Stock-based Compensation |
9 Months Ended |
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Sep. 30, 2011 | |
| 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 awards under our 2006 Restricted Stock Plan based on our financial performance for the respective fiscal years. These restricted stock awards are expensed and a corresponding liability is recorded ratably over the vesting period of approximately three years. Upon issuance of shares on each vesting date, the liability is reduced and additional paid-in capital is increased. On March 2, 2011, the employees eligible for the restricted stock awards based on the financial performance for 2008, 2009 and 2010, received a total of 32,256 shares of restricted common stock.
We also have awarded restricted stock to our non-employee Directors under our 2006 Restricted Stock Plan. On January 2, 2011, the non-employee Directors received a total of 9,800 shares of restricted common stock. Compensation expense related to these awards was approximately $325 thousand.
The compensation expense related to all restricted stock awards discussed above and included in contract costs was approximately $478 thousand and $1.2 million for the three- and nine-month periods ended September 30, 2011, respectively, and approximately $436 thousand and $1.1 million for the three- and nine-month periods ended September 30, 2010, respectively.
The stock-based compensation amount of approximately $786 thousand and $830 thousand shown on the accompanying statements of cash flows for the nine months ended September 30, 2011 and 2010, 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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