Stock-based compensation

9 Months Ended

Sep. 30, 2011

Stock-based compensation [Abstract]

Stock-based compensation

Note 2 – Stock-based compensation

We recognize stock-based compensation expense in accordance with Financial Accounting Standards Board’s (FASB) revised share-based payment guidance.  This guidance requires share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights, restricted stock awards, and restricted stock units to be recognized in the statement of operations based on their fair values at the date of grant.

Stock-based compensation expense recorded was $0.8 million and $0.9 million for the three months ended September 30, 2011 and 2010, respectively and $2.9 million and $2.8 million for the nine months ended September 30, 2011 and 2010, respectively.  As of September 30, 2011, there was $4.3 million of unrecognized compensation expense related to non-vested share awards.  The expense is expected to be recognized over a weighted-average period of 2.8 years.

During the nine months ended September 30, 2011, we granted 23,250 restricted stock awards and 15,000 restricted stock units.  No grants were made during the three months ended September 30, 2011.