| SHARE-BASED COMPENSATION |
NOTE 7 — SHARE-BASED COMPENSATION
Share-Based Compensation Expense
The table below shows the share-based compensation expense and related tax benefits for the periods indicated:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2011 |
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2010 |
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2011 |
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2010 |
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(In Thousands) |
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Share-Based Compensation Expense
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$ |
59 |
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$ |
261 |
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$ |
440 |
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$ |
748 |
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Related Tax Benefits
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$ |
25 |
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$ |
110 |
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$ |
185 |
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$ |
314 |
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Unrecognized Share-Based Compensation Expense
As of September 30, 2011, unrecognized share-based compensation expense was as follows:
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Unrecognized
Expense
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Average Expected
Recognition
Period
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(Dollars in Thousands) |
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Stock Option Awards
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$ |
161 |
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1.7 years |
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Restricted Stock Awards
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192 |
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2.0 years |
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Total Unrecognized Share-Based Compensation Expense
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$ |
353 |
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1.9 years |
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Share-Based Payment Award
Activity
The table below provides stock option information for the three months ended September 30, 2011:
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Number of
Shares |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Life |
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Aggregate
Intrinsic
Value of
In-the-Money
Options |
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(Dollars in Thousands, Except Per Share Data) |
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Options Outstanding at Beginning of Period
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1,192,891 |
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$ |
10.50 |
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5.5 years |
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$
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—
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(1)
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Options Expired
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(71,691 |
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$ |
7.35 |
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— |
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Options Outstanding at End of Period
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1,121,200 |
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$ |
10.70 |
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5.5 years |
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$
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—
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(2)
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Options Exercisable at End of Period
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862,800 |
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$ |
13.30 |
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4.8 years |
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$
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—
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(2)
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| (1)
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Intrinsic value represents the excess of the closing stock price on the last trading day of the
period, which was $1.07 as of June 30, 2011, over the exercise price, multiplied by the number of options.
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| (2)
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Intrinsic value represents the excess of the closing stock price on the last trading day of the
period, which was $0.83 as of September 30, 2011, over the exercise price, multiplied by the number of options.
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The table below provides stock option information for the nine months ended September 30, 2011:
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Number
of
Shares |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Life |
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Aggregate
Intrinsic
Value of
In-the-Money
Options |
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(Dollars in Thousands, Except Per Share Data) |
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Options Outstanding at Beginning of Period
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1,066,891 |
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$ |
11.93 |
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5.3 years |
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$
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—
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(1)
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Options Granted
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150,000 |
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$ |
1.30 |
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9.4 years |
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Options Expired
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(92,891 |
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$ |
9.45 |
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0.9 years |
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Options Forfeited
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(2,800 |
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$ |
18.00 |
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4.6 years |
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Options Outstanding at End of Period
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1,121,200 |
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$ |
10.70 |
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5.5 years |
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$
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—
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(2)
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Options Exercisable at End of Period
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862,800 |
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$ |
13.30 |
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4.8 years |
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$
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—
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(2)
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| (1)
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Intrinsic value represents the excess of the closing stock price on the last trading day of the
period, which was $1.15 as of December 31, 2010, over the exercise price, multiplied by the number of options.
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| (2)
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Intrinsic value represents the excess of the closing stock price on the last trading day of the
period, which was $0.83 as of September 30, 2011, over the exercise price, multiplied by the number of options.
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There were no options exercised during the three and nine months ended September 30, 2011, and total intrinsic value of options exercised during the three and nine months ended September 30,
2010 was zero and $14,000, respectively.
Restricted Stock Awards
The table below provides restricted stock award information for the periods indicated:
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Three Months Ended
September 30, 2011 |
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Nine Months Ended
September 30, 2011 |
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Number
of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number
of
Shares |
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Weighted-
Average
Grant
Date Fair
Value Per
Share |
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Restricted Stock at Beginning of Period
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150,600 |
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$ |
1.75 |
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145,600 |
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$ |
1.77 |
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Restricted Stock Granted
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— |
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$ |
— |
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60,000 |
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$ |
1.30 |
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Restricted Stock Vested
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— |
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$ |
— |
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(55,000 |
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$ |
1.33 |
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Restricted Stock at End of Period
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150,600 |
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$ |
1.75 |
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150,600 |
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$ |
1.75 |
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