STOCK-BASED COMPENSATION

9 Months Ended

Mar. 31, 2012

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

6.             STOCK-BASED COMPENSATION

The Company recognized stock-based compensation expense as follows:

	For The Three Months Ended				For The Nine Months Ended
	March 31,		March 31,		March 31,		March 31,
	2012		2011		2012		2011
	(Amounts in thousands)				(Amounts in thousands)
Stock options	$	111	$	81	$	349	$	325
Stock appreciation rights	297		220		921		588
Restricted stock	572		389		2,223		1,659
Performance stock	514		1,113		2,067		2,438
Total stock-based compensation expense	$	1,494	$	1,803	$	5,560	$	5,010

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

There were no options granted during the three months ended March 31, 2012 and 2011, respectively.  There were 18,796 and 24,800 stock options granted during the nine months ended March 31, 2012 and 2011, respectively.  As of March 31, 2012, there was $0.6 million of unrecognized compensation expense related to non-vested stock options, which is expected to be recognized over a weighted-average period of 1.89 years.

There were no stock-settled appreciated rights (“SSARs”) granted during the three months ended March 31, 2012 and 2011, respectively.  There were 42,804 and 51,500 SSARs granted during the nine months ended March 31, 2012 and 2011, respectively.  As of March 31, 2012, there was $1.5 million of unrecognized compensation expense related to non-vested SSARs, which is expected to be recognized over a weighted-average period of 1.79 years.

There were no shares of restricted stock granted during the three months ended March 31, 2012 and 2011, respectively.  There were 44,950 and 53,100 shares of restricted stock granted during the nine months ended March 31, 2012 and 2011, respectively.  As of March 31, 2012, there was $6.0 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 3.83 years.

There were no shares of performance stock granted during the three months ended March 31, 2012 and 2011, respectively.  There were 49,600 and 60,500 shares of performance stock granted during the nine months ended March 31, 2012 and 2010, respectively.  During the three months ended March 31, 2012 and 2011, 12,400 and 11,500 shares of performance stock, respectively, vested at a weighted-average grant date fair value of $68.18 and $29.75.  During the nine months ended March 31, 2012 and 2011, 26,775 and 86,000 shares of performance stock, respectively, vested at a weighted-average grant date fair value of $58.24 and $29.75.  As of March 31, 2012, there was $2.2 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average period of 1.64 years.