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Stock-Based Awards and Programs (Tables)
3 Months Ended
Mar. 31, 2012
Stock-Based Awards and Programs  
Schedule of compensation expense and tax benefits for stock-based awards and programs

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

2012

 

2011

 

2012

 

2011

 

Compensation expense

 

$

822

 

$

741

 

$

1,846

 

$

3,136

 

Tax benefit recognized

 

298

 

271

 

642

 

1,143

 

 

Schedule of assumptions used in valuation of performance-based restricted stock awards

 

 

 

 

Fair Value of Grants Outstanding at March 31,

 

 

 

2012

 

2011

 

Risk-free interest rate

 

0.16% to 0.45%

 

0.61% to 1.15%

 

Expected volatility of Empire stock

 

21.5%

 

26.1%

 

Expected volatility of peer group stock

 

13.5% to 51.9%

 

21.1% to 82.2%

 

Expected dividend yield on Empire stock

 

4.9%

 

6.3%

 

Expected forfeiture rates

 

3%

 

3%

 

Plan cycle

 

3 years

 

3 years

 

Fair value percentage

 

41.0% to 104.0%

 

97.0% to 143.0%

 

Weighted average fair value per share

 

$13.63

 

$27.20

 

 

Schedule of non-vested restricted stock awards (based on target number) and changes during the reporting period

 

 

 

2012

 

2011

 

 

 

Number
of shares

 

Weighted Average
Grant Date Price

 

Number
of shares

 

Weighted Average
Grant Date Price

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1,

 

37,400

 

$

19.28

 

47,500

 

$

19.86

 

Granted

 

10,000

 

$

20.97

 

10,900

 

$

21.84

 

Awarded

 

(7,823

)

$

18.12

 

(39,621

)

$

21.92

 

Awarded in Excess of Target

 

 

 

18,621

 

$

21.92

 

Not Awarded

 

(5,677

)

$

18.12

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested at March 31,

 

33,900

 

$

20.25

 

37,400

 

$

19.28

 

 

Schedule of assumptions used in the valuations of stock options

 

 

 

Fair Value of Grants Outstanding at March 31,

 

 

 

2012

 

2011

 

Risk-free interest rate

 

0.17% to 0.83%

 

0.45% to 2.39%

 

Dividend yield

 

4.9%

 

6.3%

 

Expected volatility

 

25.0%

 

23.0%

 

Expected life in months

 

78

 

78

 

Market value

 

$20.35

 

$21.79

 

Weighted average fair value per option

 

$1.56

 

$1.94

 

 

Schedule of stock options activity

 

 

 

2012

 

2011

 

 

 

 

 

Weighted
Average

 

 

 

Weighted
Average

 

 

 

Options

 

Exercise Price

 

Options

 

Exercise Price

 

Outstanding at January 1,

 

190,300

 

$

21.56

 

267,400

 

$

21.69

 

Granted

 

 

$

 

 

$

 

Exercised

 

27,000

 

$

18.12

 

 

 

Outstanding at March 31,

 

163,300

 

$

22.13

 

267,400

 

$

21.69

 

Exercisable at March 31,

 

128,500

 

$

23.15

 

205,600

 

$

22.73

 

 

Schedule of aggregate intrinsic values of stock options

 

 

 

 

2012

 

2011

 

Aggregate intrinsic value (in millions)

 

Less than $0.1

 

$0.2

 

Weighted-average remaining contractual life of outstanding options

 

3.9 years

 

5.8 years

 

Range of exercise prices

 

$18.36 to $23.81

 

$18.12 to $23.81

 

Total unrecognized compensation expense (in millions) related to non-vested options and related dividend equivalents granted under the plan

 

Less than $0.1

 

$0.1

 

Recognition period

 

Less than 1 year

 

1 to 2 years

 

Schedule of shares of time-vested restricted stock granted to qualified individuals at the fair market value

 

March 31, 2012

 

December 31, 2011

 

 

 

 

 

Weighted

 

 

 

Weighted

 

 

 

 

 

Average Fair

 

 

 

Average Fair

 

 

 

Number of shares

 

Market Value

 

Number of shares

 

Market Value

 

Outstanding at January 1,

 

3,433

 

$

21.84

 

 

$

 

Granted

 

 

 

10,200

 

$

21.84

 

Vested

 

 

 

794

 

$

19.32

 

Distributed

 

133

 

$

20.13

 

661

 

$

21.02

 

Forfeited

 

 

 

6,106

 

$

 

Vested but not distributed

 

 

 

133

 

$

20.13

 

 

 

 

 

 

 

 

 

 

 

Outstanding at end of period

 

3,300

 

$

20.35

 

3,433

 

$

21.84