Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]

Stock-Based Compensation

Stock-Based Compensation:

The following table presents a summary of restricted stock activity during the period:

	Restricted Stock
	Number		Weighted Average Grant Price
Balance, January 1, 2012	301,373		$	17.82
Granted	199,159		19.92
Vested	(18,811	)	33.84
Expired	0		0.00
Forfeited	(38,264	)	16.39
Outstanding, March 31, 2012	443,457		$	18.21

The following table presents a summary of stock option activity during the period:

	Stock Options
	Number		Weighted Average Exercise Price
Balance, January 1, 2012	15,800		$	1,393.65
Granted	0		0.00
Exercised	0		0.00
Expired	(973	)	1,519.35
Canceled	(381	)	1,429.75
Outstanding, March 31, 2012	14,446		$	1,384.23
Exercisable, March 31, 2012	13,960		$	1,427.64

The following table presents the weighted average remaining contractual life and the aggregate intrinsic value for stock options as of the dates indicated:

	Stock Options
	Outstanding			Exercisable
	Weighted Average Life	Intrinsic Value		Weighted Average Life	Intrinsic Value
March 31, 2012	2.0 years	$	0	2.0 years	$	0
December 31, 2011	2.1 years	0		2.1 years	0

As of March 31, 2012, a total of 5,349,625 shares remained available for grant under Sterling’s 2003, 2007 and 2010 Long-Term Incentive Plans. The stock options granted under these plans have terms of four, six, eight and 10 years. Stock-based compensation expense recognized during the periods presented was as follows:

	Three Months Ended March 31,
	2012		2011
	(in thousands)
Stock options	$	24	$	96
Restricted stock	1,002		831
Total	$	1,026	$	927

As of March 31, 2012, unrecognized equity compensation expense totaled $6.7 million as the underlying outstanding awards had not yet been earned. This amount will be recognized over a weighted average period of 2.6 years.