Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

Stock-Based Compensation [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

2005 Incentive Compensation Plan

On May 10, 2010, our stockholders approved the Amended and Restated 2005 Incentive Compensation Plan (the “2005 Plan”) which replaced our 2003 Stock Option Plan (the “2003 Plan”) as to future grants. The 2005 Plan extends through March 2015 and allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to officers and a selected number of employees.

Stock-Based Compensation

For the three months ended March 31, 2012, we had $22,000 of total compensation expense related to stock options. This expense is included in corporate general and administrative expenses in our results of operations. The associated future income tax benefit recognized for the three months ended March 31, 2012 was $9,000. The stock options were fully expensed at March 31, 2012, therefore there was no compensation expense related to stock options for the three months ended March 31, 2013.

The following summarizes the stock option transactions for the 2005 and 2003 Plans for the three months ended March 31, 2013:

						Weighted Average
						Remaining		Aggregate
	Number of			Weighted Average		Contractual Term		Intrinsic
	Options			Exercise Price		(Years)		Value
Outstanding at January 1, 2013		260,660		$	34.69		3.0	$	1,253,039
Exercised		(3,486	)		28.47
Outstanding at March 31, 2013		257,174		$	34.77		2.7	$	3,287,930
Exercisable at March 31, 2013		257,174		$	34.77		2.7	$	3,287,930

All stock options were fully vested at December 31, 2012. 

The following summarizes the restricted stock transactions for the three months ended March 31, 2013:

				Weighted Average
				Grant Date Fair
	Shares			Value
Outstanding at January 1, 2013		5,531		$	17.97
Vested		(5,531	)		17.97
Non-vested and outstanding at March 31, 2013		—		$	—

For the three months ended March 31, 2013 and 2012, we had $16,000 and $35,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. This expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the three months ended March 31, 2013 and 2012 was $7,000 and $14,000, respectively.