Stock-Based Compensation

9 Months Ended

Sep. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Stock-Based Compensation

(7) Stock-Based Compensation

We recognize compensation expense for stock-based compensation awards issued to employees that are expected to vest. Compensation cost is based on the fair value of awards as of the grant date.

The following table summarizes the pre-tax stock-based compensation expense included in reported net income (in thousands):

	Three months ended Sept. 30,				Nine months ended Sept. 30,
	2012		2011		2012		2011
Non-qualified stock options	$	105	$	229	$	587	$	684
Restricted stock units		224		194		482		451
Board of Directors stock grants		75		78		287		279
Total stock-based compensation	$	404	$	501	$	1,356	$	1,414

Pursuant to our 2011 Stock Incentive Plan, we may grant awards of non-qualified stock options, incentive stock options, restricted stock, stock units, performance shares, performance units and other incentives payable in cash or in shares of our common stock to officers, employees or members of the Board of Directors. As of September 30, 2012, we had non-qualified stock options and restricted stock units outstanding under these plans as discussed below.

Non-Qualified Stock Options

Summarized information for the Company’s non-qualified stock options is as follows:

						Weighted
						average
				Weighted		remaining		Aggregate
	Number of			average		contractual		intrinsic
Stock Options	options			exercise price		term		value
Outstanding at December 31, 2011		1,441,370		$	9.93
Granted		48,500			17.35
Exercised		(715,960	)		10.84
Forfeited		(35,900	)		11.69
Expired		(9,920	)		3.36
Outstanding at September 30, 2012		728,090		$	9.53		3.22	$	7,130,000
Stock options expected to vest		712,690		$	9.54		3.21	$	6,973,000
Exercisable at September 30, 2012		296,390		$	9.03		2.37	$	3,048,000

Restricted Stock Units

In addition to stock options, we issue restricted stock units to key employees and members of the Board of Directors based on meeting certain service goals. The stock units vest to the recipients at various dates, up to five years, based on fulfilling service requirements. We recognize the value of the market price of the underlying stock on the date of grant as compensation expense over the requisite service period. Upon vesting, the stock units are settled in shares of our common stock. Summarized share information for our restricted stock units is as follows:

	Nine			Weighted
	months ended			average
	September 30,			grant date
	2012			fair value
	(In shares)			(In dollars)
Outstanding and unvested, beginning of period		102,967		$	6.43
Granted		190,500			19.25
Vested		(13,560	)		9.00
Forfeited		(5,044	)		8.73
Outstanding and unvested, end of period		274,863		$	15.15
Restricted stock units expected to vest		261,103		$	15.05