Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v2.4.0.6
Stock-Based Compensation
3 Months Ended
Mar. 31, 2012
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
12. 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 March 31, 2012, the maximum number of shares available for future issuance under the 2010 Plan is 2,062,041.

Employee stock-based compensation expense was as follows:

 

                 
    Three Months Ended  
    March 31,  
    2012     2011  

Employee stock-based compensation expense

  $ 795     $ 816  

Tax effect on employee stock-based compensation expense

    (320     (309
   

 

 

   

 

 

 

Net effect on income

  $ 475     $ 507  
   

 

 

   

 

 

 

 

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

 

                 
    Three Months Ended  
    March 31,  
    2012     2011  

Grant date fair value of options

  $ 4.92     $ 5.26  

Volatility

    39.7     39.3

Risk-free interest rate

    1.1     2.5

Dividend yield

    0.0     0.0

Expected term (in years)

    6.0       6.0  

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, 2011

    4,863,718     $ 8.19                  

Granted

    149,652       12.45                  

Exercised

    (124,956     7.59                  

Forfeited

    (2,000     9.70                  
   

 

 

                         

Outstanding as of March 31, 2012

    4,886,414       8.34       6.7     $ 20,544  
   

 

 

                         

Options exercisable

    3,008,274       7.39       5.6       15,486  
   

 

 

                         

Exercise prices of stock options outstanding as of March 31, 2012 range from $0.11 to $13.45.

Restricted Stock

Periodically, the Company grants 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 unvested restricted stock awards during the three months ended March 31, 2012:

 

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

Balance at December 31, 2011

    73,820     $ 12.26  

Granted

    155,383       12.44  

Vested

    (21,235     12.55  

Expired/cancelled

    (1,064     12.45  

Forfeited

    (104     12.55  
   

 

 

         

Balance at March 31, 2012

    206,800     $ 12.36  
   

 

 

         

At March 31, 2012, there was $8,050 of unrecognized compensation cost related to unvested stock options and restricted stock which the Company expects to recognize over a weighted-average period of 2.3 years.