Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2012

Stock Based Compensation [Abstract]

Share-based compensation activity

On January 18, 2012, our independent Directors received unrestricted stock awards of 5,712 shares from the 2011 Stock Incentive Plan (the plan").  Recently, the Compensation Committee of the Board of Directors approved an expansion of our stock-based compensation programs to include the grant of restricted stock units ("RSUs") to certain key individuals.  On May 7, 2012, the Company granted 65,500 restricted stock units payable in shares of our common stock, $1.00 par value per share, to 10 key individuals.  The grants consisted of three tranches of RSUs - Time-Based RSUs, Absolute Performance-Based RSUs, and Relative Performance-Based RSUs.  If we attain certain performance targets, the 65,500 RSUs could result in us issuing up to 81,875 shares of our stock.  Our operating results, net income and net income before taxes for the periods set forth below include (i) the following amounts of compensation expenses associated with the above-described stock grants and RSUs and (ii) the related reductions in earnings per share:

	Six Months Ended June 30,						Three Months ended June 30,
	2012			2011			2012			2011
Stock-Based Compensation Expense	$	544,000		$	1,006,000		$	214,000		$	428,000
Related Reduction in Earnings Per Share 1	$	(0.08	)	$	(0.15	)	$	(0.03	)	$	(0.06	)

1  Same for basic and diluted earnings per share

Summary of activity for stock awards

A summary of the activity for stock awards during the six months ended June 30, 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 - June 30, 2012		-			-

Schedule of RSU Activity

A summary of our  RSU activity and related information for the six months ended June 30, 2012 is as follows:

	Number of RSUs		Weighted- Average  Grant Date  Fair Value
Non-vested -December 31, 2011		-		-
Restricted Stock Units Granted		65,500	$	21.48
Shares Vested		-		-
Non-vested - June 30, 2012		65,500	$	21.48