Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2013

Uncategorized [Abstract]

Assumptions Used in the Black Scholes Model

The estimated fair value of the stock options granted during 2013 and in prior years was calculated using a Black Scholes option pricing model.  The following summarizes the assumptions used in the 2013 Black Scholes model:

Risk-free interest rate	1.25	%
Expected price volatility	45.68	%
Dividend yield	2.96	%
Forfeiture rate	4.73	%
Weighted-average expected life, until exercise	7.3 years

Components of Share Based Compensation Awards

The following table summarizes the components of the Corporation's share-based compensation awards recorded as expense:

	Three Months Ended March 31,
	2013			2012
Stock and ESPP Options
Pre-tax compensation expense	$	38		$	46
Income tax benefit	(2		)
Stock and ESPP option expense, net of income taxes	$	36		$	46
Restricted Stock Awards
Pre-tax compensation expense	$	336		$	280
Income tax benefit	(117		)	(106		)
Restricted stock awards expense, net of income taxes	$	219		$	174
Total Share-Based Compensation:
Pre-tax compensation expense	$	374		$	326
Income tax benefit	(119		)	(106		)
Total share-based compensation expense, net of income taxes	$	255		$	220

Stock Option Activity Under Stock Option Plans

Stock option activity under the Corporation's stock option plans as of March 31, 2013 and changes during the three months ended March 31, 2013, were as follows:

	Number of Shares		Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2013	906,636		$	21.58
Granted	9,000		$	15.32
Exercised	(2,250	)	$	6.99
Canceled	(8,471	)	$	24.69
Outstanding March 31, 2013	904,915		$	21.60	3.87	1,140,887
Vested and Expected to Vest at March 31, 2013	904,915		$	21.60	3.87	1,140,887
Exercisable at March 31, 2013	867,615		$	22.00	3.64	1,023,790

Unvested RSAs Outstanding

The following table summarizes information on unvested RSAs outstanding as of March 31, 2013:

	Number of Shares		Weighted-Average Grant Date Fair Value
Unvested RSAs at January 1, 2013	401,375		$	9.29
Granted	109,118		$	14.74
Vested	(100,123	)	$	5.95
Forfeited	(200	)	$	11.38
Unvested RSAs at March 31, 2013	410,170		$	11.55