Share-Based Compensation

12 Months Ended

Dec. 31, 2011

Share-Based Compensation [Abstract]

Share-Based Compensation

6. Share-Based Compensation

The Company has various stock plans under which employees and directors may be granted nonvested stock, non-qualified stock options or incentive stock options. Upon vesting, the stock options allow the participant to purchase common stock at 100% of the market price on the day the options were granted. No options were granted in 2011, 2010 or 2009.

As of December 31, 2011, there were 1.5 million shares available to be granted as future stock options and nonvested stock under existing stock plans. Of the shares available, 0.9 million may be awarded as nonvested stock. Stock options become exercisable over a three-year vesting period, or earlier upon retirement, and expire 10 years from the date of grant. Expense for stock options is recognized on a straight-line basis over three years from the date of grant or over the period from the date of grant until the participant is retirement-eligible, whichever is less. Treasury shares are issued for nonvested stock awards and for the exercise of stock options.

The following table summarizes the transactions involving the stock option plans:

				Weighted-		Weighted-
(in thousands				Average		Average		Aggregate
except exercise				Exercise		Remaining		Intrinsic
price and life)	Options			Price		Life (Years)		Value
Outstanding at December 31, 2008		1,450		$	21.17		5.0	$	4,110
Exercised		(502	)		19.34
Cancelled		(38	)		22.58
Outstanding at December 31, 2009		910			22.13		4.4		3,852
Exercised		(582	)		22.16
Outstanding at December 31, 2010		328			22.06		3.9		4,807
Exercised		(121	)		21.55
Outstanding at December 31, 2011		207		$	22.36		3.1	$	3,222
Exercisable at December 31, 2011		207		$	22.36		3.1	$	3,222

The aggregate intrinsic values of stock options exercised during 2011, 2010 and 2009, were $1.7 million, $3.9 million and $2.5 million, respectively.

As of December 31, 2011, all stock options outstanding were vested.

The following table summarizes information concerning outstanding and exercisable stock options at December 31, 2011:

	Range of Exercise Price
(in thousands except life and exercise price)	$	18.57-20.06	$	20.07-22.99	$	23.00-30.07
Options outstanding		50		38		119
Weighted-average remaining contractual life, in years		2.8		2.7		3.4
Weighted-average exercise price	$	19.11	$	20.63	$	24.29
Options exercisable		50		38		119
Weighted-average exercise price	$	19.11	$	20.63	$	24.29

The Company's stock plans also provide for the awarding of nonvested stock. Expense for shares of nonvested stock is recognized over five years from the date of grant or during the period from the date of grant until the participant attains age 65, whichever is less. During the period of restriction, the holder of nonvested stock has voting rights and is entitled to receive all dividends and other distributions paid with respect to the stock. The Company expenses awards for nonvested stock based on the fair value of the Company's common stock at the date of the grant.

The following table summarizes the nonvested stock activity:

				Grant Date
				Weighted-		Aggregate
				Average		Intrinsic
(in thousands except fair value)	Shares			Fair Value		Value
Outstanding at December 31, 2008		454		$	24.42	$	10,847
Granted		235			24.78
Vested		(131	)		24.66
Cancelled		(134	)		24.76
Outstanding at December 31, 2009		424			24.44		11,142
Granted		265			34.45
Vested		(259	)		27.92
Cancelled		(67	)		24.79
Outstanding at December 31, 2010		363			29.20		13,340
Granted		270			35.48
Vested		(175	)		34.04
Cancelled		(58	)		28.45
Outstanding at December 31, 2011		400		$	31.42	$	15,142

The total intrinsic values of shares vested during 2011, 2010 and 2009, was $6.2 million, $9.2 million and $3.3 million, respectively.

As of December 31, 2011, total remaining unearned compensation, net of expected forfeitures, related to nonvested stock was $9.0 million, which will be amortized over the weighted-average remaining service period of 2.6 years.

Total pre-tax share-based compensation recognized in the Consolidated Statements of Earnings was $7.8 million, $5.7 million and $3.9 million in 2011, 2010 and 2009, respectively. Tax related benefits of $1.2 million, $0.7 million and $0.5 million were also recognized in 2011, 2010 and 2009, respectively. Cash received from the exercise of stock options was $2.6 million, $12.9 million and $9.7 million for 2011, 2010 and 2009, respectively, and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows.