Share-Based Compensation

6 Months Ended

Jun. 30, 2011

Share-Based Compensation

Share-Based Compensation

NOTE 4
SHARE-BASED COMPENSATION

Stock Plans

     The Company sponsors stock option plans (the "Plans") that enable the Company to grant stock options or nonvested shares to employees and non-employee directors. Effective March 1, 2011, the Company ceased offering stock options as incentive compensation to employees and non-employee directors and in the future expects to issue only cash awards or nonvested shares in lieu of stock options. The Company continues to have stock options previously issued that remain outstanding. The Compensation Committee of the Company's Board of Directors administers the Plans and determines the exercise period, vesting period and all other terms of instruments issued under the Plans. Approximately 1.1 million shares were available and reserved for grant as of June 30, 2011.

Stock Options

     The Company received $0.7 million in cash from the exercise of stock options in the six- month period ended June 30, 2011. The Company received $0.2 million and $0.4 million in cash from the exercise of stock options in the three- and six- month periods ended June 30, 2010, respectively.

     The Company recognizes compensation expense associated with its stock option grants based on their fair market value on the date of grant using a Black-Scholes option pricing model. The Company recognizes stock option expense ratably over the vesting period of the options. If options are canceled or forfeited prior to vesting, the Company stops recognizing the related expense effective with the date of forfeiture. The compensation expense, recorded in General and administrative in the Consolidated Statements of Operations and Comprehensive Income, related to stock options during the three- month periods ended June 30, 2011 and 2010, was $61,500 and $36,000, respectively, and $131,000 and $74,000 during the six- month periods ended June 30, 2011 and 2010, respectively.

The following table presents the total compensation expense (in thousands) not yet recognized related to nonvested stock options to be recognized over the remaining vesting periods:

	Compensation
(in thousands)	Expense
Remaining six months of 2011	$	97
2012	$	95
2013	$	32
Total	$	224

Nonvested Shares

     The following table summarizes the status of and changes in the Company's nonvested shares during the first six months of 2011:

				Weighted-Average
Six Months Ended June 30, 2011	Nonvested Shares			Grant-Date Fair Value
Nonvested shares at December 31, 2010		1,563,886		$	9.37
Granted		310,681			23.02
Vested		(412,211	)		14.86
Forfeited		(714	)		16.57
Nonvested shares at March 31, 2011		1,461,642		$	10.72
Granted		46,907			21.33
Vested		—			—
Forfeited		(400	)		23.06
Nonvested shares at June 30, 2011		1,508,149		$	11.04

     Compensation expense related to grants of nonvested shares was $1.6 million in the three- month periods ended June 30, 2011 and 2010, respectively, and is included within General and administrative in the Consolidated Statements of Operations and Comprehensive Income. Compensation expense related to grants of nonvested shares was $3.1 million and $3.2 million in the six- month periods ended June 30, 2011 and 2010, respectively.

     The following table presents the compensation expense (in millions) of the nonvested shares outstanding at June 30, 2011 to be recognized over the remaining vesting periods:

	Compensation
(in millions)	Expense
Third quarter 2011	$	1.7
Fourth quarter 2011		1.6
2012		5.0
2013		2.9
2014		0.3
Total	$	11.5