SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2013

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

SHARE-BASED COMPENSATION

NOTE F - SHARE-BASED COMPENSATION

Restricted Stock

A summary of activity in non-vested restricted stock awards during the quarter ended March 31, 2013 follows (shares in thousands):

	Shares		Weighted average grant date fair value
Non-vested at December 31, 2012	1,126		$	1.57
Granted	970			1.46
Vested	(285	)		1.51
Forfeited	—			—
Non-vested at March 31, 2013	1,811		$	1.52

During the quarter ended March 31, 2013, we granted 970,300 shares of restricted stock (with a grant date fair value of $1.46 per share based on the market price of the underlying common stock at the grant date) to executive officers in connection with long-term incentive compensation programs. The restricted stock vests ratably over four years.

Non-cash compensation expense related to restricted stock totaled approximately $242,000 and $122,000 for the quarters ended March 31, 2013 and 2012, respectively. As of March 31, 2013, there was approximately $2,054,000 of unrecognized compensation cost related to the restricted shares, which is expected to be recognized over a weighted average period of 2.3 years. The total fair value of restricted stock vested during the quarters ended March 31, 2013 and 2012 was approximately $441,000 and $232,000, respectively.