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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Remaining Stock-Based Compensation Expense

We expect this compensation to be recognized in subsequent years according to the following table, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated.



2013	$	1,122
2014	849
2015	637
2016	190
2017	23
Total	$	2,821

Analysis of Award Activity

The analysis below details the award activity for 2012 and the awards outstanding at December 31, 2012, for both of our plans and ad hoc options, which were granted prior to the adoption of the other plans:



Options	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Life (in years)	Aggregate Intrinsic Value
Outstanding at January 1, 2012	1,188,772		$	27.95
Granted	120,595		20.96
Exercised	(54,825	)	17.39
Forfeited or expired	(12,100	)	24.49
Outstanding at December 31, 2012	1,242,442		$	27.78	5.38	$	1,005
Exercisable at December 31, 2012	822,589		$	30.91	2.94	$	386

Weighted-average Grant-Date Fair Value Assumptions

The weighted-average grant-date fair value of the options granted under our plans has been estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:



December 31,	2012			2011			2010
Risk-free interest rate	1.37		%	2.99		%	3.03		%
Expected volatility	37.06		%	55.47		%	59.03		%
Expected option life (in years)	7			7			7
Expected dividends (in dollars)	$	0.60		$	0.60		$	0.60
Weighted-average grant-date fair value of options granted during the year (in dollars)	$	5.90		$	8.99		$	9.00

Stock Options Outstanding and Exercisable

The following table summarizes information regarding the stock options outstanding and exercisable at December 31, 2012:



				Options Outstanding				Options Exercisable
Range of Exercise Prices				Number Outstanding (in shares)	Weighted-Average Remaining Contractual Life (in years)	Weighted-Average Exercise Price		Number Exercisable (in shares)	Weighted-Average Exercise Price
$	15.01	-	21.00	436,434	7.72	$	19.60	117,895	$	18.66
21.01		-	28.00	172,842	4.77	22.43		112,923	22.71
28.01		-	35.00	325,666	4.14	33.01		291,771	32.90
35.01		-	41.00	307,500	3.71	36.84		300,000	36.89
$	15.01	-	41.00	1,242,442	5.38	$	27.78	822,589	$	30.91

Employee Stock Award Plan-2008 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Activity in Stock Award Plans

The activity in the 2008 Stock Plan is displayed in the following table:



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2012		Inception to Date
Beginning balance	653,511		1,900,000
Number of awards granted	(98,135	)	(1,443,824	)
Number of awards forfeited or expired	13,370		112,570
Ending balance	568,746		568,746
Number of option awards exercised	48,825		226,842
Number of unrestricted stock awards granted	1,135		3,620
Number of restricted stock awards vested	—		—

Director Plan - 2005 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Activity in Stock Award Plans

The activity in the Director Plan is displayed in the following table:



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2012		Inception to Date
Beginning balance	160,009		300,000
Number of awards granted	(29,997	)	(175,991	)
Number of awards forfeited or expired	—		6,003
Ending balance	130,012		130,012
Number of option awards exercised	—		—

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References+ Details