STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2011

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

9. STOCKHOLDERS' EQUITY

Incentive Plans - In 2011, 2010 and 2009, the Company repurchased 108,963, 23,290 and 60,644 shares of the Company's common stock, respectively, at a cost of $1,705,000, $288,000 and $410,000, respectively.  The shares repurchased were placed in trust to fund the Long-Term Incentive Plan and Supplemental Executive Retirement Plan.  In 2010, the Company repurchased 40,065 shares of its own stock for $486,000 to contribute to the trust in payment of the special cash dividend payable on the common stock held in trust.

On November 12, 2010, the Board of Directors declared a special one-time cash dividend of $1.25 per share, which was paid on December 1, 2010 to stockholders of record on November 22, 2010.  The dividend was recorded as a reduction to additional paid-in capital of $11,051,000.

At December 31, 2011, 208,875 shares of common stock were reserved for future issuances related to the exercise of stock options previously granted under the stock option plans discussed in Note 8.