STOCK-BASED EMPLOYEE COMPENSATION

12 Months Ended

Dec. 31, 2012

STOCK-BASED EMPLOYEE COMPENSATION [Abstract]

STOCK-BASED EMPLOYEE COMPENSATION

6. STOCK-BASED EMPLOYEE COMPENSATION

The Company had stock-based compensation plans for employees and non-employee members of the Board of Directors.  The plans provided for discretionary grants of stock options, shares of restricted stock, and other stock-based awards. The plans were administered by the Compensation Committee of the Board of Directors, consisting of non-employee directors.  The Company's recognition of stock-based compensation expense in the statement of operations over the vesting period is based on the fair value of the award at the grant date.

The following table summarizes activity under the Company's stock option plans for the years ended December 31, 2012, 2011 and 2010:

	Shares (In thousands)		Weighted Average Exercise Price		Remaining Contractual  Life (in years)	Aggregate Intrinsic Value  (in thousands)
Outstanding at January 1, 2010	770		$	18.28
Granted	—			—
Exercised	—			—
Forfeited, cancelled or expired	(480	)		20.56
Outstanding at December 31, 2010	290		$	14.29
Granted	—			—
Exercised	—			—
Forfeited, cancelled or expired	(290	)		14.29
Outstanding at December 31, 2011	—		$	—
Granted	—			—
Exercised	—			—
Forfeited, cancelled or expired	—			—
Outstanding at December 31, 2012	—		$	—	—	$	—
Exercisable at December 31, 2012	—		$	—	—	$	—

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing price of our common stock on the date of determination for those awards that have an exercise price currently below the closing price.  As of December 31, 2012, there were no options outstanding to purchase shares with an exercise price below the quoted price of our common stock.  During the years ended December 31, 2012, 2011 and 2010, the aggregate intrinsic value of options exercised under the Company's stock option plans was $0, determined as of the date of exercise.

Restricted Stock Awards

The Company granted restricted stock awards of approximately 378,000 shares on May 22, 2009 under its 2008 long-term incentive compensation plan ("LTICP"), 311,000 shares on May 23, 2008 under its 2007 LTICP, 162,000 shares on May 25, 2007 under its 2006 LTICP and 145,000 and 4,000 shares on May 23, 2006 and June 15, 2006, respectively, under its 2005 LTICP. The restricted stock awards were granted to certain employees, including officers and members of the Board of Directors, at grant prices of $1.46, $7.85, $16.79, $16.52 and $15.78 (in each case, the average of the high and low stock price from the previous day of trading) for the May 22, 2009, May 23, 2008, May 25, 2007, May 23, 2006 and the June 15, 2006 grants, respectively.  The restricted stock awards vest annually over a period of three years from the date of grant for the awards made under the 2008 and 2007 LTICPs and over a period of four years for the awards made under the 2006 and 2005 LTICPs, with accelerated vesting upon a change of control of the Company (as defined in the applicable plan).  During the restriction period, award holders do not have the rights of stockholders and cannot transfer ownership. Additionally, nonvested shares of award holders are subject to forfeiture.  These awards are forfeited and revert to the Company in the event of employment termination, except in the case of death, disability, retirement or other specified events.

The following table summarizes restricted stock activity under the Company's long-term incentive compensation plans for the years ended December 31, 2012, 2011 and 2010:

	Number of Shares (in thousands)			Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2010		594		$	5.58
Granted		—			—
Vested		(242	)		7.09
Forfeited		(100	)		4.39
Outstanding at December 31, 2010		252		$	4.60
Granted		—			—
Vested		(125	)		5.90
Forfeited		(66	)		5.03
Outstanding at December 31, 2011		61		$	1.46
Granted		—			—
Vested		(61	)		1.46
Forfeited		—			—
Outstanding at December 31, 2012		—		$	—

The Company recognized approximately $21, $32, and $948 of compensation costs related to the LTICPs during the years ended December 31, 2012, 2011 and 2010, respectively.  Additionally, as of December 31, 2012, there was no unrecognized compensation cost related to restricted stock awards granted under the Company's 2008, 2007, and 2006 LTICPs, respectively.

Availability for Future Issuance – Effective December 21, 2012, in conjunction with the Company's plan of reorganization and emergence from its bankruptcy proceeding all existing restricted stock and option plans were terminated.  As of December 31, 2012, there were no stock options or restricted shares available for future issuance under the Company's stock option plans.

On February 27, 2013, the Board of Directors of the Company authorized the 2013 Equity Incentive Plan (the "Plan"), which provides for the grant of non-statutory stock options and restricted shares to eligible employees and directors of the Company. The Plan authorizes the Company to issue up to 2,600,000 shares of common stock. The Company issues new shares upon the exercise of stock options.

Options granted under the Plan generally expire no later than 10 years from the date of grant. Options generally vest and become fully exercisable over a two year period (1/3 vest on the date of issuance, 1 year after issuance and 2 years after issuance, respectively). The exercise price of any option granted to a 10% stockholder may be no less than 110% of the fair value of the Company's common stock on the date of grant. At December 31, 2012, no shares of common stock were issued under this plan.