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Share-Based Compensation Plans
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Dec. 31, 2011
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| Share-Based Compensation Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED COMPENSATION PLANS |
13. SHARE-BASED COMPENSATION PLANS On June 1, 2011, the Company’s compensation committee approved the issuance of 660,000 shares of restricted stock, then valued at the closing price of the Company’s stock ($3.88), with no discount. The majority of the shares (600,000) will fully vest on June 1, 2013. The remaining shares will vest over three years, 20,001 on June 1, 2012, 20,001 on June 1, 2013, and 19,998 on June 1, 2014. Vesting is contingent upon certain conditions, including continuous service of the individual recipients. The unvested grants are viewed as a series of individual awards and the related share-based compensation expense was initially recorded as deferred compensation expense, reported as a reduction of stockholder’s equity, and will subsequently be amortized into compensation expense on a straight-line basis as services are provided over the vesting period. The Company recognized stock compensation expense of $0.7 million and $0.02 million for the twelve months ended December 31, 2011 and 2010, respectively. Share based compensation expense related to the amortization of the restricted stock issued is included in selling, general and administrative expense. At December 31, 2011 and 2010, the Company had deferred share-based compensation of $1.8 million and $0, respectively.
In the second quarter of 2011 and 2010, the Company issued 6,000 shares of unrestricted stock in conjunction with director compensation, which was valued at $0.2 million and $0.2 million based on the closing price of the Company’s stock of $4.01 and $2.91, with no discount. Since the shares were fully vested at the date of grant, the Company recognized share-based compensation expense of $0.2 million and $0.2 million related to these grants. The following table summarizes the Company’s restricted stock activity relative to share-based compensation for 2011 and 2010:
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