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Stock Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2012
Weighted Average Fair Value of Options Granted

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used:

 

Grant Year

   Dividend
Yield
    Expected
Volatility
    Risk Free
Interest Rate
    Expected
Lives
 

2012

     0     52     2     5   

2011

     0     52     2     5   

2010

     0     54     2     5   

 

Stock Option Transactions under Various Stock-Based Employee Compensation Plans

Information regarding the 1996 Plan for the year ended December 31, 2012 is as follows:

 

     Shares     Weighted
Average
Exercise
Price
     Weighted
Average
Contractual
Life
 

Outstanding, beginning of year

     2,702,629      $ 21.27      

Granted

     68,000        33.04      

Exercised

     (586,563     17.66      

Canceled

     (59,180     31.57      
  

 

 

   

 

 

    

Outstanding, end of year

     2,124,886      $ 22.36         6.15   
  

 

 

   

 

 

    

 

 

 

Exercisable at end of year

     1,506,925      $ 23.30         5.89   
  

 

 

   

 

 

    

 

 

 
Summary of ESPP Share Activity

The following is a summary of 2009 ESPP share activity for the year ended December 31, 2012:

 

     Shares  

Available for future purchases, January 1, 2012

     253,294   

Additional shares reserved under 2009 ESPP

     250,000   

Purchases

     (144,344
  

 

 

 

Available for future purchases, December 31, 2012

     358,950