Note 5 - Stock-based Compensation

3 Months Ended

Mar. 31, 2013

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

5.         Stock-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted shares under our 2007 Long-Term Incentive Plan and our Directors’ Restricted Stock Plan.  The following table provides our stock-based compensation expense and related income tax benefit for the three-month periods ended March 31, 2013 and 2012, respectively (in thousands).  

	Three Months Ended March 31,
	2013			2012
Stock-based compensation expense, gross	$	136		$	14
Income tax benefit at our statutory rate associated with stock-based compensation		(53	)		(5	)
Stock-based compensation expense, net	$	83		$	9

Long-term Incentive Plan

The 2007 Long Term Incentive Plan, as amended (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, employees and non-employee directors to acquire shares of our Class A common stock, common stock or to receive other awards based on our performance. During the three-month period ended March 31, 2013, we granted 318,852 shares of restricted common stock to our executive officers. One-third of these shares will vest on each of March 19, 2014, March 19, 2015 and March 19, 2016. Also during the three-month period ended March 31, 2013, we granted 63,210 shares of restricted common stock to our non-employee directors. These shares will vest on January 1, 2014. We did not grant any awards under the 2007 Incentive Plan during the three-month period ended March 31, 2012.

A summary of restricted stock activity related to our common stock for the three-month periods ended March 31, 2013 and 2012 is as follows:

	Three Months Ended
	March 31, 2013				March 31, 2012
	Number of of Shares		Weighted- Average Grant Date Fair Value Per Share		Number of of Shares		Weighted- Average Grant Date Fair Value Per Share
Restricted stock - common:
Outstanding - beginning of period		-	$	-		-	$	-
Granted		382,062	$	4.43		-	$	-
Outstanding - end of period		382,062	$	4.43		-	$	-

A summary of stock option activity related to our common stock for the three-month periods ended March 31, 2013 and 2012 is as follows:

	Three Months Ended
	March 31, 2013					March 31, 2012
	Number of Shares Underlying Options			Weighted- Average Exercise Price Per Share		Number of Shares Underlying Options			Weighted- Average Exercise Price Per Share
Stock options - common:
Outstanding - beginning of period		1,316,068		$	5.98		1,002,350		$	7.50
Options exercised		(15,000	)	$	3.11		-		$	-
Options expired		(921,500	)	$	7.64		(32,150	)	$	8.61
Outstanding - end of period		379,568		$	2.06		970,200		$	7.47
Exercisable at end of period		20,000		$	3.23		970,200		$	7.47

For the three-month period ended March 31, 2013, we did not have any stock options or restricted stock outstanding for our Class A common stock.The aggregate intrinsic value of our stock options was $1.0 millionbased on the closing market price of our common stock on  March 31, 2013.

Directors’ Restricted Stock Plan

The Directors’ Restricted Stock Plan authorizes the grant of restricted stock awards to our non-employee directors. During the three-month periods ended March 31, 2013 and 2012, we did not grant any restricted stock awards under our Directors’ Restricted Stock Plan.