Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

 v2.3.0.11
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2011
Stock-Based Compensation  
Stock-Based Compensation
11. Stock-Based Compensation

Stock Options

The Company has stock options and restricted stock outstanding under the 2004 Stock Incentive Plan (the "2004") Plan and the 2010 Long-Term Incentive Plan (the "2010 Plan"). As of June 30, 2011, the maximum number of shares available for future issuance under the 2010 Plan is 2,272,321.

 

Employee stock-based compensation expense was as follows:

 

     Three Months Ended
June 30,		     Six Months Ended
June 30,		  
     2011     2010     2011     2010  

Employee stock-based compensation expense

    $ 829      $ 292      $ 1,645      $ 524   

Tax effect on employee stock-based compensation expense

      (330 )      (110 )      (661 )      (198 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net effect on income

    $ 499      $ 182      $ 984      $ 326   
  

 

 

    

 

 

    

 

 

    

 

 

  

The following weighted average assumptions were used to value options granted during the periods indicated:

 

     Three Months Ended
June  30, 		     Six Months Ended
June  30, 		 
     2011      2010      2011     2010  

Grant date fair value of options

    $ —         $ —         $ 5.26      $ 5.50   

Volatility

      —           —           39.3 %      38.2 % 

Risk-free interest rate

      —           —           2.5 %      2.8 % 

Dividend yield

      —           —           0.0 %      0.0 % 

Expected term (in years)

      —           —           6.0        5.9   

The following table summarizes option activity under the 2004 Plan and 2010 Plan:

 

     Shares     Weighted-
Average
Exercise Price		      Weighted-
Average
Remaining
Contractual Life
(Years)		      Aggregate
Intrinsic Value		  

Outstanding as of December 31, 2010

      4,998,337      $ 7.64         

Granted

      437,333        12.59         

Exercised

      (192,086 )      5.58         

Forfeited

      (5,267 )      7.99         
  

 

 

          

Outstanding as of March 31, 2011

      5,238,317        8.13         7.6       $ 27,821   

Granted

      —          —           

Exercised

      (177,865 )      6.68         

Forfeited

      (19,825 )      8.69         
  

 

 

          

Outstanding as of June 30, 2011

      5,040,627        8.18         7.3         33,631   
  

 

 

          

Options exercisable

      2,551,974        6.70         5.6         20,795   
  

 

 

          

Exercise prices of stock options outstanding as of June 30, 2011 range from $1.10 to $13.45.

 

Restricted Stock

On February 28, 2011, the Company granted restricted stock awards to employees that vest one-third on each of the first three anniversaries of the grant date. The following is a summary of the activity for restricted stock awards during the six months ended June 30, 2011:

 

     Number of
Shares		     Weighted-
Average Grant
Date Fair Value
per Share		  

Balance at December 31, 2010

      —        $ —     

Granted

      67,224        12.55   

Vested

      —          —     

Forfeited

      (1,149 )      12.55   
  

 

 

    

Balance at June 30, 2011

      66,075      $ 12.55   
  

 

 

    

At June 30, 2011, there was $8,315 of unrecognized compensation cost related to unvested stock options and restricted stock which the Company expects to recognize over a weighted-average period of 2.9 years.