Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Schedule of Stock-based Compensation Expense |
A summary of stock-based compensation expense for the six months ended June 30, 2013 and 2012 is as follows:
| | | | | | | | | | For the Six Months Ended June 30, | | 2013 | | 2012 | Stock Options | $ | 997,000 |
| | $ | 949,000 |
| Restricted Stock | 14,000 |
| | — |
| Employee Stock Purchase Plan (ESPP) | 185,000 |
| | 195,000 |
| Total pre-tax stock-based compensation expense charged against income (1) | $ | 1,196,000 |
| | $ | 1,144,000 |
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| | (1) | Stock-based compensation expense is recorded in the selling, general and administrative caption in our consolidated statements of comprehensive income. |
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Summary Of Other Information Of Stock Option Plans |
Other information pertaining to activity of our stock awards during the six months ended June 30, 2013 and 2012 was as follows:
| | | | | | | | | | June 30, 2013 | | June 30, 2012 | Total grant-date fair value of stock awards granted | $ | 3,412,000 |
| | $ | 2,438,000 |
| Total fair value of stock awards vested during period | $ | 1,897,000 |
| | $ | 1,870,000 |
| Total unrecognized compensation expense related to non-vested stock awards | $ | 5,982,000 |
| | $ | 4,948,000 |
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A summary of our stock option activity is as follows:
| | | | | | | | | Stock Options Outstanding | | Number of Shares | | Weighted Average Exercise Price | December 31, 2012 | 2,632,000 |
| | $ | 13.18 |
| Granted | 564,000 |
| | 23.50 |
| Cancelled | (49,000 | ) | | 18.21 |
| Exercised | (378,000 | ) | | 12.46 |
| June 30, 2013 | 2,769,000 |
| | $ | 15.29 |
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Summarized Information Of Stock Options Outstanding |
The following table summarizes other information about stock options at June 30, 2013.
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| | Stock Options | Range of exercise prices | | $3.68 - 23.50 |
| Outstanding: | | | Weighted average remaining contractual life (years) | | 6.60 |
| Aggregate intrinsic value | | $ | 25,566,000 |
| Exercisable: | | | Number of shares | | 1,174,000 |
| Weighted average remaining contractual life (years) | | 4.50 |
| Aggregate intrinsic value | | $ | 15,846,000 |
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Assumption For Fair Value Of Options Granted |
The fair value of stock awards granted in 2013 and 2012 was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions:
| | | | | | June 30, 2013 | | June 30, 2012 | Risk-free interest rate | 1.5% | | 1.3% | Weighted average expected life in years | 6.0 years | | 6.8 years | Expected volatility | 38.9% | | 39.2% | Dividend yield | 2.8% | | 3.6% |
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Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] |
The stock-based compensation expense associated with our ESPP was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions:
| | | | | | June 30, 2013 | | June 30, 2012 | Risk-free interest rate | 0.24% | | 0.19% | Weighted average expected life in years | 1.0 year | | 1.0 year | Expected volatility | 27.6% | | 36.5% | Dividend yield | 2.8% | | 3.6% |
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