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Incentive Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2013
Incentive Compensation Plans [Abstract]  
Schedule of Stock Option Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-vested

 

 

 

 

stock options

 

Stock options

 

 

outstanding

 

outstanding

 

 

 

 

Weighted-

 

 

 

Weighted-

 

 

 

 

average

 

 

 

average

 

 

Number

 

grant-date

 

Number

 

exercise

 

 

of shares

 

fair value

 

of shares

 

price

Balance, January 1, 2011

 

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 

Stock options granted

 

142,000 

 

 

18.02 

 

142,000 

 

 

32.72 

Stock options exercised

 

 

 

 

 

 

(55,625)

 

 

15.25 

Stock options vested

 

(78,958)

 

 

18.01 

 

 

 

 

 

Stock options forfeited

 

(20,740)

 

 

15.87 

 

(26,500)

 

 

27.67 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2013

 

201,156 

 

$

18.83 

 

706,925 

 

$

28.61 

 

Schedule of Stock Options, by Exercise Price Range

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options outstanding

 

Stock options exercisable

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

 

 

 

remaining

 

 

Weighted-

 

 

 

 

Weighted-

 

 

 

 

years

 

 

average

 

 

 

 

average

 

 

Number

 

contractual

 

 

exercise

 

Number

 

 

exercise

Range of exercise prices

 

of shares

 

life

 

 

price

 

of shares

 

 

price

$9.28 to $18.15

 

119,350 

 

3.2 

 

$

14.45 

 

119,350 

 

$

14.45 

$18.49 to $27.29

 

137,525 

 

5.9 

 

 

20.91 

 

129,369 

 

 

20.78 

$27.54 to $32.78

 

183,500 

 

7.9 

 

 

32.08 

 

68,243 

 

 

31.85 

$33.25 to $35.70

 

125,000 

 

6.3 

 

 

34.72 

 

100,278 

 

 

34.64 

$36.15 to $42.50

 

141,550 

 

7.0 

 

 

38.13 

 

88,529 

 

 

38.33 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock outstanding at end of year 

 

706,925 

 

6.3 

 

$

28.61 

 

505,769 

 

$

26.60 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options exercisable at end of year 

 

505,769 

 

5.1 

 

 

 

 

 

 

 

 

 

Schedule of Stock Option Valuation Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

Risk-free interest rate

 

1.02% to 2.14%

 

0.80% to 1.10%

 

1.23% to 2.66%

Dividend yield

 

0.0% 

 

0.0% 

 

0.0% 

Expected market price volatility

 

57% to 60%

 

59% to 62%

 

55% to 62%

Weighted-average expected market price volatility

 

58.1% 

 

61.8% 

 

56.1% 

Expected term

 

5.4 to 7.5 years

 

6.0 to 6.3 years

 

6.0 to 7.9 years