Common Stock (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table provides a summary of the impact of our outstanding stock-based compensation plans on the results of operations for the periods presented:



	Three Months Ended March 31,
	2013			2012 (1)
	(in thousands)

Stock-based compensation expense	$	2,602		$	1,946
Income tax benefit	(994		)	(741		)
Net expense	$	1,608		$	1,205

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

In January 2013, the Compensation Committee awarded 87,078 SARs to our executive officers. The fair value of each SAR award was estimated on the date of grant using a Black-Scholes pricing model using the following assumptions:



	Three Months Ended March 31,
	2013			2012

Expected term of award	6 years			6 years
Risk-free interest rate	1.0		%	1.1		%
Expected volatility	65.5		%	64.3		%
Weighted-average grant date fair value per share	$	21.96		$	17.61

Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity

The following table presents the changes in our SARs:



	Three Months Ended March 31,
	2013						2012
	Number of SARs	Weighted-Average Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)		Number of SARs	Weighted-Average Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding beginning of year, January 1,	118,832	$	30.80	8.4	$	486	50,471	$	31.61	8.6	$	341
Awarded	87,078	37.18		—	—		68,361	30.19		—	—
Outstanding at March 31,	205,910	33.50		8.9	3,310		118,832	30.80		9.2	875
Vested and expected to vest at March 31,	194,689	33.38		8.8	3,152		111,137	30.76		9.2	825
Exercisable at March 31,	56,430	31.04		8.0	1,046		16,822	31.61		8.4	135

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The following table presents the changes in non-vested time-based awards for the three months ended March 31, 2013:



	Shares		Weighted-Average Grant-Date Fair Value

Non-vested at December 31, 2012	646,490		$	27.93
Granted	118,518		36.82
Vested	(55,918	)	29.85
Forfeited	(11,648	)	26.48
Non-vested at March 31, 2013	697,442		29.31



	As of/Three Months Ended March 31,
	2013		2012
	(in thousands, except per share data)

Total intrinsic value of time-based awards vested	$	2,303	$	1,104
Total intrinsic value of time-based awards non-vested	34,572		21,918
Market price per common share as of March 31,	49.57		37.09
Weighted-average grant date fair value per share	36.82		31.23

Restricted Stock Awards, Market-Based, Valuation assumptions

In January 2013, the Compensation Committee awarded a total of 41,570 market-based restricted shares to our executive officers. In addition to continuous employment, the vesting of these shares is contingent on the Company's total shareholder return ("TSR"), which is essentially the Company’s stock price change including any dividends, as compared to the TSR of a set group of 16 peer companies. The shares are measured over a three-year period ending on December 31, 2015 and can result in a payout between 0% and 200% of the total shares awarded. The weighted-average grant date fair value per market-based share for these awards granted was computed using the Monte Carlo pricing model using the following assumptions:



	Three Months Ended March 31,
	2013			2012

Expected term of award	3 years			3 years
Risk-free interest rate	0.4		%	0.3		%
Expected volatility	56.6		%	65.3		%
Weighted-average grant date fair value per share	$	49.04		$	36.54

Schedule of Nonvested Performance-based Units Activity

The following table presents the change in non-vested market-based awards during three months ended March 31, 2013:



	Shares	Weighted-Average Grant-Date Fair Value per Share

Non-vested at December 31, 2012	40,696	$	39.22
Granted	41,570	49.04
Non-vested at March 31, 2013	82,266	44.18



	As of/Year Ended March 31,
	2013		2012
	(in thousands, except per share data)

Total intrinsic value of market-based awards non-vested	$	4,078	$	2,731
Market price per common share as of March 31,	49.57		37.09
Weighted-average grant date fair value per share	49.04		36.54