Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

v2.3.0.15
Share-Based Compensation
9 Months Ended
Sep. 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
September 30,
    Nine Months Ended
September 30,
 
    2011     2010     2011     2010  
    (In Thousands)  

Share-Based Compensation Expense

  $ 59     $ 261     $ 440     $ 748  

Related Tax Benefits

  $ 25     $ 110     $ 185     $ 314  

Unrecognized Share-Based Compensation Expense

As of September 30, 2011, unrecognized share-based compensation expense was as follows:

 

                 
    Unrecognized
Expense
    Average Expected
Recognition  Period
 
    (Dollars in Thousands)  

Stock Option Awards

  $ 161       1.7 years  

Restricted Stock Awards

    192       2.0 years  
   

 

 

         

Total Unrecognized Share-Based Compensation Expense

  $ 353       1.9 years  
   

 

 

         

 

Share-Based Payment Award Activity

The table below provides stock option information for the three months ended September 30, 2011:

 

                                 
    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

    1,192,891     $ 10.50       5.5 years     $ (1)  

Options Expired

    (71,691   $ 7.35       —            
   

 

 

                         

Options Outstanding at End of Period

    1,121,200     $ 10.70       5.5 years     $ (2)  
   

 

 

                         

Options Exercisable at End of Period

    862,800     $ 13.30       4.8 years     $ (2)  

 

(1) 

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.

(2) 

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.

The table below provides stock option information for the nine months ended September 30, 2011:

 

                                 
    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

    1,066,891     $ 11.93       5.3 years     $ (1)  

Options Granted

    150,000     $ 1.30       9.4 years          

Options Expired

    (92,891   $ 9.45       0.9 years          

Options Forfeited

    (2,800   $ 18.00       4.6 years          
   

 

 

                         

Options Outstanding at End of Period

    1,121,200     $ 10.70       5.5 years     $ (2)  
   

 

 

                         

Options Exercisable at End of Period

    862,800     $ 13.30       4.8 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 $0.83 as of September 30, 2011, over the exercise price, multiplied by the number of options.

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:

 

                                 
    Three Months Ended
September 30, 2011
    Nine Months Ended
September 30, 2011
 
    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

    150,600     $ 1.75       145,600     $ 1.77  

Restricted Stock Granted

    —       $ —         60,000     $ 1.30  

Restricted Stock Vested

    —       $ —         (55,000   $ 1.33  
   

 

 

           

 

 

         

Restricted Stock at End of Period

    150,600     $ 1.75       150,600     $ 1.75