Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

v2.3.0.15
Share-Based Compensation
 9 Months Ended
Sep. 30, 2011
Share-Based Compensation [Abstract]  
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 $3.6 million and $3.5 million for the three months ended September 30, 2011 and 2010, respectively. Share-based compensation expense was $10.8 million and $10.1 million for the nine months ended September 30, 2011 and 2010, 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, 2010

     451,308     $ 11.26              

Granted

     0       0              

Exercised

     (104,635 )      9.11              

Cancelled

     (85,808 )      23.10              
   

 

 

                      

Outstanding at September 30, 2011

     260,865       8.23     1.2 years   $ 1,512,210  
   

 

 

                      

Exercisable at September 30, 2011

     260,865       8.23     1.2 years   $ 1,512,210  
   

 

 

                      

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, 2011 is presented below:

 

                 
    Shares     Weighted Average
Grant-Date Fair
Value 		 

Nonvested at December 31, 2010

     1,493,329     $ 18.97  

Granted

     10,000       21.00  

Vested

     (49,167 )      30.94  

Cancelled

     (15,333 )      17.43  
   

 

 

          

Nonvested at September 30, 2011

     1,438,829       18.59  
   

 

 

          

As of September 30, 2011, there was $14.9 million of unrecognized compensation cost related to nonvested common shares. The cost is expected to be amortized over a weighted average period of 1.2 years.