptions:

	Nine Months Ended
	September 30, 2012
Expected term (in years)	6.3
Volatility	104.9	%
Risk-free interest rate	1.0	%
Dividend yield	0.0	%
Expected forfeitures	0.0	%

A summary of award activity related to our common stock for the nine-month period ended September 30, 2012 under our 2007 Long Term Incentive Plan is as follows:

	Nine Months Ended
	September 30, 2012
	Number of Shares Underlying Options			Weighted- Average Exercise Price
Stock options - common stock:
Stock options outstanding - beginning of period		1,002,350		$	7.50
Options granted		359,568		$	1.99
Options expired		(32,150	)	$	8.61
Options forfeited		(1,500	)	$	7.64
Stock options outstanding - end of period		1,328,268		$	5.98
Exercisable at end of period		968,700		$	7.47

	Nine Months Ended
	September 30, 2012
			Weighted-
			average
			Grant Date
	Number of		Fair Value
	Shares		Per Share
Restricted stock - common stock:
Restricted stock awards outstanding, beginning of period		-	$	-
Granted		432,396		1.65
Vested		-		-
Restricted stock awards outstanding, end of period		432,396	$	1.65

During the  nine-month period ended September 30, 2012, we did not have any options or restricted stock awards outstanding for our Class A common stock.

Directors’ Restricted Stock Plan

The Directors’ Restricted Stock Plan authorizes the grant of restricted stock awards to our non-employee directors. During the nine-month period ended September 30, 2012 and the year ended December 31, 2011, we did not grant any shares of restricted stock to our non-employee directors under this plan.

The following table summarizes restricted stock activity under our Directors’ Restricted Stock Plan during the nine-month period ended September 30, 2012 and the weighted-average fair value per share granted thereunder as of the date of grant:

	Nine Months Ended
	September 30, 2012
			Weighted-average
			Grant Date
	Number of		Fair Value
	Shares		Per Share
Restricted stock - common stock:
Restricted stock awards outstanding, beginning of period		10,000	$	4.94
Granted		-		-
Vested		-		-
Restricted stock awards outstanding, end of period		10,000	$	4.94