Compensation Plans

3 Months Ended

Jun. 30, 2011

COMPENSATION PLANS [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

COMPENSATION PLANS

The Company maintains a number of share-based incentive programs, which are discussed in more detail in Note 16 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. There were no stock options, stock-settled stock appreciation rights, or restricted stock units granted in the first six months of 2011. The share-based compensation expense was $381,000 and $492,000 for the three months ended June 30, 2011 and 2010, respectively. The share-based compensation expense was $927,000 and $1.1 million for the six months ended June 30, 2011 and 2010, respectively.

Employee Stock Options and Stock-settled Stock Appreciation Rights (“SSAR”)

At June 30, 2011, there was $1.3 million of total unrecognized compensation costs related to SSAR’s which is expected to be recognized over a weighted average period of 2.4 years. Following is a summary of the employee stock option and SSAR activity for the first six months of 2011.

(Dollars in thousands, except share data)	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2011	902,932		$	15.71
Granted	—		—
Exercised	(66,980	)	11.88
Forfeited	(26,801	)	13.94
Outstanding at June 30, 2011	809,151		$	16.09	5.3 years	$	—
Exercisable at June 30, 2011	527,621		$	16.35	3.9 years	$	—
Vested and expected to vest at June 30, 2011	718,532		$	15.63	5.3 years	$	—

Restricted Stock Units (“RSU”)

At June 30, 2011, there was $550,000 of total unrecognized compensation costs related to the RSU’s, which is expected to be recognized over a weighted average period of 1.2 years. A summary of the Company's restricted stock unit activity for the first six months of 2011 is presented below.

	Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2011	36,173		$	22.14
Granted	—		—
Vested	(200	)	10.69
Forfeited	(1,387	)	21.60
Outstanding at June 30, 2011	34,586		$	22.23

Stock Plan for Non-Management Directors

Shares are issued twice a year and compensation expense is recorded as the shares are earned, therefore, there is no unrecognized compensation expense related to this plan. The Company recognized $0 and $15,000 of share-based compensation expense for the directors for the three months ended June 30, 2011 and 2010, respectively. The Company recognized $167,000 and $158,000 of share-based compensation expense for the directors for the six months ended June 30, 2011 and 2010, respectively. Pursuant to this plan, the Company issued 13,900 and 16,823 shares in the first six months of 2011 and 2010, respectively.

Employee Stock Issuance

Restricted stock was issued to certain key employees as part of their compensation. The restricted stock may be in a form of a one-time award or in paid pro rata installments. The stock is restricted for 2 years and upon issuance may be fully vested or vest over five years. The Company recognized $7,000 and $2,000 of share-based compensation expense related to these awards for the three months ended June 30, 2011 and 2010, respectively. The Company recognized $12,000 and $43,000 of share-based compensation related to these awards and issued 4,831 and 8,999 shares in the six months ended June 30, 2011 and 2010, respectively.

In conjunction with the Company’s short-term incentive plan, the Company issued 14,329 and 13,660 restricted shares to certain key employees in the six months ended June 30, 2011 and 2010, respectively. The compensation expense related to these shares was expensed in 2010 and 2009, respectively. For further information on the short-term incentive plan, refer to the Compensation Discussion and Analysis in the Company’s Proxy Statement for the 2011 Annual Meeting of Stockholders.

Moneta Plan

As of December 31, 2006, the fair value of all Moneta options had been expensed. As a result, there have been no option-related expenses for Moneta in 2011 or 2010. Following is a summary of the Moneta stock option activity for the first six months of 2011.

(Dollars in thousands, except share data)	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2011	26,105		$	13.58
Granted	—		—
Exercised	(5,255	)	11.50
Forfeited	(8,792	)	15.50
Outstanding at June 30, 2011	12,058		$	13.10	1.6 years	$	5
Exercisable at June 30, 2011	12,058		$	13.10	1.6 years	$	5