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Stock-based Compensation
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9 Months Ended |
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Sep. 30, 2012
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| Stock-based Compensation [Abstract] | |
| Stock-based Compensation |
(3) Stock-based Compensation
In January of every year since 2007, we have notified certain employees that they are eligible to receive restricted stock awards under our 2006 Restricted Stock Plan based on financial performance for the respective fiscal years. These awards are expensed and a corresponding liability is recorded ratably over the vesting period of approximately three years. Upon issuance of restricted stock on each vesting date, the liability is reduced and additional paid-in capital is increased. On March 1, 2012, the employees eligible for the restricted stock awards based on the financial performance of 2009, 2010 and 2011, received a total of 29,379 shares of restricted common stock. For the year ended December 31, 2011, the employees received a total of 32,256 shares of restricted common stock.
We also have awarded restricted stock to our non-employee Directors under our 2004 Non-Employee Directors Stock Plan. On January 3, 2012, the non-employee Directors received 10,800 shares of restricted common stock. Compensation expense related to this award was approximately $272 thousand. For the year ended December 31, 2011, the non-employee Directors received a total of 9,800 shares of restricted common stock.
The compensation expense related to all restricted stock awards discussed above and included in contract costs was approximately $225 thousand and $1 million for the three- and nine-month periods ended September 30, 2012, respectively, and approximately $478 thousand and $1.2 million for the three- and nine-month periods ended September 30, 2011, respectively.
The stock-based compensation amount of approximately $692 thousand and $786 thousand shown on the accompanying statements of cash flows for the nine months ended September 30, 2012 and 2011, respectively, is based on the compensation expense included in contract costs reduced by the tax withholding associated with the awards issued during the applicable periods.
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