Share-based Compensation

6 Months Ended

Jun. 30, 2011

Share-based Compensation

10. Share-based Compensation

Restricted Stock

The Company has issued restricted stock to employees and directors generally with terms ranging from one to six years. The fair value is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes the restricted stock activity:

	Shares			Weighed-Average Grant Date Fair Value
Unvested at January 1, 2011		786,421		$	5.57
Granted		19,084			22.40
Vested		(194,041	)		6.15
Forfeited		(40,000	)		6.55
Unvested at June 30, 2011		571,464			5.87

The total restricted stock awards vested and charged against income during the three months ended June 30, 2011 and 2010 was $617,000 and $659,000, respectively and $1.3 million for the six months ended June 30, 2011 and 2010. The total income tax benefit recognized in the consolidated statement of income for these restricted stock awards was approximately $232,000 and $257,000 for the three months ended June 30, 2011 and 2010, respectively and $488,000 and $507,000 for the six months ended June 30, 2011 and 2010, respectively. The tax benefit recognized in additional paid-in capital upon vesting of restricted stock awards was approximately $214,000 and $478,000 for the three months ended June 30, 2011 and 2010, respectively and $709,000 and $764,000 for the six months ending June 30, 2011 and 2010, respectively. There was approximately $3.4 million of total unrecognized compensation cost related to restricted stock awards as of June 30, 2011. The cost is expected to be recognized over a weighted-average period of approximately 1.75 years.