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Stock-Based Compensation
9 Months Ended
Sep. 30, 2011
Share Based Compensation [Abstract] 
Disclosure Of Compensation Related Costs Share Based Payments [Text Block]

Note 6 – Stock-Based Compensation

The Company recognized approximately $2,675 of share-based compensation expense for the nine months ended September 30, 2011. The compensation expense was comprised of $360 related to stock options, $1,031 related to nonvested stock awards, $33 related to the Company's Employee Stock Purchase Plan, $1,206 related to the Company's non elective 401(k) matching contribution and a portion of its elective 401(k) matching contribution in stock, and $45 related to the Company's Director Stock Ownership Plan.

Based on historical experience, the Company has assumed a forfeiture rate of 13% on the nonvested stock. The Company will record additional expense if the actual forfeiture rate is lower than estimated, and will record a recovery of prior expense if the actual forfeiture is higher than estimated.

The Company has a long-term incentive program (“LTIP”) for key employees which provides for the granting of options to purchase stock at prices not less than market value on the date of the grant. Most options become exercisable between one and three years after the date of the grant for a period of time as determined by the Company but not to exceed seven years from the date of grant. Common stock awards issued under the LTIP program are subject only to time vesting over a three to five-year period. In addition, as part of the Company's Global Annual Incentive Plan (“GAIP”), nonvested shares may be issued to key employees, which generally vest over a two to five-year period.

Stock option activity under all plans is as follows:

        Weighted
        Average
    Weighted Average Remaining
  Number of Exercise Price per Contractual
  Shares Share Term (years)
Balance at December 31, 2010303,444 $14.19    
 Options granted36,835  37.37    
 Options exercised(36,748)  16.85    
 Options forfeited(11,018)  13.67    
Balance at September 30, 2011292,513 $16.79   4.5
Exercisable at September 30, 2011137,410 $13.91   3.7

As of September 30, 2011, the total intrinsic value of options outstanding was approximately $3,306, and the total intrinsic value of exercisable options was $1,766. Intrinsic value is calculated as the difference between the current market price of the underlying security and the strike price of a related option.

A summary of the Company's outstanding stock options at September 30, 2011 is as follows: 

        Weighted Weighted Number Weighted
      Number Average Average Exercisable Average
Range ofOutstanding Contractual Exercise at Exercise
Exercise Pricesat 9/30/2011 Life Price 9/30/2011 Price
$3.74- $7.47117,157 4.4 $6.93 66,597 $6.93
$7.48- $18.690 0  0 0  0
$18.70- $22.42113,677 5.0  18.91 45,969  19.04
$22.43- $26.1624,844 0.01  23.13 24,844  23.13
$26.17- $33.630 0  0 0  0
$33.64- $37.3736,835 6.4  37.37 0  0
      292,513 4.5  16.79 137,410  13.91

As of September 30, 2011, unrecognized compensation expense related to options granted during 2009 was $44, for options granted during 2010 was $287 and for options granted in 2011 was $402.

During the first quarter of 2011, the Company granted 36,835 stock options under the Company's LTIP plan that are subject only to time vesting over a three-year period. For the purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes option pricing model and the assumptions set forth in the table below:

  2011  
 Dividend Yield5.00% 
 Expected Volatility62.13% 
 Risk-free interest rate1.99% 
 Expected term (years)5.0  
 Expected forfeiture rate3.00% 

Approximately $97 of expense was recorded on these options during the first nine months of 2011. The fair value of these awards is amortized on a straight-line basis over the vesting period of the awards.

Nonvested shares granted under the Company’s LTIP plans are shown below:
       
    Weighted 
    Average Grant 
  Number of Date Fair Value 
  Shares (per share) 
 Nonvested awards, December 31, 2010163,076 $14.89 
 Granted58,350 $36.53 
 Vested(42,412) $22.25 
 Forfeited(9,151) $11.65 
 Nonvested awards, September 30, 2011169,863 $20.66 

The fair value of the nonvested stock is based on the trading price of the Company's common stock on the date of grant. The Company adjusts the grant date fair value for expected forfeitures based on historical experience for similar awards. As of September 30, 2011, unrecognized compensation expense related to these awards was $2,010 to be recognized over a weighted average remaining period of 2.00 years.

Nonvested shares granted under the Company's GAIP plan are shown below:

    Weighted 
    Average Grant 
  Number of Date Fair Value 
  Shares (per share) 
 Nonvested awards, December 31, 201063,250 $7.72 
 Granted0 $0.00 
 Vested0 $0.00 
 Forfeited(500) $7.72 
 Nonvested awards, September 30, 201162,750 $7.72 

As of September 30, 2011, unrecognized compensation expense related to these awards was $81, to be recognized over a weighted average remaining period of 0.50 years.

Employee Stock Purchase Plan

In 2000, the Board adopted an Employee Stock Purchase Plan (“ESPP”) whereby employees may purchase Company stock through a payroll deduction plan. Purchases are made from the plan and credited to each participant's account at the end of each month, the “Investment Date.” The purchase price of the stock is 85% of the fair market value on the Investment Date. The plan is compensatory and the 15% discount is expensed on the Investment Date. All employees, including officers, are eligible to participate in this plan. A participant may withdraw all uninvested payment balances credited to a participant's account at any time by giving written notice to the Company. An employee whose stock ownership of the Company exceeds five percent of the outstanding common stock is not eligible to participate in this plan.

2003 Director Stock Ownership Plan

In March 2003, the Company's Board of Directors approved a stock ownership plan for each member of the Company's Board to encourage the Directors to increase their investment in the Company. The Plan was effective on the date it was approved and remains in effect for a term of ten years or until it is earlier terminated by the Board. The maximum number of shares of Common Stock which may be issued under the Plan is 75,000, subject to certain conditions that the Compensation/Management Development Committee (the “Committee”) may elect which would adjust the number of shares. As of September 30, 2011, the Committee has not made any elections to adjust the shares under this plan. Each Director is eligible to receive an annual retainer for services rendered as a member of the Board of Directors. Currently, each Director who owns less than 7,500 shares of Company Common Stock is required to receive 75% of the annual retainer in Common Stock and 25% of the annual retainer in cash. Each Director who owns 7,500 or more shares of Company Common Stock may elect to receive payment of a percentage (up to 100%) of the annual retainer in shares of common stock. Currently, the annual retainer is $40. The number of shares issued in payment of the fees is calculated based on an amount equal to the average of the closing prices per share of Common Stock as reported on the composite tape of the New York Stock Exchange for the two trading days immediately preceding the retainer payment date. The retainer payment date is June 1.