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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2013

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.



2014	$	1,228
2015	994
2016	569
2017	423
2018	58
Total	$	3,272

Analysis of Award Activity

The analysis below details the award activity for 2013 and the awards outstanding at December 31, 2013, 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, 2013	1,242,442		$	27.78
Granted	233,348		24.41
Exercised	(168,482	)	19.98
Forfeited or expired	(19,998	)	31.58
Outstanding at December 31, 2013	1,287,310		$	28.13	5.31	$	4,524
Exercisable at December 31, 2013	803,568		$	31.66	3.91	$	1,425

Schedule of Restricted Stock Units Award Activity

The analysis below details the award activity for the restricted stock awards outstanding at December 31, 2013:



Restricted stock awards	Shares		Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2013	54,338		$	25.01
Granted	30,489		24.78
Vested	(24,978	)	30.38
Non-vested at December 31, 2013	59,849		$	22.70

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,	2013			2012			2011
Risk-free interest rate	1.37		%	1.37		%	2.99		%
Expected volatility	34.32		%	37.06		%	55.47		%
Expected option life (in years)	7			7			7
Expected dividends (in dollars)	$	0.69		$	0.60		$	0.60
Weighted-average grant-date fair value of options granted during the year (in dollars)	$	6.64		$	5.90		$	8.99

Stock Options Outstanding and Exercisable

The following table summarizes information regarding the stock options outstanding and exercisable at December 31, 2013:



				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	331,017	7.04	$	19.88	115,218	$	19.47
21.01		-	28.00	317,815	7.88	23.57		70,932	23.50
28.01		-	35.00	338,478	3.52	32.74		317,418	32.99
35.01		-	41.00	300,000	2.71	36.85		300,000	36.85
$	15.01	-	41.00	1,287,310	5.31	$	28.13	803,568	$	31.66

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, 2013		From Inception to December 31, 2013
Beginning balance	568,746		1,900,000
Number of awards granted	(238,672	)	(1,682,496	)
Number of awards forfeited or expired	23,575		136,145
Ending balance	353,649		353,649
Number of option awards exercised	154,926		381,768
Number of unrestricted stock awards granted	935		4,555
Number of restricted stock awards vested	18,576		18,576

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, 2013		From Inception to December 31, 2013
Beginning balance	130,012		300,000
Number of awards granted	(26,100	)	(202,091	)
Number of awards forfeited or expired	—		6,003
Ending balance	103,912		103,912
Number of option awards exercised	3,156		3,156
Number of restricted stock awards vested	6,402		6,402

- 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