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NOTE 7 — SHARE-BASED COMPENSATION
Share-Based Compensation Expense
For the three months ended March 31, 2012 and 2011, share-based compensation expense was $92,000 and $314,000, respectively, and the related tax benefits were $39,000 and $132,000, respectively.
Unrecognized Share-Based Compensation Expense
As of March 31, 2012, unrecognized share-based compensation expense was as follows:
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Unrecognized
Expense |
|
|
Average Expected
Recognition
Period
|
|
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|
(In Thousands) |
|
|
Stock Option Awards
|
|
$ |
128 |
|
|
|
2.3 years |
|
|
Restricted Stock Awards
|
|
|
141 |
|
|
|
2.0 years |
|
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|
|
|
|
|
|
|
|
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Total Unrecognized Share-Based Compensation Expense
|
|
$ |
269 |
|
|
|
2.2 years |
|
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|
|
|
|
|
|
|
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Share-Based Payment Award Activity
The table below provides stock option information for the three months ended March 31, 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 |
|
|
Options Outstanding at Beginning of Period
|
|
|
143,325 |
|
|
$ |
81.27 |
|
|
|
5.5 years |
|
|
$ |
— |
(1) |
|
Options Granted
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Options Forfeited
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Options Expired
|
|
|
(13,425 |
) |
|
$ |
94.97 |
|
|
|
— |
|
|
$ |
— |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Options Outstanding at End of Period
|
|
|
129,900 |
|
|
$ |
102.11 |
|
|
|
5.4 years |
|
|
$ |
11,250 |
(2) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Options Exercisable at End of Period
|
|
|
100,300 |
|
|
$ |
128.49 |
|
|
|
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 $7.40 as of December 31, 2011, over the exercise price, multiplied by the number of options.
|
| (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 $10.12 as of March 31, 2012, over the exercise price, multiplied by the number of options.
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There were no options exercised during the three months ended March 31, 2012 and 2011.
Restricted Stock Awards
The table below provides information for restricted stock awards for the three months ended March 31, 2012:
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Number
of
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
|
|
Restricted Stock at Beginning of Period
|
|
|
19,725 |
|
|
$ |
11.87 |
|
|
Restricted Stock Granted
|
|
|
— |
|
|
|
— |
|
|
Restricted Stock Vested
|
|
|
(2,500 |
) |
|
$ |
10.40 |
|
|
Restricted Stock Forfeited
|
|
|
— |
|
|
|
— |
|
|
Restricted Stock Expired
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
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Restricted Stock at End of Period
|
|
|
17,225 |
|
|
$ |
11.84 |
|
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|
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