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Stock-based Compensation
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3 Months Ended |
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Mar. 31, 2013
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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 the 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, 2013, the employees eligible for the restricted stock awards based on the financial performance of 2010, 2011 and 2012, received a total of 23,661 shares of restricted common stock.
We also have awarded restricted stock to our non-employee Directors under the 2004 Non-Employee Directors Stock Plan. On January 2, 2013, the non-employee Directors received 16,100 shares of restricted common stock. Compensation expense related to this award was approximately $413 thousand.
The compensation expense related to all restricted stock awards discussed above and included in contract costs for the three months ended March 31, 2013 and 2012 was approximately $667 thousand and $517 thousand, respectively.
The stock-based compensation amount of approximately $410 thousand and $185 thousand shown on the accompanying statements of cash flows for the three months ended March 31, 2013 and 2012, respectively, is based on the compensation expense included in contract costs reduced by the tax withholding associated with the awards issued during the three months ended March 31, 2013 and 2012, respectively.
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