Stock Based Compensation (Text Block)

3 Months Ended

Sep. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

STOCK-BASED COMPENSATION

For the three months ended September 30, 2012 and 2011, there was $1,734 and $1,244, respectively, in compensation expense from equity-based awards.

2005 NSOP and 1996 SOP

The Company previously issued options to employees under the 1996 Stock Option Plan (“1996 SOP”) and to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No stock options were issued under the 1996 SOP or the 2005 NSOP during the three months ended September 30, 2012.

Changes in stock options outstanding and exercisable are as follows:

2005 NSOP & 1996 SOP – Stock options
	Number of  Shares		Weighted  Average  Exercise  Price		Aggregate  Intrinsic  Value
Outstanding July 1, 2012	464		$	16.19
Granted	—		—
Forfeited	—		—
Exercised	(141	)	14.63
Outstanding September 30, 2012	323		$	16.86	$	6,780
Vested September 30, 2012	323		$	16.86	$	6,780
Exercisable September 30, 2012	323		$	16.86	$	6,780

Compensation cost related to outstanding options has been fully recognized. The weighted-average remaining contractual term on options currently exercisable as of September 30, 2012 was 2.62 years.

Restricted Stock Plan

The Company issues both unit awards and share awards under the Restricted Stock Plan. The following table summarizes non-vested unit awards as of September 30, 2012, as well as activity for the three months then ended:

Unit awards	Shares	Weighted Average Grant Date Fair Value
Outstanding July 1, 2012	672	18.05
Granted	174	42.39
Vested	—	—
Forfeited	—	—
Outstanding September 30, 2012	846	$	23.05

The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values are as follows:

Volatility	23.3	%
Risk free interest rate	0.33	%
Dividend yield	1.2	%
Stock Beta	0.864

At September 30, 2012, there was $13,205 of compensation expense that has yet to be recognized related to non-vested restricted stock unit awards, which will be recognized over a weighted-average period of 1.82 years.

The following table summarizes non-vested share awards as of September 30, 2012, as well as activity for the three months then ended:

Share awards	Shares		Weighted Average Grant Date Fair Value
Outstanding July 1, 2012	332		$	23.13
Granted	18		33.81
Vested	(108	)	22.10
Forfeited	—		—
Outstanding September 30, 2012	242		$	24.33

At September 30, 2012, there was $2,602 of compensation expense that has yet to be recognized related to non-vested restricted stock share awards, which will be recognized over a weighted-average period of 1.43 years.