Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

9.	Stock-Based Compensation

The Company recognizes compensation expense for all equity-based compensation awards issued to employees, directors and non-employees that are expected to vest. Compensation cost is based on the fair value of awards as of the grant date. The Company recognized $183,000 and $210,000 of pre-tax stock-based compensation expense for the three months ended September 30, 2011 and 2010, respectively, under the fair value method and recognized $569,000 and $633,000 of pre-tax stock-based compensation expense for the nine months ended September 30, 2011 and 2010, respectively. The Company granted 60,000 and 102,000 stock options in the three and nine months ended September 30, 2011, respectively. The Company granted 60,000 stock options in both the three and nine months ended September 30, 2010.