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Stock Based Compensation (Tables)
6 Months Ended
Jun. 30, 2012
Stock Based Compensation [Abstract]  
Share-Based Compensation, Granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

June 30, 2012

 

June 30, 2011

 

 

 

Grant

 

Weighted
Average
Fair Value
Per Share

 

Grant

 

Weighted
Average
Fair Value
Per Share

 

 

Board stock options

 

 

 

 

 

 

15,000

 

$

6.25

 

Board restricted stock

 

 

11,820

 

$

12.69

 

 

5,000

 

$

14.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shares

 

 

11,820

 

 

 

 

 

20,000

 

 

 

 

Stock Options Granted, Assumptions And Results

 

 

 

 

 

 

 

2011

 

Expected dividend yield

 

 

0.00

%

Expected weighted-average volatility

 

 

50

%

Risk-free interest rate

 

 

2.02

%

Expected term of stock options (in years)

 

 

5.5

 

Fair value of stock options on grant date

 

$

93,750

 

Share-Based Compensation, Stock Options

 


 

 

 

A summary of stock option activity as of June 30, 2012 and changes during the six months then ended is presented below:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Options

 

Number of
Shares

 

Weighted
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term

 

Aggregate
Grant Date
Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2012

 

 

318,002

 

$

9.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(19,750

)

$

7.23

 

 

 

 

 

 

 

Expired/Forfeited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2012

 

 

298,252

 

$

10.06

 

 

5.8 Years

 

$

3,000,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2012

 

 

246,752

 

$

10.57

 

 

5.6 Years

 

$

2,607,492

 


 

 

 

A summary of stock option activity as of June 30, 2011 and changes during the six months then ended is presented below:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Options

 

Number of
Shares

 

Weighted
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term

 

Aggregate
Grant Date
Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2011

 

 

368,437

 

$

9.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

15,000

 

$

13.30

 

 

 

 

 

 

 

Exercised

 

 

(59,935

)

$

6.84

 

 

 

 

 

 

 

Expired/Forfeited

 

 

(3,250

)

$

7.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2011

 

 

320,252

 

$

9.86

 

 

6.7 Years

 

$

3,157,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2011

 

 

212,877

 

$

10.67

 

 

5.8 Years

 

$

2,272,021

 


 

 

 

Stock Appreciation Rights Valuation Assumptions

 

 

 

 

 

 

 

Three Months
Ended
June 30, 2012

 

Expected dividend yield

 

 

0.00

%

Expected weighted-average volatility

 

 

48.0

%

Risk-free interest rate

 

 

1.67

%

Expected term of SARs (in years)

 

 

10.55

 

Stock Appreciation Rights Award Activity

 

 

 

 

 

 

 

 

 

 

SARs

 

Fair Value (*)

 

Non-vested SARs at December 31, 2011

 

 

 

 

 

Granted

 

 

165,000

 

$

6.09

 

Vested

 

 

(15,000

)

$

6.09

 

Cancellations

 

 

 

 

 

Non-vested SARs at June 30, 2012

 

 

150,000

 

$

6.09

 


 

 

 

*Weighted-average