Stock Compensation

12 Months Ended

Dec. 31, 2012

Stock Compensation [Abstract]

Stock Compensation

(14) Stock Compensation

The Company’s stock option plan grants stock options to employees. The majority of the options outstanding under the plan generally vests evenly over a period of three to five years and have a term of 10 years.

The Company applied the recognition and measurement principles of ASC 718-10-10, Share Based Payments under the modified prospective application method and recognizes the expense over the vesting period. The Company uses the Black-Scholes option pricing model to value stock options. Compensation expense relating to stock options of $325, $577 and $636 were reflected in earnings for the years ended December 31, 2012, 2011 and 2010, respectively.

In addition to stock options discussed above, the Company may grant restricted shares to employees under the incentive stock plan. During 2012, the Company granted 114,648 shares of restricted stock at a weighted average grant price of $18.40. During 2011, the Company granted 272,081 restricted shares at a weighted average grant price of $18.85. Of the restricted stock granted in 2012, 96,330 shares vest ratably over three years at 25%, 25% and 50% and the remaining 18,318 shares were granted pursuant to the Directors’ Stock Award Plan. Total expense recognized in 2012, 2011 and 2010, for restricted stock was $1,734, $1,736, and $1,422, respectively.

A summary of options activity for the year ended December 31, 2012 and 2011, is as follows:

Options	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2012		569,587	$	12.87		4.66	$	5,058
Granted		—		—		—		—
Exercised		25,644		—		—		—
Forfeited		6,000		18.41		—		—
Outstanding at December 31, 2012		537,943	$	12.99		3.73	$	2,894
Exercisable at December 31, 2012		480,030	$	12.60		3.40	$	2,802

Options	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2011		699,234	$	12.14		5.19	$	6,464
Granted		—		—		—		—
Exercised		110,135		8.14		—		—
Forfeited		19,512		12.80		—		—
Outstanding at December 31, 2011		569,587	$	12.87		4.66	$	5,058
Exercisable at December 31, 2011		453,010	$	12.50		3.93	$	4,189

The weighted average fair market value of options granted during 2010 and 2009 was $14.64 and $10.92 respectively. The total intrinsic value of options exercised during the years ended December 31, 2012, 2011 and 2010, was $253, $1,432 and $2,745, respectively. No options were granted in 2012 or 2011.

A summary of the status of the Company’s non-vested option activity for the year ended December 31, 2012 and 2011, is as follows:

Non-vested Options	Options			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2012		116,577		$	14.29
Granted		—
Vested		(52,664	)
Forfeited		(6,000	)
Non-vested at December 31, 2012		57,913		$	16.27

Non-vested Options	Options			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2011		327,484		$	14.02
Granted		—
Vested		(191,395	)
Forfeited		(19,512	)
Non-vested at December 31, 2011		116,577		$	14.29

The fair value of each option granted during 2010 was estimated on the grant date using the Black-Scholes option pricing approach with the following assumptions:

At December 31, 2012, there was $103 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.2 years.