Stock Based Compensation

3 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

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

2. Stock Based Compensation

The Company estimates the fair value of restricted stock and stock option grants at the date of grant and amortizes those amounts into expense on a straight line basis or amount vested, if greater, over the appropriate vesting period. 

As of March 31, 2013, there was $5,813,000 of unrecognized compensation costs related to the outstanding shares of restricted stock, which is expected to be recognized over a weighted average period of 3.62 years. The Company used a 0% discount factor and forfeiture rate for determining the fair value of restricted stock. The forfeiture rate was based on historical results and trends.

The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted stock to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares.

Restricted share activity is summarized as follows:

	Shares Outstanding			Weighted Average Grant Date  Fair Value
Unvested restricted stock at January 1, 2013		250,180		$	22.66
Restricted stock granted		82,050			27.51
Restricted stock vested		(69,680	)		22.50
Restricted stock forfeited		(1,250	)		20.33
Unvested restricted stock at March 31, 2013		261,300		$	24.24