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SHARE-BASED COMPENSATION
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Mar. 31, 2012
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| SHARE-BASED COMPENSATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED COMPENSATION |
10. STOCK-BASED COMPENSATION
Common Stock
A summary of the status of the Company's stock option awards is presented below:
Directors' fees expenses of approximately $63,000 and $19,000 were recognized during the three months ended March 31, 2012, and 2011, respectively, related to options to purchase shares vesting through 2015.
Compensation expense of approximately $130,000 and $148,000 was recognized during the three months ended March 31, 2012, and 2011, respectively, related to options with a 4 year vesting period which were awarded to officers and key employees. These options vest through 2014.
Compensation expense of approximately $24,000 and $24,000 was recognized during the three months ended March 31, 2012, and 2011, respectively, related to options awarded to Mr. Hatem El Khalidi in July 2009. On May 9, 2010, the Board of Directors determined that Mr. El Khalidi forfeited these options and other retirement benefits when he made various demands against the Company and other AMAK Saudi shareholders which would benefit him personally and were not in the best interests of the Company and its shareholders. The Company is litigating its right to withdraw the options and benefits and as such, these options and benefits continue to be shown as outstanding. See further discussion in Note 15.
The fair value of the options granted above was calculated using the Black Scholes option valuation model with the assumptions as disclosed in prior quarterly and annual filings.
See the Company's Annual Report on Form 10-K for the year ended December 31, 2011, for additional information.
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