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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2013
Share Based Compensation [Abstract]  
Disclosure Of Compensation Related Costs Share Based Payments [Text Block]

Note 6 – Stock-Based Compensation

The Company recognized the following share based compensation expense in selling, general and administrative expenses in its Condensed Consolidated Statement of Income for the three months ended March 31, 2013 and the three months ended March 31, 2012:

   March 31,  
   2013 2012 
 Stock options $100 $128 
 Nonvested stock awards  383  380 
 Employee stock purchase plan  12  11 
 Non-elective and elective 401(k) matching contribution in stock  525  652 
 Director stock ownership plan  20  15 
 Total share-based compensation expense $1,040 $1,186 

As of March 31, 2013 and March 31, 2012, the Company recorded $369 and $1,252, respectively, of excess tax benefits in capital in excess of par value on its Condensed Consolidated Balance Sheets, related to stock option exercises. Based on estimated taxes payable, the Company recognized $369 and $546 of these benefits as cash inflows from financing activities in its Condensed Consolidated Statement of Cash Flows, which represented the Company's estimate of cash savings through March 31, 2013 and March 31, 2012, respectively.

Stock option activity under all plans is as follows:

 

        Weighted
        Average
    Weighted Average Remaining
  Number of Exercise Price per Contractual
  Shares Share Term (years)
Options outstanding at December 31, 2012107,455 $31.23    
 Options granted29,302  58.26    
 Options exercised(20,433)  25.46    
 Options forfeited(3,601)  37.81    
Options outstanding at March 31, 2013112,723 $39.09   5.5
Options exercisable at March 31, 201348,581 $28.01   4.5

As of March 31, 2013, the total intrinsic value of options outstanding was approximately $2,317, and the total intrinsic value of exercisable options was $1,536. 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 March 31, 2013 is as follows: 

          Weighted Weighted Number Weighted 
        Number Average Average Exercisable Average 
 Range of Outstanding Contractual Exercise at Exercise 
 Exercise Prices at 3/31/2013 Life Price 3/31/2013 Price 
 $0.00- $10.00 0 0 $0 0 $0 
 $10.01- $20.00 24,858 3.8  18.82 24,858  18.82 
 $20.01- $30.00 0 0  0 0  0 
 $30.01- $40.00 56,371 5.4  37.78 23,723  37.65 
 $40.01- $50.00 2,192 6.3  46.21 0  0 
 $50.01- $60.00 29,302 6.9  58.26 0  0 
        112,723 5.5  39.09 48,581  28.01 

As of March 31, 2013, unrecognized compensation expense related to options granted during 2011 was $135, for options granted during 2012 was $389 and for options granted in 2013 was $624.

During the first quarter of 2013, the Company granted stock options under its 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:

  2013  
 Number of options granted 29,302  
 Dividend Yield2.49% 
 Expected Volatility57.28% 
 Risk-free interest rate0.63% 
 Expected term (years)4.0  

Approximately $15 of expense was recorded on these options during the first three months of 2013. The fair value of these awards is amortized on a straight-line basis over the vesting period of the awards.

Activity of nonvested shares granted under the Company's LTIP plan is shown below:

    Weighted 
    Average Grant 
  Number of Date Fair Value 
  Shares (per share) 
 Nonvested awards, December 31, 2012122,944 $31.98 
 Granted26,611 $58.26 
 Vested(35,183) $20.25 
 Forfeited(1,761) $37.76 
 Nonvested awards, March 31, 2013112,611 $41.77 

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 March 31, 2013, unrecognized compensation expense related to these awards was $2,718 to be recognized over a weighted average remaining period of 2.43 years.

Activity of nonvested restricted stock units granted under the Company's LTIP plan is shown below:

    Weighted 
    Average Grant 
  Number of Date Fair Value 
  units (per unit) 
 Nonvested awards, December 31, 20122,100 $38.13 
 Granted1,418 $58.26 
 Vested0 $0.00 
 Forfeited0 $0.00 
 Nonvested awards, March 31, 20133,518 $46.24 

The fair value of the nonvested restricted stock units 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 March 31, 2013, unrecognized compensation expense related to these awards was $115 to be recognized over a weighted average remaining period of 2.61 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. 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 adopted the 2003 Director Stock Ownership Plan (the “Plan”), subject to the approval by the Company's shareholders at the annual meeting, to encourage the Directors to increase their investment in the Company. The Plan was effective on the date it was approved and remained in effect for a term of ten years or until it is earlier terminated by the Board. The Plan expires in May 2013. The maximum number of shares of Common Stock which can be issued under the Plan was 75,000, subject to certain conditions that the Compensation/Management Development Committee (the “Committee”) may consider to adjust the number of shares. As of March 31, 2013, the Committee did not make any elections to adjust the shares under this plan. Under the Plan, each Director was eligible to receive an annual retainer for services rendered as a member of the Board of Directors. Each Director who owned less than 7,500 shares of Company Common Stock was required to receive 75% of the annual retainer in Common Stock and 25% of the annual retainer in cash. Each Director who owned 7,500 or more shares of Company Common Stock may have elected to receive payment of a percentage (up to 100%) of the annual retainer in shares of common stock. The annual retainer was $40. The number of shares issued in payment of the fees was 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 was June 1.

2013 Director Stock Ownership Plan

The 2013 Director Stock Ownership Plan (“2013 Plan”), which was adopted by the Company's Board of Directors on March 6, 2013, subject to approval by the Company's shareholders at the May 2013 annual meeting, authorizes the issuance of up to 75,000 shares of Quaker common stock in accordance with the terms of the 2013 Plan in payment of all or a portion of the annual cash retainer payable to each of the Company's non-employee directors in 2013 and subsequent years during the term of the 2013 Plan. Under the 2013 Plan, each director who, on May 1st of the applicable calendar year, owns less than 400% of the annual cash retainer for the applicable calendar year, divided by the average of the closing price of a share of Quaker Common Stock as reported by the composite tape of New York Stock Exchange for the previous calendar year (the “Threshold Amount”), is required to receive 75% of the annual cash retainer in common stock and 25% of the retainer in cash, unless the Director elects to receive a greater percentage of Quaker common stock (up to 100%) of the annual cash retainer for the applicable year. Each director who owns more than the Threshold Amount may elect to receive common stock in payment of a percentage (up to 100%) of the annual cash retainer. Under the 2013 Plan, the annual retainer is $50. The 2013 Plan was adopted in order to replace the 2003 Director Stock Ownership Plan, which will expire in May 2013.