Equity-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2012
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Details of Compensation Expense |
The following table details our compensation expense for the quarters and nine months ended September 30: | | | | | | | | | | | | | | | | | | Quarter Ended | | Nine Months Ended | | September 30, | | September 30, | (Dollars in thousands) | 2012 | | 2011 | | 2012 | | 2011 | Employee equity-based compensation expense: | | | | | | | | Performance shares | $ | 891 |
| | $ | 942 |
| | $ | 2,598 |
| | $ | 2,707 |
| Restricted stock units | 168 |
| | 155 |
| | 459 |
| | 437 |
| Total employee equity-based compensation expense | $ | 1,059 |
| | $ | 1,097 |
| | $ | 3,057 |
| | $ | 3,144 |
| Related net income tax benefit | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | | | | | | | | Director deferred compensation expense (income) | $ | 1,126 |
| | $ | (373 | ) | | $ | 1,553 |
| | $ | 484 |
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Summary of Outstanding Stock Options |
The following table summarizes outstanding stock options as of September 30, 2012 and changes during the nine months ended September 30, 2012: | | | | | | | | | | | | (Dollars in thousands, except exercise prices) | Shares | | Weighted Avg. Exercise Price | | Aggregate Intrinsic Value | Outstanding at January 1 | 144,684 |
| | $ | 23.34 |
| | | Shares exercised | (40,830 | ) | | 16.63 |
| | $ | 679 |
| Shares canceled or expired | — |
| | — |
| | | Outstanding and exercisable at September 30 | 103,854 |
| | 25.68 |
| | 1,214 |
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Summary of Outstanding Stock Options by Exercise Price Range |
The following table summarizes outstanding stock options as of September 30, 2012: | | | | | | | | | | | Options Outstanding and Exercisable | Range of Exercise Prices | Outstanding | | Weighted Avg. Remaining Contractual Life | | Weighted Avg. Exercise Price | $14.4398 | 11,545 |
| | 0.17 years | | $ | 14.44 |
| $19.2569 | 30,340 |
| | 1.17 years | | 19.26 |
| $30.9204 | 61,969 |
| | 2.17 years | | 30.92 |
| $14.4398 to $30.9204 | 103,854 |
| | 1.66 years | | 25.68 |
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Fair Value of Performance Share Awards |
The following table presents the key inputs used in the Monte Carlo simulation method to calculate the fair value of the performance share awards in 2012 and 2011, and the resulting fair values: | | | | | | | | | | 2012 | | 2011 | Shares granted | 85,028 |
| | 77,767 |
| Stock price as of valuation date | $ | 31.11 |
| | $ | 39.10 |
| Risk-free rate | 0.40 | % | | 1.26 | % | Fair value of a performance share | $ | 34.24 |
| | $ | 55.84 |
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Summary of Outstanding Performance Share Awards |
The following table summarizes outstanding performance share awards as of September 30, 2012, and changes during the nine months ended September 30, 2012: | | | | | | | | | | | | (Dollars in thousands, except grant date fair value) | Shares | | Weighted Avg. Grant Date Fair Value | | Aggregate Intrinsic Value | Unvested shares outstanding at January 1 | 154,594 |
| | $ | 50.54 |
| | | Granted | 85,028 |
| | 34.24 |
| | | Forfeited | (2,596 | ) | | 44.99 |
| | | Unvested shares outstanding at September 30 | 237,026 |
| | 44.76 |
| | $ | 8,657 |
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Summary of Outstanding RSU Awards |
The following table summarizes outstanding RSU awards as of September 30, 2012, and changes during the nine months ended September 30, 2012: | | | | | | | | | | | | (Dollars in thousands, except grant date fair value) | Shares | | Weighted Avg. Grant Date Fair Value | | Aggregate Intrinsic Value | Unvested shares outstanding at January 1 | 36,359 |
| | $ | 35.60 |
| | | Granted | 19,725 |
| | 31.38 |
| | | Vested | (1,290 | ) | | 33.27 |
| | | Forfeited | (1,504 | ) | | 33.36 |
| | | Unvested shares outstanding at September 30 | 53,290 |
| | 34.16 |
| | $ | 1,991 |
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