Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2013

Our operating results, net income and net income before taxes for the periods set forth below include (i) the following amounts of compensation expense associated with the stock grants and RSUs and (ii) the related reductions in earnings per share:

	Three Months ended March 31,
	2013			2012

Stock-Based Compensation
Expense:
Stock Grants to Directors & Officers	$	30,000		$	340,000
RSUs Awards to Officers		243,000			-
Related Reduction in
Earnings Per Share 1	$	(0.03	)	$	(0.05	)

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 three months ended March 31, 2013 is as follows:

	2013
	Shares	Weighted Average Fair Value Per Share
Non-vested – December 31, 2012	-	-
Unrestricted Shares Granted	6,708	$17.89
Shares Vested	(6,708)	$17.89
Shares Forfeited	-	-
Non-vested – March 31, 2013	-	-

Summary of RSU activity and related information

A summary of our RSU activity and related information for the three months ended March 31, 2013 is as follows:


	Number of RSUs	Weighted- Average Grant Date Fair Value
Non-vested –December 31, 2012	65,500	$21.48
Additional Absolute RSU's Awarded *	8,188	19.35
Absolute RSU's Vested – March 11, 2013	(18,188)	19.35
Absolute RSU's Retired – March 11, 2013**	(6,349)	20.07
Relative Performance RSU's Vested – March 11, 2013	(5,300)	18.18
Relative Performance RSU's Retired – March 11, 2013**	(1,837)	20.07
Non-vested – March 31, 2013	42,014	$22.68

*Due to meeting our target, the maximum payout was reached, resulting in additional stock to be awarded.

**On March 11, 2013, we retired a combined total of 8,186 shares of common stock, in order to meet the minimum tax liabilities associated with the vesting of Restricted Stock held by our executive officers.