Accounting for Stock-Based Compensation
3 Months Ended
Jun. 30, 2012
Accounting for Stock-Based Compensation [Abstract]  
Accounting for Stock-Based Compensation
Note 3.                 Accounting for Stock-Based Compensation.

As of June 30, 2012, we had four equity compensation plans: the 2011 Equity Incentive Plan (2011 Plan), the 2010 Equity Incentive Award Plan (2010 Plan), the 2008 Stock Awards and Incentive Plan (2008 Plan) and the 2004 Incentive Compensation Plan (2004 Plan, and together with the 2011 Plan, the 2010 Plan and the 2008 Plan, the Plans). The 2011 Plan provides for stock options, stock appreciation rights, stock awards, restricted stock awards and stock units, performance shares and performance units conditioned upon meeting performance criteria, and other stock or cash-based awards. The 2010 Plan provides for stock options, stock appreciation rights, restricted stock awards and restricted stock units, dividend equivalents, stock payment awards and other stock or cash-based awards that may be payable upon attainment of pre-established performance goals. The 2008 Plan provides for equity awards, including stock options, stock appreciation rights, restricted stock awards, performance awards, phantom stock awards, or stock units. The 2004 Plan provides for equity awards, including stock options and restricted stock units.

At June 30, 2012, there were approximately 19,200,000 shares available for future grants under the 2011 Plan, nine shares available for future grants under the 2010 Plan, 652,500 shares available for future grants under the 2008 Plan and 853,930 shares available for future grants under the 2004 Plan.

Stock Options

There were no options granted during the three months ended June 30, 2012 or June 30, 2011.

Stock option activity for the Plans for the three months ended June 30, 2012 is summarized as follows:
 
(In thousands, except share prices)
 
Number of
Options
  
Weighted-
Average
Exercise Price
  
Weighted-
Average
Remaining
Contractual
Term
  
Aggregate
Intrinsic
Value
 
Options outstanding at April 1, 2012
  12,957  $0.237   8.574    
Granted
  -   -   -    
Exercised
  -   -   -    
Forfeited or Expired
  (38)  1.479   5.984    
Options outstanding at June 30, 2012
  12,919  $0.233   8.332  $- 
Options exercisable at June 30, 2012
  5,358  $0.281   8.245  $- 

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on our closing stock price of $0.07 as of June 29, 2012, the last trading day of the quarter, which theoretically could have been received by the option holders had all option holders exercised their options as of that date. There were no options exercised, and thus no aggregate intrinsic value of options exercised or cash received, during the three months ended June 30, 2012 and 2011. There were no in-the-money options exercisable as of June 30, 2012 and 2011.

As of June 30, 2012, there were approximately 7,561,000 unvested stock options and $275,000 in remaining unamortized stock based compensation expense.

There was no excess tax benefit recorded for the tax deductions related to stock options during the three months ended June 30, 2012 and 2011.

The following table summarizes significant ranges of outstanding and exercisable options at June 30, 2012:

   
Options Outstanding
  
Options Exercisable
 
Range of
Exercise Prices
  
Number
of Shares at
June 30, 2012
(In thousands)
  
Weighted-Average
Remaining
Contractual Life
(Years)
  
Weighted-
Average
Exercise Price
  
Number
of Shares at
June 30, 2012
(In thousands)
  
Weighted-
Average
Exercise Price
 
Under $2.00
   12,826   8.4  $0.208   5,265  $0.218 
$2.01 to $4.00   93   2.2   3.800   93   3.800 
     12,919           5,358     

 
Restricted Stock Awards

Restricted stock award activity under the Plans for the three months ended June 30, 2012, and changes during the three months then ended are presented below:

Restricted Stock Awards
 
Shares
(000)
  
Weighted-Average
Exercise Price
 
        
Nonvested at April 1, 2012
  26,623  $0.148 
Granted
  -   - 
Vested
  83   0.086 
Forfeited or Expired
  -   - 
Nonvested at June 30, 2012
  26,540  $0.148 
          
Vested at June 30, 2012
  250  $0.134 

There were no restricted stock awards awarded in the three months ended June 30, 2012 or June 30, 2011.

Stock-Based Compensation Valuation and Expense Information

The fair value of each option award is estimated on the date of grant using a closed-form option valuation model (Black-Scholes) based on the assumptions noted in the following table. Expected volatilities are based on implied volatilities from traded options on our stock, historical volatility of our stock and other factors. The expected term of options granted represents the period of time that options granted are expected to be outstanding. There were no options granted for the three months ended June 30, 2012 and 2011; therefore, no inputs were used to value options.

Compensation expense relating to stock options and restricted stock awards for the three months ended June 30, 2012 and 2011 was $368,000 and $284,000, respectively. Remaining unamortized compensation expense related to stock options and restricted stock awards for the three months ended June 30, 2012 is $2.8 million.