| SHARE-BASED COMPENSATION |
NOTE 7 —
SHARE-BASED COMPENSATION
Share-Based Compensation
Expense
For the three
months ended September 30, 2012 and 2011, share-based
compensation expense was $42,000 and $59,000, respectively, and the
related tax benefits were $18,000 and $25,000, respectively. For
the nine months ended September 30, 2012 and 2011, share-based
compensation expense was $144,000 and $440,000, respectively, and
the related tax benefits were $61,000 and $185,000,
respectively.
Unrecognized Share-Based
Compensation Expense
As of
September 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
|
|
$ |
84 |
|
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|
2.3 years |
|
|
Restricted Stock
Awards
|
|
|
92 |
|
|
|
1.8 years |
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|
|
|
|
|
|
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Total Unrecognized
Share-Based Compensation Expense
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|
$ |
176 |
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2.1 years |
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The table below
provides stock option information for the three months ended
September 30, 2012:
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Number
of
Shares
|
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Weighted-
Average
Remaining
Contractual
Life |
|
|
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
|
|
|
129,900 |
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|
$ |
79.86 |
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|
|
5.1 years |
|
|
$ |
14 |
(1)
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|
Options Expired
|
|
|
(1,075 |
) |
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$ |
129.01 |
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|
2.7 years |
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|
|
— |
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Options Outstanding at
End of Period
|
|
|
128,825 |
|
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$ |
79.45 |
|
|
|
4.9 years |
|
|
$ |
120 |
(2) |
|
Options Exercisable at End
of Period
|
|
|
105,325 |
|
|
$ |
94.92 |
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|
4.3 years |
|
|
$ |
57 |
(2)
|
| (1) |
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.
|
| (2) |
Intrinsic value represents the excess of the closing stock
price on the last trading day of the period, which was $12.81 as of
September 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 nine months ended
September 30, 2012:
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|
|
|
|
|
|
|
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| |
|
Number
of
Shares
|
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
|
Weighted-
Average
Remaining
Contractual
Life |
|
|
Aggregate
Intrinsic
Value of
In-the-Money
Options |
|
| |
|
(Dollars in Thousands,
Except Per Share Data) |
|
|
Options Outstanding at
Beginning of Period
|
|
|
143,325 |
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|
$ |
81.27 |
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|
5.5 years |
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|
$ |
— |
(1)
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Options Expired
|
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(14,500 |
) |
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$ |
97.49 |
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|
4.2 years |
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|
$ |
— |
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|
|
|
|
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|
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Options Outstanding at
End of Period
|
|
|
128,825 |
|
|
$ |
79.45 |
|
|
|
4.3 years |
|
|
$ |
120 |
(2)
|
|
Options Exercisable at End
of Period
|
|
|
105,325 |
|
|
$ |
94.92 |
|
|
|
4.3 years |
|
|
$ |
57 |
(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.
|
| (2) |
Intrinsic value represents the excess of the closing stock
price on the last trading day of the period, which was $12.81 as of
September 30, 2012, over the exercise price, multiplied by the
number of options.
|
There were no
options exercised during the three and nine months ended
September 30, 2012.
Restricted Stock
Awards
The table below
provides information for restricted stock awards for the three and
nine months ended September 30, 2012:
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Three Months Ended
September 30, 2012 |
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|
Nine Months Ended
September 30, 2012 |
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Number
of
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
|
|
Number
of
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
|
|
Restricted Stock at
Beginning of Period
|
|
|
13,225 |
|
|
$ |
12.10 |
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|
19,725 |
|
|
$ |
11.87 |
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|
Restricted Stock
Vested
|
|
|
— |
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|
$ |
— |
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|
(6,500 |
) |
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$ |
10.75 |
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Restricted Stock at End
of Period
|
|
|
13,225 |
|
|
$ |
12.10 |
|
|
|
13,225 |
|
|
$ |
12.10 |
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