Stock-Based Compensation

9 Months Ended

Sep. 30, 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 and units activity during the period:

	Shares		Weighted Average Grant Price
Balance, January 1, 2012	301,373		$	17.82
Granted	260,846		19.86
Vested	(58,292	)	23.43
Expired	0		0.00
Forfeited	(76,974	)	17.02
Outstanding, September 30, 2012	426,953		$	18.45

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

	Shares		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
Cancelled	(1,954	)	1,247.21
Outstanding, September 30, 2012	12,873		$	1,406.37
Exercisable, September 30, 2012	12,470		$	1,447.88

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
September 30, 2012	1.5 years	$	0	1.5 years	$	0
December 31, 2011	2.1 years	0		2.1 years	0

As of September 30, 2012, a total of 5,398,091 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:

	Nine Months Ended September 30,
	2012		2011
	(in thousands)
Stock options	$	37	$	226
Restricted stock	2,719		2,723
Total	$	2,756	$	2,949

As of September 30, 2012, unrecognized equity compensation expense totaled $5.5 million as the underlying outstanding awards had not yet been earned. This amount will be recognized over a weighted average period of 2.2 years.