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.