Share-Based Compensation

6 Months Ended

Jun. 30, 2011

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 12 - Share-Based Compensation

Share-based compensation expense was $396 and $632 for the three months ended June 30, 2011 and 2010, respectively, and $1,456 and $1,561 for the six months ended June 30, 2011 and 2010, respectively. Share-based compensation cost capitalized as part of real estate assets was $45 and $48 for the three months ended June 30, 2011 and 2010, respectively, and $85 and $94 for the six months ended June 30, 2011 and 2010, respectively.

The Company's stock option activity for the six months ended June 30, 2011 is summarized as follows:

	Shares			Weighted Average Exercise Price
Outstanding at January 1, 2011		447,825		$	16.92
Cancelled		(4,400	)	$	18.04
Exercised		(134,500	)	$	13.91
Outstanding at June 30, 2011		308,925		$	18.26
Vested and exercisable at June 30, 2011		308,925		$	18.26

A summary of the status of the Company's stock awards as of June 30, 2011, and changes during the six months ended June 30, 2011, is presented below:

	Shares			Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2011		187,140		$	18.43
Granted		179,750		$	17.48
Vested		(71,880	)	$	25.59
Forfeited		(2,360	)	$	17.56
Nonvested at June 30, 2011		292,650		$	16.09

As of June 30, 2011, there was $3,448 of total unrecognized compensation cost related to nonvested stock awards granted under the plan, which is expected to be recognized over a weighted average period of 3.4 years.  In May 2011, the Company granted a restricted stock award for 1,000 shares of common stock to a new non-employee director.  The shares may not be transferred during the non-employee director's term.