Stock Based Compensation

3 Months Ended

Mar. 31, 2012

Stock Based Compensation [Abstract]

Stock Based Compensation

Note 10.  Stock Based Compensation

A summary of the activity for stock awards during the three months ended March 31, 2012 is as follows:

	Shares	Weighted Average Fair Value Per Share
Non-vested -December 31, 2011	87,500	$22.91
Unrestricted Shares Granted	5,712	$21.01
Shares Vested	(93,212)	$22.79
Non-vested - March 31, 2012	-	-

For the three months ended March 31, 2012, our income before taxes and net income included $340,000 and $221,000, respectively, of stock-based compensation expense charges, which reduced both basic and diluted earnings per share by $0.03 per share. For the three months ended March 31, 2011, our income before taxes and net income included $577,000 and $375,000, respectively, of stock-based compensation expense charges, which reduced both basic and diluted earnings per share by $0.05 per share.

On January 18, 2012, our independent Directors received unrestricted stock awards of 5,712 shares from the 2011 Stock Incentive Plan.