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SHARE-BASED COMPENSATION
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3 Months Ended | ||
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Mar. 31, 2013
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| Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||
| SHARE-BASED COMPENSATION |
On June 1, 2011, our compensation committee approved the issuance of 660,000 shares of restricted stock, then valued at the closing price of our stock ($3.88), with no discount. The majority of the shares (600,000) will vest on June 1, 2013. The remaining shares have a three year vesting schedule as follows: 20,001 vested on June 1, 2012, 20,001 will vest on June 1, 2013 and 19,998 will vest on June 1, 2014. On January 15, 2013, our compensation committee approved the issuance of 50,000 additional shares of restricted stock, then valued at the closing price of our stock ($3.22), with no discount. These shares will vest over three years, 16,667 on June 1, 2013, 16,667 on June 1, 2014 and 16,666 on June 1, 2015. 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 is recorded as deferred compensation expense, reported as a reduction of stockholder’s equity, and is amortized into compensation expense on a straight-line basis as services are provided over the vesting period.
We recognized stock compensation expense of $0.3 million for each of the three months ended March 31, 2013 and March 31, 2012. Share based compensation expense related to the amortization of the restricted stock issued was included in selling, general and administrative expense. At March 31, 2013 and December 31, 2012, we had deferred share-based compensation of $0.4 million and $0.6 million, respectively.
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