Stock Option And Stock Award Plans

12 Months Ended

Dec. 31, 2011

Stock Option And Stock Award Plans [Abstract]

Stock Option And Stock Award Plans

12 STOCK OPTION AND STOCK AWARD PLANS

     We have one stock option plan under which stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. In addition, we have one other stock option plan under which there are options that remain outstanding, but no future grants can be made. Employee options ordinarily vest two years from the date of grant. The option plans

also permit the grant of stock appreciation rights ("SARs"), stock, restricted stock, stock unit awards and incentive awards. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment and/or the achievement of certain performance targets. No SARs have been granted since 1992 and none are currently outstanding.

     A summary of our stock options outstanding at December 31, 2011, 2010 and 2009, and changes during those years, is presented below:

				Option Exercise Price/Share
	Number of								Weighted
	Options				Range				Average
Outstanding at December 31, 2008	694,350		$	13.95	to	$	19.52	$	15.92
Granted	283,400			14.72	to		18.12		17.92
Forfeited and Expired	(171,875	)		13.95	to		19.52		17.59
Exercised	(9,700	)		13.95	to		15.11		14.37
Outstanding at December 31, 2009	796,175			13.95	to		19.52		16.29
Granted	316,000			16.66	to		17.54		17.15
Forfeited and Expired	(29,325	)		13.95	to		18.12		16.37
Exercised	(65,575	)		13.95	to		15.80		15.04
Outstanding at December 31, 2010	1,017,275			13.95	to		19.52		16.64
Granted	235,800			16.87	to		19.84		19.79
Forfeited and Expired	(51,800	)		13.95	to		19.84		16.78
Exercised	(79,775	)		13.95	to		18.12		15.11
Outstanding at December 31, 2011	1,121,500		$	14.06	to	$	19.84	$	17.40

     The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2011:

							Options Outstanding at					Options Exercisable at
							December 31, 2011					December 31, 2011
							Weighted Average				Aggregate				Aggregate
							Remaining				Intrinsic		Weighted		Intrinsic
							Contract-				Value		Average			Value
		Range of					ual Life	Exercise			(In		Exercise			(In
	Exercise Prices					Shares	(Years)		Price		Thousands)	Shares		Price	Thousands)
$	-	to		$	15.00	41,500	4.0	$	14.27	$	330	41,500	$	14.27	$	330
	15.01		to		17.00	318,300	3.7		15.74		2,063	310,000		15.71		2,018
	17.01		to		20.00	761,700	5.1		18.27		3,009	248,900		18.14		1,016
	Total					1,121,500	4.7	$	17.40	$	5,402	600,400	$	16.62	$	3,364

     The following table summarizes additional information about non-vested restricted stock outstanding at December 31, 2011:

								Maximum Non-vested Restricted
								Stock Units Issuable Upon Satis-
	Non-vested Restricted Stock							faction of Certain Performance Criteria
			Wgtd. Ave.		Grant Date					Wgtd. Ave.		Grant Date
	Number		Grant Date		Fair Value (In			Number		Grant Date		Fair Value (In
	of Shares		Fair Value/Sh. Thousands)					of Shares		Fair Value/Sh. Thousands)
Outstanding at December 31, 2008	53,500		$	13.94	$	746		207,781		$	16.89	$	3,510
Granted	50,637			17.52		887		76,175			17.93		1,366
Vested	(58,387	)		14.10		(823	)	(66,731	)		20.02		(1,336	)
Forfeited	-			-		-		(145,050	)		15.63		(2,267	)
Outstanding at December 31, 2009	45,750			17.70		810		72,175			17.64		1,273
Granted	56,717			17.23		977		82,750			16.83		1,393
Vested	(8,284	)		17.84		(148	)	-			-		-
Forfeited	(333	)		18.12		(6	)	(4,000	)		17.10		(68	)
Outstanding at December 31, 2010	93,850			17.40		1,633		150,925			17.21		2,598
Granted	51,360			19.42		997		88,900			19.32		1,718
Vested	(18,060	)		17.20		(311	)	(66,925	)		17.68		(1,183	)
Forfeited	(1,000	)		17.13		(17	)	(87,900	)		16.93		(1,488	)
Outstanding at December 31, 2011	126,150		$	18.25	$	2,302		85,000		$	19.35	$	1,645

     The total intrinsic value of stock options exercised was $0.4 million in 2011, $0.2 million in 2010 and $14,000 in 2009. The grant-date fair value of stock option-based awards vested was $1.9 million in 2011 and $1.9 million in 2010 (none in 2009). As of December 31, 2011, there was unrecognized compensation cost of $1.2 million related to stock option-based awards and $0.9 million related to non-vested restricted stock and other stock-based awards. This cost is expected to be recognized over the remaining weighted average period of 0.6 years for stock option-based awards and 1.4 years for non-vested restricted stock and other stock-based awards.

     Stock options exercisable totaled 600,400 at December 31, 2011 and 443,375 shares at December 31, 2010. Stock options available for grant totaled 2,884,658 shares at December 31, 2011.