| 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:
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Non-vested stock
options outstanding |
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Stock options
outstanding |
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Number
of shares |
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Weighted-
average
grant-date
fair value |
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Number
of shares |
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Weighted-
average
exercise
price |
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Balance, January 1,
2010
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284,075 |
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$ |
12.94 |
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561,300 |
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$ |
20.04 |
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Stock options
granted
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130,000 |
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12.49 |
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130,000 |
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22.10 |
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Stock options
exercised
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(40,550 |
) |
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11.49 |
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Stock options
vested
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(95,700 |
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13.85 |
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Stock options
forfeited
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(36,400 |
) |
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12.55 |
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(45,150 |
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20.62 |
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Balance,
December 31, 2010
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281,975 |
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12.59 |
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605,600 |
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22.02 |
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Stock options
granted
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146,000 |
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21.27 |
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146,000 |
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36.33 |
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Stock options
exercised
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(27,500 |
) |
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13.64 |
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Stock options
vested
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(142,050 |
) |
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14.78 |
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Stock options
forfeited
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(1,000 |
) |
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16.08 |
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(4,000 |
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32.07 |
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Balance,
December 31, 2011
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284,925 |
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15.56 |
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720,100 |
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25.19 |
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Stock options
granted
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40,000 |
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20.60 |
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40,000 |
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36.66 |
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Stock options
exercised
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(72,050 |
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18.06 |
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Stock options
vested
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(125,071 |
) |
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15.31 |
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Stock options
forfeited
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(41,000 |
) |
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16.68 |
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(41,000 |
) |
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27.84 |
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Balance,
December 31, 2012
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158,854 |
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$ |
18.81 |
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647,050 |
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$ |
26.52 |
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| Summary of Stock Options Outstanding |
The following table
summarizes information about stock options outstanding at
December 31, 2012:
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Stock options
outstanding |
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Stock options
exercisable |
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Range of exercise
prices
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Number
of shares |
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Weighted-
average
remaining
years
contractual
life |
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Weighted-
average
exercise
price |
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Number
of shares |
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Weighted-
average
exercise
price |
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$5.12
to $16.95
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121,600 |
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4.8 |
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$ |
12.93 |
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115,663 |
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$ |
12.73 |
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$16.98
to $20.61
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127,150 |
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7.2 |
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18.18 |
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117,872 |
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18.13 |
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$20.76
to $32.07
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134,000 |
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7.3 |
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26.95 |
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104,826 |
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27.82 |
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$32.20
to $36.15
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129,150 |
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7.8 |
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34.65 |
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91,650 |
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34.64 |
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$36.25
to $42.50
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135,150 |
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8.6 |
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38.40 |
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58,185 |
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38.73 |
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Stock outstanding at end
of year
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647,050 |
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7.2 |
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$ |
26.52 |
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488,196 |
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$ |
24.48 |
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Stock options
exercisable at end of year
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488,196 |
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6.5 |
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