STOCK-BASED COMPENSATION

3 Months Ended

Sep. 30, 2013

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,
	2013			2012
	(Amounts in thousands)
Stock options	$	129		$	127
Stock appreciation rights	306			392
Restricted stock	1,267			1,130
Performance stock	(89		)	446
Total stock-based compensation expense	$	1,613		$	2,095

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

There were 24,775 and 17,925 stock options granted during the three months ended September 30, 2013 and 2012, respectively.  As of September 30, 2013, there was $1.0 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 84,125 and 54,400 stock-settled stock appreciation rights (“SSARs”) granted during the three months ended September 30, 2013 and 2012, respectively.  As of September 30, 2013, there was $2.6 million of unrecognized compensation expense related to non-vested SSARs, which is expected to be recognized over a weighted-average period of 2.4 years.

There were 66,150 and 40,850 shares of restricted stock granted during the three months ended September 30, 2013 and 2012, respectively.  As of September 30, 2013, there was $7.6 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized over a weighted-average vesting period of 3.6 years.

There were 71,700 and 45,600 shares of performance stock granted during the three months ended September 30, 2013 and 2012, respectively.  As of September 30, 2013, there was $4.0 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.