Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2012
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Stock-Based Compensation [Abstract] |
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Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan table |
Net stock-based compensation expense recognized in the accompanying consolidated statements of income and comprehensive income was as follows: | | | | | | | | | | | | | | Years Ended December 31, | | 2012 | | 2011 | | 2010 | Stock-based compensation expense related to: | (in thousands) | Nonqualified stock options | $ | 1,958 |
| | $ | 1,648 |
| | $ | 2,039 |
| RSUs | 2,435 |
| | 2,094 |
| | 2,014 |
| PSUs | 1,748 |
| | — |
| | — |
| Total | 6,141 |
| | 3,742 |
| | 4,053 |
| Less: related tax benefit | 1,972 |
| | 1,220 |
| | 1,116 |
| Net stock-based compensation expense | $ | 4,169 |
| | $ | 2,522 |
| | $ | 2,937 |
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Schedule of share-based payment award, stock options, valuation assumptions table |
The fair value of the stock options granted during the years ended December 31, 2012, 2011, and 2010 were calculated using the following weighted average assumptions: | | | | | | | | | | | 2012 |
| 2011 |
| 2010 | Expected volatility | 42.7 | % | | 43.6 | % | | 47.3 | % | Expected life (in years) | 4.8 |
| | 4.8 |
| | 4.8 |
| Dividend yield | 1.4 | % | | 1.2 | % | | 1.6 | % | Risk-free interest rate | 1.1 | % | | 1.9 | % | | 2.6 | % | Weighted average grant date fair values of options granted | $5.64 | | $7.01 | | $5.80 |
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Schedule of share-based compensation arrangement by share-based payment award, options, vested and expected to vest, outstanding table |
Changes in outstanding stock options for the year ended December 31, 2012 were as follows: | | | | | | | | | | | Number of Options | | Weighted-Average Exercise Price | | Weighted Average Remaining Contractual Life | Options outstanding at December 31, 2009 | 1,512,706 |
| | $ | 16.30 |
| | 5.4 years | Granted | 406,020 |
| | 15.31 |
| | 6.2 years | Exercised | (7,783 | ) | | 12.03 |
| | | Expired | (35,441 | ) | | 17.94 |
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| Forfeited | (112,399 | ) | | 15.03 |
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| Options outstanding at December 31, 2010 | 1,763,103 |
| | 16.14 |
| | 4.8 years | Granted | 355,063 |
| | 19.81 |
| | 6.2 years | Exercised | (92,646 | ) | | 16.53 |
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| Expired | (49,445 | ) | | 17.32 |
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| Forfeited | (187,369 | ) | | 15.36 |
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| Options outstanding at December 31, 2011 | 1,788,706 |
| | 16.90 |
| | 4.3 years | Granted | 242,300 |
| | 17.02 |
| | 6.2 years | Exercised | (101,261 | ) | | 14.13 |
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| Expired | (98,973 | ) | | 18.78 |
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| Options outstanding at December 31, 2012 | 1,830,772 |
| | 16.97 |
| | 3.7 years | Exercisable at December 31, 2012 | 1,086,306 |
| | 16.97 |
| | 2.8 years |
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Schedule of fair value of options vested and instrinsic value of outstanding and exercisable options table |
The fair value of options vested and the intrinsic value of outstanding and exercisable options as of December 31, were as follows: | | | | | | | | | | | | | | 2012 | | 2011 | | 2010 | | (in thousands) | Fair value of options vested | $ | 1,948 |
| | $ | 1,929 |
| | $ | 2,041 |
| Intrinsic value of outstanding options | 6,616 |
| | 3,332 |
| | 3,561 |
| Intrinsic value of exercisable options | 3,918 |
| | 1,508 |
| | 750 |
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Schedule of share-based compensation, restricted stock and restricted stock units activity |
Changes in outstanding RSUs for the year ended December 31, 2012 were as follows: | | | | | | | | | | | Number of RSUs | | Weighted Average Grant Date Fair Value | RSUs outstanding at December 31, 2009 | | 365,343 |
| | $ | 14.66 |
| Granted | | 195,301 |
| | 15.36 |
| Forfeited | | (38,837 | ) | | 14.81 |
| Vested | | (93,292 | ) | | 14.60 |
| RSUs outstanding at December 31, 2010 | | 428,515 |
| | 14.98 |
| Granted | | 157,570 |
| | 19.03 |
| Forfeited | | (62,618 | ) | | 15.29 |
| Vested | | (105,278 | ) | | 15.25 |
| RSUs outstanding at December 31, 2011 | | 418,189 |
| | 16.39 |
| Granted | | 117,065 |
| | 16.95 |
| Vested | | (128,992 | ) | | 16.36 |
| RSUs outstanding at December 31, 2012 | | 406,262 |
| | 16.56 |
| Vested but unsettled RSUs at December 31, 2012 | | 106,510 |
| | 15.30 |
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Schedule of fair value of RSUs vested and instrinsic value of outstanding and vested RSUs table |
The fair value of RSUs vested and the intrinsic value of outstanding and vested RSUs as of December 31, were as follows: | | | | | | | | | | | | | | 2012 | | 2011 | | 2010 | | (in thousands) | Fair value of RSUs vested | $ | 2,110 |
| | $ | 1,605 |
| | $ | 1,362 |
| Intrinsic value of outstanding RSUs | 8,361 |
| | 7,565 |
| | 7,490 |
| Intrinsic value of vested RSUs | 2,655 |
| | 1,904 |
| | 1,631 |
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PSUs awarded to certain officers table |
The Company awarded PSUs to certain officers of the Company as follows: | | | | | | | | | | | | Target Number Awarded | | Fair Value on Date of Grant | | Aggregate Fair Value on Date of Grant | March 2012 | | | | | (in thousands) | PSUs(1) | 158,900 |
| | 17.02 |
| | $ | 2,704 |
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| | (1) | The PSUs have a performance period of three years and are subject to certain performance goals, based on the Company's statutory combined ratio, with payouts that range from 0% to 200% of the target awards. |
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