Share-Based Compensation Plans

6 Months Ended

Jun. 30, 2011

Share-Based Compensation Plans

Share-Based Compensation Plans

(8) Share-based Compensation Plans

The Company records share-based compensation expense in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income. The 2010 data below has been adjusted to reflect the two-for-one stock split, in the nature of a stock dividend, that the Company completed during the second quarter of 2011.

Share-based compensation expense for the quarter and six months ended June 30, 2011 and 2010 was as follows:

	Quarter Ended June 30,				Six Months Ended June 30,
(in thousands)	2011		2010		2011		2010
Restricted stock awards	$	847	$	522	$	1,234	$	789

The number of shares of restricted common stock awarded and the weighted average fair value per share during the quarter and six months ended June 30, 2011 and 2010 were as follows:

	Quarter Ended June 30,
	2011				2010
			Weighted Average				Weighted Average
(in thousands, except per share amounts)	Shares Awarded		Fair Value		Shares Awarded		Fair Value
Restricted stock awards:
Granted under the 2004 Incentive Stock Plan		62	$	25.80		84	$	7.14
Granted under the 2004 Restricted Stock Plan for Non-Employee Directors		16		18.23		36		7.15
Total restricted stock awards		78	$	24.20		120	$	7.14

	Six Months Ended June 30,
	2011				2010
			Weighted Average				Weighted Average
(in thousands, except per share amounts)	Shares Awarded		Fair Value		Shares Awarded		Fair Value
Restricted stock awards:
Granted under the 2004 Incentive Stock Plan		154	$	19.82		104	$	6.96
Granted under the 2004 Restricted Stock Plan for Non-Employee Directors		16		18.23		36		7.15
Total restricted stock awards		170	$	19.67		140	$	7.01

In the six months ended June 30, 2011, the Company granted restricted stock awards covering 154 shares of common stock pursuant to the Company's 2004 Incentive Stock Plan. Of the 154 shares granted in the six months ended June 30, 2011, 10 shares were awarded to executive officers of the Company. Additionally, of the 62 shares granted in the second quarter of 2011, 42 remained subject to acceptance at June 30, 2011. In the first six months of 2010, the Company granted restricted stock awards covering 104 shares of common stock pursuant to the Company's 2004 Incentive Stock Plan, none of which were awarded to executive officers of the Company.

In the second quarters of 2011 and 2010, the Company issued a total of 16 shares and 36 shares, respectively, of common stock pursuant to the Company's 2004 Restricted Stock Plan for Non-Employee Directors. Stock compensation expense for directors totaled $300 for the quarter and six months June 30, 2011, compared to $257 for the quarter and six months ended June 30, 2010.

Effective April 1, 2011, the Board of Directors amended the 2004 Restricted Stock Plan for Non-Employee Directors to limit the value of any award of shares made to an eligible director to $50 valued on the date of the award.