Stock-based compensation

3 Months Ended

Mar. 31, 2012

Stock- based compensation [Abstract]

Stock-based compensation

Note 3 – Stock-based compensation

We recognize stock-based compensation expense in accordance with the share-based payment guidance.  This guidance requires share-based payments to employees, including grants of employee stock options, stock-settled stock appreciation rights (“SARs”), restricted stock awards, and restricted stock units to be recognized in the statement of operations and comprehensive loss based on their fair values at the date of grant.

Stock-based compensation expense recorded was $0.7 million and $1.1 million for the three months ended March 31, 2012 and March 31, 2011, respectively.  As of March 31, 2012, there was $6.4 million of unrecognized compensation expense related to non-vested share awards.  The expense is expected to be recognized over a weighted-average period of 3.0 years.

During the three months ended March 31, 2012, we granted 16,000 restricted stock awards.