Note 9. Stockholders' Equity
Long-term Incentive Plan
We sponsor an equity incentive plan to provide for the issuance of equity-based awards, including stock options, restricted stock, restricted stock units and unrestricted stock awards to our independent directors. During fiscal years 2011, 2010 and 2009, our independent directors received restricted common stock awards under the plan. The restricted stock awards have a grant date fair value equal to the price of our common stock on such date and vest annually over three years. During fiscal year 2011, we granted 3,000 shares of restricted stock to each independent director, or a total of 12,000 shares, with a weighted average grant date fair value of $29.05 per share. During each of fiscal years 2010 and 2009, we granted 1,500 shares of restricted stock to each independent director, or a total of 4,500 shares, with a grant date fair value of $25.73 per share and $23.80 per share, respectively. As of December 31, 2011, the plan had 74,500 common shares remaining available for future issuance under the plan. As of December 31, 2011 and 2010, we had unrecognized compensation expense of $325,723 and $153,000 related to unvested shares of restricted stock, respectively. We recorded compensation expense of $176,059, $94,297 and $44,479 related to restricted stock awards during fiscal years 2011, 2010 and 2009, respectively.
During fiscal years fiscal years 2011, 2010 and 2009, we completed follow-on public offerings of shares of our common stock summarized in the table below (in thousands, except per share amounts):
Per Share (1)
Net Proceeds (2)
Fiscal Year 2011
Total fiscal year 2011
Fiscal Year 2010
December 2010 (3)
Total fiscal year 2010
Fiscal Year 2009
Total fiscal year 2009
Price received per share is gross of underwriters’ discount, if applicable.
Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.
Shares of our common stock were sold to underwriters, who sold the shares in one or more transactions on the Nasdaq Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale.
At-the-Market Offering Program
During fiscal years 2011 and 2010, we entered into sales agreements with underwriters to publicly offer and sell shares of our common stock in privately negotiated and/or at-the-market transactions from time-to-time. During fiscal year 2011, we sold 9.4 million shares of our common stock under a sales agreement at an average offering price of $29.25 per share for proceeds, net of the underwriter’s discount and other program costs, of $273.0 million. During fiscal year 2010, we sold 4.4 million shares of our common stock under a sales agreement at an average offering price of $29.13 per share for proceeds, net of the underwriter’s discount and other program costs, of $126.6 million. As of December 31, 2011, 26.2 million shares of our common stock remain available for issuance under the sales agreements.