STOCK-BASED COMPENSATION

3 Months Ended

Sep. 30, 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
	September 30,		September 30,
	2012		2011
	(Amounts in thousands)
Stock options	$	127	$	115
Stock appreciation rights	392		295
Restricted stock	1,130		1,086
Performance stock	446		702
Total stock-based compensation expense	$	2,095	$	2,198

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

There were 17,925 and 18,796 stock options granted during the three months ended September 30, 2012 and 2011, respectively.  As of September 30, 2012, there was $0.8 million of unrecognized compensation expense related to non-vested stock options, which is expected to be recognized over a weighted-average period of 2.2 years.

There were 54,400 and 42,804 stock-settled stock appreciation rights (“SSARs”) granted during the three months ended September 30, 2012 and 2011, respectively.  As of September 30, 2012, there was $2.5 million of unrecognized compensation expense related to non-vested SSARs, which is expected to be recognized over a weighted-average period of 2.0 years.

There were 40,850 and 44,950 shares of restricted stock granted during the three months ended September 30, 2012 and 2011, respectively.  The restricted stock awards granted to officers and certain employees during the three months ended September 30, 2012, vest over a three year period beginning after a two-year holding period from the date of grant, with one-third of the shares vesting after years three, four and five, respectively.  As of September 30, 2012, there was $7.0 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average vesting period of 3.7 years.

There were 45,600 and 49,600 shares of performance stock granted during the three months ended September 30, 2012 and 2011, respectively.  As of September 30, 2012, there was $4.9 million of unrecognized compensation expense related to non-vested performance stock, which is expected to be recognized over a weighted-average vesting period of 2.0 years.