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Equity (Tables)

12 Months Ended

Dec. 31, 2012

Summary of the stock option and RSA activity

A summary of the stock option and RSA activity for the years ended December 31, 2012 and 2011 is as follows:

	Options					RSAs
									Weighted Average
				Weighted Average					Grant Date
	Shares			Exercise Price		Shares			Fair Value

Outstanding at December 31, 2010		90,900		$	36.93		123,100		$	40.14
Granted		10,000			45.77		197,200			48.80
Forfeited		-			-		(44,700	)		44.90
Exercised / Vested		-			-		-			-
Outstanding at December 31, 2011		100,900			37.81		275,600			45.56
Granted		-			-		105,300			43.49
Forfeited		(500	)		28.95		(7,900	)		45.21
Exercised / Vested		(31,777	)		28.95		(373,000	)		44.99
Outstanding at December 31, 2012		68,623		$	41.79		-		$	-

Shares available for future issuance at
December 31, 2012		540,675

Weighted average characteristics of outstanding employee stock options

The table below represents for various prices, the weighted average characteristics of outstanding employee stock options at December 31, 2012.

Exercise		Options		Weighted average remaining		Options currently		Exercise price of options
price		outstanding		contractual life		exercisable		currently exercisable
$	28.95		3,623		0.17		3,623	$	28.95
	39.55		10,000		3.33		10,000		39.55
	39.65		20,000		1.42		20,000		39.65
	39.90		10,000		4.08		10,000		39.90
	44.90		10,000		2.83		10,000		44.90
	45.77		10,000		8.08		-		N/A
$	51.74		6,000		5.33		6,000	$	51.74

Weighted average estimated fair value of the options granted at their grant date using the Black-Scholes

The weighted average estimated fair value of the options granted at their grant date using the Black-Scholes option-pricing model was as follows:

	2011

Weighted average fair value of options granted:	$	18.66

Assumptions made:
Expected volatility		49	%
Risk free interest rate		0.15	%
Expected life	5 years
Dividend yield		0.26	%

Schedule of cost recognition of the related cost of awards on non vested awards

The total compensation costs related to non-vested awards not yet recognized is approximately $75,000 as of December 31, 2012. This will be recognized as expense in the following periods (in thousands):

2013				2014				2015
$	58			$	16			$	1