Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

 v2.3.0.11
Share-Based Compensation
 6 Months Ended
Jun. 30, 2011
Share-Based Compensation [Abstract]  
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:
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2011     2010     2011     2010  
    (In Thousands)  
Share-Based Compensation Expense
  $ 69     $ 280     $ 382     $ 486  
Related Tax Benefits
  $ 29     $ 118     $ 161     $ 205  
Unrecognized Share-Based Compensation Expense
     As of June 30, 2011, unrecognized share-based compensation expense was as follows:
                 
    Unrecognized     Average Expected  
    Expense     Recognition Period  
    (Dollars in Thousands)  
Stock Option Awards
  $ 192     1.9 years
Restricted Stock Awards
    219     2.2 years
 
             
Total Unrecognized Share-Based Compensation Expense
  $ 411     2.1 years
 
             
Share-Based Payment Award Activity
     The table below provides stock option information for the three months ended June 30, 2011:
                                 
            Weighted-     Weighted-     Aggregate  
            Average     Average     Intrinsic  
    Number     Exercise     Remaining     Value of  
    of     Price Per     Contractual     In-the-Money  
    Shares     Share     Life     Options  
    (Dollars in Thousands, Except Per Share Data)  
Options Outstanding at Beginning of Period
    1,210,091     $ 10.58     5.7 years   $ — (1)
Options Expired
    (17,200 )   $ 16.15     1.1 years        
 
                             
Options Outstanding at End of Period
    1,192,891     $ 10.50     5.5 years   $ — (2)
 
                             
Options Exercisable at End of Period
    927,291     $ 12.80     4.6 years   $ — (2)
 
(1)    Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $1.24 as of March 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 $1.07 as of June 30, 2011, over the exercise price, multiplied by the number of options.
     The table below provides stock option information for the six months ended June 30, 2011:
                                 
            Weighted-     Weighted-     Aggregate  
            Average     Average     Intrinsic  
    Number     Exercise     Remaining     Value of  
    of     Price Per     Contractual     In-the-Money  
    Shares     Share     Life     Options  
    (Dollars in Thousands, Except Per Share Data)  
Options Outstanding at Beginning of Period
    1,066,891     $ 11.93     5.3 years   $ — (1)
Options Granted
    150,000     $ 1.30     9.7 years        
Options Expired
    (21,200 )   $ 16.54     4.1 years        
Options Forfeited
    (2,800 )   $ 18.00     4.8 years        
 
                             
Options Outstanding at End of Period
    1,192,891     $ 10.50     5.5 years   $ — (2)
 
                             
Options Exercisable at End of Period
    927,291     $ 12.80     4.6 years   $ — (2)
 
(1)     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.
 
(2)     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.
     There were no options exercised during the three and six months ended June 30, 2011, and total intrinsic value of options exercised during the three and six months ended June 30, 2010 was $14,000.
Restricted Stock Awards
     The table below provides restricted stock award information for the periods indicated:
                                 
    Three Months Ended     Six Months Ended  
    June 30, 2011     June 30, 2011  
            Weighted-             Weighted-  
            Average             Average  
    Number     Grant Date     Number     Grant Date  
    of     Fair Value     of     Fair Value  
    Shares     Per Share     Shares     Per Share  
Restricted Stock at Beginning of Period
    185,600     $ 1.72       145,600     $ 1.77  
 
                               
Restricted Stock Granted
    —     $ —       60,000     $ 1.30  
Restricted Stock Vested
    (35,000 )   $ 1.40       (55,000 )   $ 1.33  
 
                           
Restricted Stock at End of Period
    150,600     $ 1.75       150,600     $ 1.75