Stock-Based Compensation

6 Months Ended

Jun. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company has granted options to purchase its common stock to certain employees and directors of the Company and its affiliates under various stock option plans at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited in the event the employee or director terminates his or her employment or relationship with the Company or one of its affiliates other than by retirement or death. These options generally vest over five years. All option plans contain anti-dilutive provisions that permit an adjustment of the number of shares of the Company’s common stock represented by each option for any change in capitalization.

The Company’s stock-based compensation expense was $453,000 and $404,000 for the three months ended June 30, 2013 and 2012 respectively and $645,000 and $600,000 for the six months ended June 30, 2013 and 2012 respectively.

Qualified Options

Following is a summary of activity in the Incentive Stock Option Plans for the period indicated:



For six months ending June 30, 2013
	Shares		Exercise Price*
Outstanding at beginning of year	330,730
Granted	49,000		$	42.70
Exercised	(57,180	)	$	16.64
Canceled	(5,500	)	$	24.24

Outstanding at June 30, 2013	317,050		$	25.93
Exercisable at June 30, 2013	179,650		$	20.95
Available for grant at June 30, 2013	66,100

*Weighted Averages

Options outstanding and exercisable at June 30, 2013 were as follows:



Qualified Stock Options	Options Outstanding				Options Exercisable
	Shares	Remaining Contractual Life(yrs)*	Exercise Price*		Shares	Exercise Price*
Range of Exercise Price
$11.45 - $17.85	66,500	5.39	$	12.03	50,300	$	12.21
$19.79 - $32.76	201,550	6.02	$	26.45	129,350	$	24.35
$42.70 - $42.70	49,000	9.85	$	42.70	—	$	—
Total	317,050				179,650

*Weighted Averages

Non-qualified Options

Following is a summary of activity in the Non-Qualified Stock Option Plans for the period indicated:



For six months ending June 30, 2013
	Shares	Exercise Price*
Outstanding at beginning of year	89,700
Granted	25,000	$	42.70
Exercised	—	$	—
Canceled	—	$	—

Outstanding at June 30, 2013	114,700	$	24.87
Exercisable at June 30, 2013	57,900	$	19.89
Available for grant at June 30, 2013	293,526

*Weighted Averages

Options outstanding and exercisable at June 30, 2013 were as follows:



Non-Qualified Stock Options	Options Outstanding				Options Exercisable
	Shares	Remaining Contractual Life(yrs)*	Exercise Price*		Shares	Exercise Price*
Range of Exercise Price
$11.45 - $17.85	37,200	5.87	$	11.45	23,400	$	11.45
$19.79 - $32.76	52,500	6.11	$	25.90	34,500	$	25.61
$42.70 - $42.70	25,000	9.85	$	42.70	—	$	—
Total	114,700				57,900

*Weighted Averages

Restricted Stock

Following is a summary of activity in the Restricted Stock for the periods indicated:



For six months ending June 30, 2013
	Shares		Price		Weighted- average remaining contractual term (in years)
Outstanding at beginning of year	11,375		$	24.24		2.65
Granted	4,224		$	42.70		—
Vested	(4,500	)	$	21.99		—
Forfeited or Canceled	—		$	—		—
Outstanding at June 30, 2013	11,099		$	32.17		2.57

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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