Share-Based Compensation

12 Months Ended

Dec. 31, 2012

Share-based Compensation [Abstract]

Share-Based Compensation

Share-Based Compensation

In May 2005, the Company adopted the 2005 Plan which succeeded a prior plan. A maximum of 4,957,250 shares of common stock under the 2005 Plan are authorized for issuance upon exercise of options, stock appreciation rights and other awards, or upon vesting of restricted or deferred stock awards. As of December 31, 2012, only options and restricted stock awards have been granted under these plans. Beginning January 1, 2008, options granted, for which the Company has recognized share-based compensation expense become exercisable at a rate of 25% per year beginning one year from the date granted, are granted at the market price on the date of grant, and expire after 10 years. Prior to January 1, 2008, shares became exercisable at a rate of 20% per year.

Cash received from option exercises was $2,492,000, $1,951,000, and $733,000 during 2012, 2011, and 2010, respectively. Total compensation costs were $168,000, $439,000, and $651,000 during 2012, 2011, and 2010, respectively. The excess tax benefit realized for the tax deduction from option exercises of the share-based payment awards totaled $86,000, $56,000, and $132,000 during 2012, 2011, and 2010, respectively. No stock options were awarded in the past three years.

A summary of the stock option activity under the Company’s plans as of December 31, 2012 and changes during the year then ended is presented below:

	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in 000’s)
Outstanding at January 1, 2012	544,225	$	46.09
Granted	0
Exercised	(65,450)	$	38.07
Canceled or expired	(27,750)
Outstanding at December 31, 2012	451,025	$	47.22	4.5	$	724
Exercisable at December 31, 2012	408,775	$	48.59	4.3	$	479

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all options been exercised on December 31, 2012. The aggregate intrinsic value of stock options exercised was $392,000, $262,000, and $431,000 during 2012, 2011, and 2010, respectively. The total fair value of options vested was $407,000, $467,000, and $498,000 during 2012, 2011, and 2010, respectively.

The following table presents information regarding stock options outstanding at December 31, 2012:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Options	Weighted-Avg. Remaining Contractual Life (Years)	Weighted- Avg.  Exercise Price		Number of Options	Weighted- Avg. Exercise Price
$33.61-40.53	131,525	6.1	$	34.21	89,275	$	34.36
$47.61-51.51	166,000	4.6	$	49.64	166,000	$	49.64
$52.13-58.83	153,500	2.9	$	55.73	153,500	$	55.73

As of December 31, 2012, $42,000 of total unrecognized compensation cost related to non-vested stock options is expected to be recognized over a weighted-average period of 0.4 years.

Under the 2005 Plan, the Compensation Committee of the Company’s Board of Directors granted performance vesting restricted stock units to the Company’s senior management and key employees. See Note 1 for grants summary. A summary of the restricted stock and restricted stock units activity as of December 31, 2012 and 2011, and changes during the years then ended is as follows:

	2012			2011			2010
	Shares	Weighted- Average Fair Value per Share		Shares	Weighted- Average  Fair Value per Share		Shares		Weighted- Average  Fair Value per Share
Outstanding at January 1	135,000	$	40.70	55,000	$	41.40	0		$	0.00
Granted	92,000	44.01		80,000	40.22		55,000		$	41.40
Vested	0			0			0
Forfeited/Canceled	(3,000)			0			0
Expired	(55,000)			0			0
Outstanding at December 31	169,000	$	42.22	135,000	$	40.70	$	55,000	$	41.40