Share-Based Compensation
 3 Months Ended
Mar. 31, 2012
Share-Based Compensation [Abstract]  
Share-Based Compensation

NOTE E – SHARE-BASED COMPENSATION

For the three months ended March 31, 2012 and 2011, share-based compensation expense was $421,000 and $193,000, respectively. Total unrecognized compensation related to unvested share-based awards granted to employees and members of our board of directors at March 31, 2012, net of estimated forfeitures, is $3.0 million and is expected to be recognized over a weighted-average period of 1.4 years.

A summary of stock option activity and related information for the three months ended March 31, 2012 follows:

 

            Weighted    
      Weighted Weighted Avg. Aggregate
      Average Average Remaining Grant Date Intrinsic
  Shares Ex. Price Contractual Life (Yrs) Fair Value Value
Outstanding, at 01/01/12 1,586,072   $ 5.40 - $ - $ 4,891,538
Options granted 75,000     4.80 -   3.17   -
Options exercised (408,950 )   3.18 -   -   2,697,083
Options expired (50,000 )   4.80 -   -   -
Outstanding, at 03/31/12 1,202,122   $ 6.14 4.81   - $ 4,407,336
Exercisable, at 03/31/12 1,071,022   $ 6.31 4.53   - $ 3,749,380

 

A summary of SARs activity and related information for the three months ended March 31, 2012 follows:

      Weighted Weighted Weighted Avg. Aggregate
      Average Average Remaining Grant Date Intrinsic
  Shares Ex. Price Contractual Life (Yrs) Fair Value Value
Outstanding, at 01/1/12 638,671   $ 6.05 - $ - $ 1,586,666
Granted 67,500     9.55 -   6.19   -
Exercised (12,125 )   4.54 -   -   63,556
Cancelled (50,000 )   5.91 -   -   -
Outstanding, at 03/31/12 644,046   $ 6.45 8.10   - $ 2,178,275
Exercisable, at 03/31/12 125,448   $ 5.51 7.40   - $ 543,633

 

The following tables summarize information related to stock options and SARS outstanding at March 31, 2012:

        Options outstanding Options exercisable
          Weighted          
        Number average Weighted Number Weighted
        outstanding remaining average exercisable average
Range of exercise at March contractual exercise at March exercise
prices 31, 2012 life (years) price 31, 2012 price
$ 1.00 – 4.00 227,200 4.83 $ 3.59 193,600 $ 3.61
  4.01 – 8.00 670,922 4.95   5.46 573,422   5.50
  8.01 – 10.60 304,000 4.48   9.55 304,000   9.55
        1,202,122 4.81 $ 6.14 1,071,022 $ 6.31

 

    SARS outstanding SARs exercisable
      Weighted          
    Number average Weighted Number Weighted
    outstanding remaining average exercisable average
  Range of exercise at March contractual exercise at March exercise
  prices 31, 2012 life (years) price 31, 2012 price
$ 4.51 – 6.00 293,796 7.35 $ 4.60 100,448 $ 4.58
  6.01 – 8.00 181,750 8.20   6.25 8,250   7.25
  8.01 – 10.25 168,500 9.30   9.91 16,750   10.25
    644,046 8.10 $ 6.45 125,448 $ 5.51

 

 

A summary of restricted share activity for the three months ended March 31, 2012 follows:

    Weighted Avg. Grant
Restricted shares Shares Date Fair Value
Outstanding, at 01/01/2012 50,711 $ 9.40
Granted -   -
Outstanding, at 03/31/12 50,711 $ 9.40

 

A summary of the status of the nonvested shares for three months ended March 31, 2012 follows:

      Weighted Average
      Grant-date
  Shares Fair Value
Nonvested, 01/01/12 143,600   3.35
Options granted 75,000   3.17
Options vested (37,500 ) -
Options forfeited (50,000 ) -
Nonvested, at 03/13/12 131,100   3.07

 

The key assumptions used in the valuation model for the three months ended March 31, 2012 follows:

Valuation Assumptions:    
Volatility 71.6 %
Expected term 6.2 years
Risk free interest rate 2.82 %
Dividend yield 0.00 %