Stock-Based Compensation

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation

Stock-Based Compensation

(13)  STOCK-BASED COMPENSATION

The Company recognized the following amounts in employee stock-based compensation costs for the three and six months ended June 30, 2011 and 2010:

	For the three months ended		For the six months ended
	June 30,		June 30,
	2011	2010	2011	2010
	(in thousands)
Stock-based compensation cost – general and administrative expense	$2,236	$2,136	$4,686	$4,433
Stock-based compensation cost – capitalized	$1,905	$1,689	$3,815	$3,397

As of June 30, 2011, there was $31.8 million of total unrecognized compensation cost related to the Company's unvested stock option and restricted stock grants. This cost is expected to be recognized over a weighted-average period of 2.4 years.

The following table summarizes stock option activity for the first six months of 2011 and provides information for options outstanding as of June 30, 2011.

		Weighted
		Average
	Number	Exercise
	of Options	Price
Outstanding at December 31, 2010	4,769,122	$16.13
Granted	15,000	40.63
Exercised	(397,640)	8.46
Forfeited or expired	(17,001)	37.46
Outstanding at June 30, 2011	4,369,481	$16.83
Exercisable at June 30, 2011	3,546,494	$12.16

The following table summarizes restricted stock activity for the six months ended June 30, 2011 and provides information for unvested shares as of June 30, 2011.

		Weighted
		Average
	Number	Grant Date
	of Shares	Fair Value
Unvested shares at December 31, 2010	834,058	$36.24
Granted	1,270	38.58
Vested	(25,818)	39.00
Forfeited	(29,729)	36.49
Unvested shares at June 30, 2011	779,781	$36.15