Restricted Stock

9 Months Ended

Sep. 30, 2011

Restricted Stock [Abstract]

Restricted Stock

(10) Restricted Stock:

Effective May 4, 2010, the Company issued a total of 17,754 shares of class B restricted stock to the Company's outside directors.  These restricted shares became fully vested on May 4, 2011.  These shares represent the annual retainer compensation for outside directors for the period July 1, 2010 through June 30, 2011.  Each share was valued at $24.78 per share representing a total value of $440.  Compensation expense related to the above stock grant was recognized over the period in which the directors rendered the services.

Effective February 9, 2011, the Company issued a total of 14,473 shares of class B restricted stock to certain of the Company's executives.  The restricted shares represent compensation to the executives under the Company's 2010 Executive Incentive Bonus Plan which will be paid solely in the Company's class B stock.  The restricted shares will vest ratably over a three year period from the date of grant and are accelerated for retirement eligible recipients due to the non-substantive post-grant date vesting clause per ASC 715, Compensation-Retirement Benefits.  Restricted stock was valued based on the closing price of the stock on the day the award was granted. Each share was valued at $23.39 per share representing a total value of $339.  Non-vested restricted shares will be forfeited should an executive's employment terminate for any reason other than death, disability, or retirement as defined by the Compensation Committee.

Effective May 10, 2011, the Company issued a total of 19,558 shares of class B restricted stock to the Company's outside directors.  These restricted shares represent the annual retainer compensation for outside directors for the period July 1, 2011 through June 30, 2012 and will vest on May 10, 2012.  Vesting will be accelerated only on the condition of death, disability, or change in control of the Company.  Each restricted share is valued at $22.50 per share representing a total value of $440.  Compensation expense related to the above stock grant is to be recognized over the period in which the directors render the services which will also coincide with the vesting period.