| SHARE-BASED COMPENSATION |
NOTE 7 — SHARE-BASED COMPENSATION
Share-Based Compensation Expense
For the three months ended June 30, 2012 and 2011, share-based compensation expense was $10,000 and $69,000, respectively, and the related tax benefits were $4,000 and $29,000, respectively. For the
six months ended June 30, 2012 and 2011, share-based compensation expense was $102,000 and $382,000, respectively, and the related tax benefits were $43,000 and $161,000, respectively.
Unrecognized Share-Based Compensation Expense
As of June 30, 2012,
unrecognized share-based compensation expense was as follows:
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Unrecognized
Expense
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Average Expected
Recognition
Period
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(In Thousands) |
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Stock Option Awards
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$ |
103 |
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2.3 years |
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Restricted Stock Awards
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|
117 |
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1.9 years |
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Total Unrecognized Share-Based Compensation Expense
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$ |
220 |
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2.1 years |
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The table below provides stock option information for the three months ended June 30, 2012:
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Number
of
Shares
|
|
|
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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Options Outstanding at Beginning of Period
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129,900 |
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$ |
102.11 |
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5.4 years |
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$
|
11,250
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(1)
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Options Granted
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— |
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— |
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— |
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— |
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Options Forfeited
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— |
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— |
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— |
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— |
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Options Expired
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— |
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— |
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— |
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$ |
— |
|
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Options Outstanding at End of Period
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129,900 |
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$ |
102.14 |
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5.1 years |
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$
|
13,500
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(2)
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Options Exercisable at End of Period
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105,950 |
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$ |
122.42 |
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4.5 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 $10.12 as of March 31, 2012, over the exercise price, multiplied by the number of options.
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| (2)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the
period, which was $10.48 as of June 30, 2012, over the exercise price, multiplied by the number of options.
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The table below provides stock option information for the six months ended June 30, 2012:
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Number
of
Shares
|
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|
Weighted-
Average
Exercise
Price Per
Share |
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|
Weighted-
Average
Remaining
Contractual
Life |
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Aggregate
Intrinsic
Value of
In-the-Money
Options |
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Options Outstanding at Beginning of Period
|
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143,325 |
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$ |
81.27 |
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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 Granted
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— |
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— |
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— |
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— |
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Options Forfeited
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— |
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— |
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— |
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— |
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Options Expired
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(13,425 |
) |
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$ |
94.97 |
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|
— |
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$ |
— |
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Options Outstanding at End of Period
|
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|
129,900 |
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$ |
102.14 |
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5.1 years |
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$
|
13,500
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(2)
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Options Exercisable at End of Period
|
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|
105,950 |
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$ |
122.42 |
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4.5 years |
|
|
$
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—
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(2)
|
| (1)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the
period, which was $7.40 as of December 31, 2011, over the exercise price, multiplied by the number of options.
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| (2)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the
period, which was $10.48 as of June 30, 2012, over the exercise price, multiplied by the number of options.
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There were no
options exercised during the three and six months ended June 30, 2012.
Restricted Stock Awards
The table below provides information for restricted stock awards for the three and six months ended June 30, 2012:
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Three Months Ended |
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Six Months Ended |
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June 30, 2012 |
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June 30, 2012 |
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Number
of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number
of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Restricted Stock at Beginning of Period
|
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17,225 |
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$ |
11.84 |
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|
19,725 |
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$ |
11.87 |
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Restricted Stock Granted
|
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— |
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|
— |
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— |
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— |
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Restricted Stock Vested
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(4,000 |
) |
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$ |
10.97 |
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(6,500 |
) |
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$ |
10.75 |
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Restricted Stock Forfeited
|
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|
— |
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— |
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— |
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— |
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Restricted Stock Expired
|
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|
— |
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— |
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— |
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— |
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Restricted Stock at End of Period
|
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13,225 |
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$ |
12.10 |
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13,225 |
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$ |
12.10 |
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