STOCK-BASED COMPENSATION

3 Months Ended

Sep. 30, 2011

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

5.             STOCK-BASED COMPENSATION

The Company recognized stock-based compensation expense as follows:

	For The Three Months Ended
	September 30,		September 30,
	2011		2010
	(Amounts in thousands)
Stock options	$	115	$	131
Stock appreciation rights	295		167
Restricted stock	1,086		470
Performance stock	702		517
Total stock-based compensation expense	$	2,198	$	1,285

Stock-based compensation expense is included within general and administrative in the consolidated statements of operations and comprehensive income.

There were 18,796 and 0 stock options granted during the three months ended September 30, 2011 and 2010, respectively.  As of September 30, 2011, there was $0.9 million of unrecognized compensation expense related to non-vested stock options, which is expected to be recognized over a weighted-average period of 2.3 years.

There were 42,804 and 0 stock-settled stock appreciation rights granted during the three months ended September 30, 2011 and 2010, respectively.  As of September 30, 2011, there was $2.2 million of unrecognized compensation expense related to non-vested stock appreciation rights, which is expected to be recognized over a weighted-average period of 2.1 years.

There were 44,950 and 0 shares of restricted stock granted during the three months ended September 30, 2011 and 2010, respectively.  As of September 30, 2011, there was $7.3 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average vesting period of 4.0 years.

There were 49,600 and 0 shares of performance stock granted during the three months ended September 30, 2011 and 2010, respectively.  During the three months ended September 30, 2011 and 2010, 0 and 74,500 shares of performance stock, respectively, vested at a weighted average grant date fair market value of $0 and $42.53, respectively.  As of September 30, 2011, there was $3.7 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average vesting period of 0.9 years.