Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION

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SHARE-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2012
SHARE-BASED COMPENSATION

(4) SHARE-BASED COMPENSATION

For stock-based awards we have recognized compensation expense based on the grant date fair value. Share-based compensation expense was $3.3 million and $3.6 million for the three months ended September 30, 2012 and 2011, respectively. Share-based compensation expense was $10.0 million and $10.8 million for the nine months ended September 30, 2012 and 2011, respectively.

Stock options granted pursuant to the 1998 Stock Option, Deferred Stock and Restricted Stock Plan and the 2007 Incentive Award Plan (the “Equity Incentive Plans”) were as follows:

 

     Shares     Weighted
Average
Exercise Price 		     Weighted  Average
Remaining
Contractual Term 		     Aggregate
Intrinsic
Value 		 

Outstanding at December 31, 2011

      206,400      $ 7.62         

Granted

      0        0         

Exercised

      (118,364 )      6.95         

Cancelled

      (208 )      6.95         
  

 

 

          

Outstanding at September 30, 2012

      87,828        8.51         1.0 years       $ 1,043,979   
  

 

 

          

Exercisable at September 30, 2012

      87,828        8.51         1.0 years       $ 1,043,979   
  

 

 

          

A summary of the status and changes of our nonvested shares related to our Equity Incentive Plans as of and for the nine months ended September 30, 2012 is presented below:

 

     Shares     Weighted Average
Grant-Date Fair
Value 		 

Nonvested at December 31, 2011

      740,493      $ 19.02   

Granted

      16,000        21.31   

Vested

      (29,167 )      29.89   

Cancelled

      (33,000 )      27.60   
  

 

 

    

Nonvested at September 30, 2012

      694,326        18.21   
  

 

 

    

As of September 30, 2012, there was $1.4 million of unrecognized compensation cost related to nonvested common shares. The cost is expected to be amortized over a weighted average period of 0.9 years.