Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

8.	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 $220,000 and $203,000 of pre-tax stock-based compensation expense for the three months ended March 31, 2012 and 2011, respectively, under the fair value method. The Company granted 92,870 and 42,000 stock options in the three months ended March 31, 2012 and 2011, respectively. The fair value of these options at grant date were $64,000 and $60,000, respectively.