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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Assumptions Used In 2012 Black Scholes Model
The estimated fair value of the stock options granted during 2013, 2012, and 2011 was calculated using a Black-Scholes option pricing model.  The following summarizes the assumptions used in the Black-Scholes model:

 
2013
 
2012
 
2011
 
Risk-free interest rate
1.25
%
 
1.36
%
 
2.74
%
 
Expected price volatility
45.68
%
 
46.22
%
 
45.43
%
 
Dividend yield
2.96
%
 
3.29
%
 
3.65
%
 
Forfeiture rate
4.73
%
 
4.77
%
 
5.00
%
 
Weighted-average expected life, until exercise
7.27

years
7.20

years
6.91

years
Components of Share Based Compensation Awards
The following table summarizes the components of the Corporation's share-based compensation awards recorded as expense:


Year Ended
December 31,
 
Year Ended
December 31,
 
Year Ended
December 31,
 
2013
 
2012
 
2011
Stock and ESPP Options
 

 

 
Pre-tax compensation expense
$
253


$
284


$
237

Income tax benefit
(16
)

(23
)

(21
)
Stock and ESPP option expense, net of income taxes
$
237


$
261


$
216

Restricted Stock Awards
 

 

 
Pre-tax compensation expense
$
1,520


$
1,208


$
1,078

Income tax benefit
(531
)

(428
)

(371
)
Restricted stock awards expense, net of income taxes
$
989


$
780


$
707

Total Share-Based Compensation:
 

 

 
Pre-tax compensation expense
$
1,773


$
1,492


$
1,315

Income tax benefit
(547
)

(451
)

(392
)
Total share-based compensation expense, net of income taxes
$
1,226


$
1,041


$
923
Stock Option Activity Under Stock Option Plans
Stock option activity under the Corporation's stock option plans, as of December 31, 2013, and changes during the year ended December 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
184,269


$
16.50


 

 
Exercised
(13,750
)

$
7.77





Canceled
(118,369
)

$
23.42


 

 
Outstanding December 31, 2013
958,786


$
21.32


3.28

3,064,900

Vested and Expected to Vest at December 31, 2013
958,786


$
21.32


3.28

3,064,900

Exercisable at December 31, 2013
907,986


$
21.74


2.98

2,603,971
Unvested RSAs Outstanding
The following table summarizes information on unvested RSAs outstanding as of December 31, 2013:

 
Number of
Shares

Weighted-Average
Grant Date Fair Value
Unvested RSAs at January 1, 2013
401,375


$
9.29

Granted
146,639


$
16.35

Forfeited
(2,025
)

$
11.73

Vested
(116,987
)

$
6.27

Unvested RSAs at December 31, 2013
429,002


$
12.51