| |
|
|
| |
|
|
| |
During 2005
and 2004 the Company granted options with a weighted average grant-date
fair value of $5.88 and $3.58 per option, respectively, based on the
following assumptions: |
|
| |
|
|
| |
Restricted
Stock. The Company grants shares of restricted stock and records
deferred compensation based on the closing price of the Company’s
stock on the grant date. The deferred compensation is amortized to
stock-based compensation expense ratably over the vesting period of
the restricted shares (generally one to three years). The unamortized
deferred compensation obligation amounted to $6.3 million as of December
31, 2006. The Company recorded compensation expense related to restricted
stock of approximately $2.4 million and $0.4 million for the years
ended December 31, 2006 and 2005, respectively. The table below summarizes
restricted stock activity for the years ended December 31, 2006 and
2005: |
|
| |
|
|
| |
Taxes. Upon settlement
of stock awards, the Company recognizes any difference between book
compensation expense and tax compensation expense as a tax windfall
or shortfall. The difference is charged to equity in the case of
windfall. In the case of shortfalls, the difference is charged to
equity to the extent of previously recognized windfall tax benefits
and any remaining is recognized as additional income tax expense.
When the settlement of an award results in a net operating loss
(NOL), or increases an NOL carryforward SFAS 123(R) prescribes that
no windfall should be recognized until the deduction reduces income
tax
|
|
| |
F-12
|
|
|
