Incentive Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Stock Incentive Plan Activity

A summary of stock option activity as of and for the years ended December 31, 2012, 2011 and 2010 is presented below:

	Non-vested stock options outstanding					Stock options outstanding
	Number of shares			Weighted- average grant-date fair value		Number of shares			Weighted- average exercise price
Balance, January 1, 2010		284,075		$	12.94		561,300		$	20.04
Stock options granted		130,000			12.49		130,000			22.10
Stock options exercised							(40,550	)		11.49
Stock options vested		(95,700	)		13.85
Stock options forfeited		(36,400	)		12.55		(45,150	)		20.62
Balance, December 31, 2010		281,975			12.59		605,600			22.02
Stock options granted		146,000			21.27		146,000			36.33
Stock options exercised							(27,500	)		13.64
Stock options vested		(142,050	)		14.78
Stock options forfeited		(1,000	)		16.08		(4,000	)		32.07
Balance, December 31, 2011		284,925			15.56		720,100			25.19
Stock options granted		40,000			20.60		40,000			36.66
Stock options exercised							(72,050	)		18.06
Stock options vested		(125,071	)		15.31
Stock options forfeited		(41,000	)		16.68		(41,000	)		27.84
Balance, December 31, 2012		158,854		$	18.81		647,050		$	26.52

Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2012:

	Stock options outstanding						Stock options exercisable
Range of exercise prices	Number of shares		Weighted- average remaining years contractual life		Weighted- average exercise price		Number of shares		Weighted- average exercise price
$5.12 to $16.95		121,600		4.8	$	12.93		115,663	$	12.73
$16.98 to $20.61		127,150		7.2		18.18		117,872		18.13
$20.76 to $32.07		134,000		7.3		26.95		104,826		27.82
$32.20 to $36.15		129,150		7.8		34.65		91,650		34.64
$36.25 to $42.50		135,150		8.6		38.40		58,185		38.73
Stock outstanding at end of year		647,050		7.2	$	26.52		488,196	$	24.48
Stock options exercisable at end of year		488,196		6.5

Assumptions Used to Determine Fair Value of Options Granted

The assumptions used to determine the fair value of stock options granted are detailed in the table below:

	2012		2011		2010
Risk-free interest rate		0.80 to 1.10 %		1.23 to 2.66 %		1.53 to 2.68 %
Dividend yield		0.0%		0.0%		0.0%
Expected market price volatility		59 to 62%		55 to 62 %		54 to 59 %
Weighted-average expected market price volatility		61.2%		56.1%		56.3%
Expected term		6.0 to 6.3 years		6.0 to 7.9 years		6.0 to 7.8 years