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.