Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

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Share-Based Compensation
 3 Months Ended
Mar. 31, 2013
Share-Based Compensation

(3) SHARE-BASED COMPENSATION

For stock-based awards we have recognized compensation expense based on the grant date fair value. Share-based compensation expense was $0.6 million and $3.5 million for the three months ended March 31, 2013 and 2012, 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, 2012

      52,696       $ 9.34         

Granted

      0         0         

Exercised

      0         0         

Cancelled

      0         0         
  

 

 

           

Outstanding at March 31, 2013

      52,696         9.34       1.0 years    $ 622,561   
  

 

 

           

Exercisable at March 31, 2013

      52,696         9.34       1.0 years    $ 622,561   
  

 

 

           

 

A summary of the status and changes of our nonvested shares related to our Equity Incentive Plans as of and for the three months ended March 31, 2013 is presented below:

 

     Shares      Weighted Average
Grant-Date Fair
Value 		 

Nonvested at December 31, 2012

      284,333       $ 17.69   

Granted

      15,000         18.75   

Vested

      0         0   

Cancelled

      0         0   
  

 

 

     

Nonvested at March 31, 2013

      299,333         17.75   
  

 

 

     

As of March 31, 2013, there was $4.7 million of unrecognized compensation cost related to nonvested common shares. The cost is expected to be amortized over a weighted average period of 3.4 years.