Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

v2.4.0.8
Share-Based Compensation
 6 Months Ended
Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
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 $3.2 million for the three months ended June 30, 2013 and 2012, respectively. Share-based compensation expense was $1.2 million and $6.7 million for the six months ended June 30, 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       1.3 years    $ 482,916   

Granted

      0        0         

Exercised

      (750 )      7.89       0    $ 10,770   

Cancelled

      0        0         
  

 

 

          

Outstanding at June 30, 2013

      51,946        9.36       0.8 years    $ 761,181   
  

 

 

          

Exercisable at June 30, 2013

      51,946        9.36       0.8 years    $ 761,181   
  

 

 

          

A summary of the status and changes of our nonvested shares related to our Equity Incentive Plans as of and for the six months ended June 30, 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

      (833 )      38.86   

Cancelled

      0        0   
  

 

 

    

Nonvested at June 30, 2013

      298,500        17.69   
  

 

 

    

As of June 30, 2013, there was $4.3 million of unrecognized compensation cost related to nonvested common shares. The cost is expected to be amortized over a weighted average period of 3.2 years.