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Note 14 - Equity Compensation Plans and Share-Based Compensation | 12 Months Ended
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Dec. 31, 2011
Compensation Related Costs, Share Based Payments |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 14 - EQUITY COMPENSATION PLANS AND SHARE-BASED COMPENSATION The Company has previously adopted equity and share-based compensation plans to attract and retain executives, directors and key employees. During 2011, the Company’s shareholders approved the 2011 Long-Term Incentive Plan, which allows for additional equity grants. Under these plans, the Company has granted qualified and non-qualified common stock options and nonvested common stock awards to officers, directors and other key employees. At December 31, 2011, 1,162,000 shares were reserved for future grants under the plans. In addition, the Company has previously issued warrants to purchase shares of common stock to certain key members of management, directors and other third parties. Stock Options and Warrants Historically, common stock options and warrants have been granted to purchase the Company's common stock at an exercise price equal to or greater than the fair market value at the date of grant and generally have a maximum duration of ten years. The Company typically issues shares of common stock to satisfy option and warrant exercises. Options and warrants outstanding as of December 31, 2011, are as follows (in thousands, except exercise price and life):
Ranges of |  | Total Warrants |  | Weighted-Average |  | Currently
Exercise Prices |  | and Options |  | Remaining Life |  | Exercisable
$ | 2.67 | - | $ | 5.00 |  |  | 255 | (1) |  | 1.3 |  |  | 243 | (1)
$ | 5.01 | - | $ | 10.00 |  |  | 90 |  |  | 6.2 |  |  | 50 |
$ | 10.01 | - | $ | 15.00 |  |  | 489 |  |  | 3.5 |  |  | 489 |
$ | 15.01 | - | $ | 20.00 |  |  | 1,160 |  |  | 3.5 |  |  | 1,160 |
$ | 20.01 | - | $ | 25.00 |  |  | 25 |  |  | 5.3 |  |  | 8 |
$ | 35.01 | - | $ | 40.00 |  |  | 90 |  |  | 9.4 |  |  | - |
|  |  |  |  |  |  | 2,109 |  |  | 3.6 |  |  | 1,950 |
(1) Includes 240,000 outstanding warrants at an exercise price of $3.83. A summary of stock option and warrant activity for the years ended December 31, 2011, 2010 and 2009 is as follows (in thousands, except exercise price):
|  | 2011 |  | 2010 |  | 2009
|  |  |  | Weighted- |  |  |  | Weighted- |  |  |  | Weighted-
|  |  |  | Average |  |  |  | Average |  |  |  | Average
|  | Underlying |  | Exercise |  | Underlying |  | Exercise |  | Underlying |  | Exercise
|  | Shares |  | Price |  | Shares |  | Price |  | Shares |  | Price
Outstanding at beginning of year | 2,292 |  | $ | 14.63 |  | 3,567 |  | $ | 14.25 |  | 4,216 |  | $ | 12.80
| Granted | 90 |  |  | 39.11 |  | - |  |  | - |  | - |  |  | -
| Exercised | (273) |  |  | 9.08 |  | (1,275) |  |  | 13.57 |  | (599) |  |  | 3.54
| Canceled or forfeited | - |  |  | - |  | - |  |  | - |  | (50) |  |  | 20.00
Outstanding at end of year | 2,109 |  |  | 16.39 |  | 2,292 |  |  | 14.63 |  | 3,567 |  |  | 14.25
Exercisable at end of year | 1,950 |  |  | 15.48 |  | 2,180 |  |  | 15.27 |  | 3,413 |  |  | 14.83
At December 31, 2011, the aggregate intrinsic value for the options and warrants outstanding was $39,805,000, of which $38,244,000 was exercisable at the end of the year, with weighted-average remaining contractual terms of 3.6 years. The aggregate intrinsic value reflects the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day of the period and the exercise price of the options and warrants, multiplied by the number of in-the-money options and warrants) that would have been received by the option and warrant holders had all option and warrant holders exercised their options and warrants on December 31, 2011. The total intrinsic value of options and warrants exercised for fiscal 2011, 2010 and 2009 was $6,345,000, $17,415,000 and $7,698,000, respectively. The intrinsic value of the stock options and warrants exercised are based on the closing price of the Company's stock on the date of exercise. The Company typically issues shares of common stock to satisfy option and warrant exercises. The common stock options granted in 2011 have a ten year life and vest annually during periods ranging from five to ten years from the date of grant. The fair value of option grants in 2011 were estimated at the date of the grant using a Black-Scholes option pricing model with the following weighted-average assumptions: expected volatility was 40.0%; risk-free interest rate was 1.0%; expected terms of options was 7.25 years and weighted-average fair value of options granted was $15.27. There were no option grants in 2010 and 2009. Nonvested Common Stock Awards The Company has granted nonvested common stock awards to Company officers and to the non-management members of the Board of Directors under the Plans. The nonvested common stock awards are issued as common shares upon vesting. The 2011 awards included 50,000 shares with performance-based criteria with measurement periods beginning in 2011 through 2015. The vesting performance criteria for each year relate to the Company’s growth in net income from continuing operations compared to the 2010 base period. The other 2011 awards vest ratably over time through 2018. The 2010 awards included 50,000 shares with performance-based criteria with measurement periods beginning in 2010 through 2014. The vesting performance criteria for each year relate to the Company’s growth in net income from continuing operations compared to the 2009 base period. The other 2010 awards vest ratably over time through 2017. The grant date fair value of the nonvested awards is based on the Company’s closing stock price on the day of the grant date, and the grant date fair value of performance award units is based on the maximum amount of the award expected to be achieved. The amount attributable to award grants is amortized to expense over the vesting periods. The following table summarizes the nonvested common stock award activity during 2011, 2010 and 2009 (in thousands, except fair value amounts):
|  | 2011 |  | 2010 |  | 2009
|  |  |  | Weighted- |  |  |  | Weighted- |  |  |  | Weighted-
|  |  |  | Average |  |  |  | Average |  |  |  | Average
|  |  |  | Fair |  |  |  | Fair |  |  |  | Fair
|  |  |  | Value |  |  |  | Value |  |  |  | Value
|  |  |  | at Date |  |  |  | at Date |  |  |  | at Date
|  | Shares |  | of Grant |  | Shares |  | of Grant |  | Shares |  | of Grant
Outstanding at beginning of year | 33 |  | $ | 28.50 |  | - |  | $ | - |  | 15 |  | $ | 15.32
| Granted | 59 |  |  | 31.59 |  | 63 |  |  | 28.50 |  | - |  |  | -
| Vested | (16) |  |  | 29.26 |  | (30) |  |  | 28.50 |  | (15) |  |  | 15.32
| Canceled or forfeited | - |  |  | - |  | - |  |  | - |  | - |  |  | -
Outstanding at end of year | 76 |  |  | 30.74 |  | 33 |  |  | 28.50 |  | - |  |  | -
Nonvested common stock awards vesting in 2011, 2010 and 2009 had an aggregate intrinsic value of $578,000, $930,000 and $260,000, respectively, based on the closing price of the Company’s stock on the date of vesting. The outstanding award units had an aggregate intrinsic value of $2,653,000 at December 31, 2011. Share-Based Compensation Expense The Company’s net income includes the following compensation costs related to share-based compensation arrangements (in thousands):
|  |  | Year Ended December 31,
|  |  | 2011 |  | 2010 |  | 2009
Gross compensation costs: |  |  |  |  |  |  |  |
| Stock options | $ | 112 |  | $ | 91 |  | $ | 204
| Nonvested stock |  | 630 |  |  | 915 |  |  | 142
|  | Total gross compensation costs |  | 742 |  |  | 1,006 |  |  | 346
Income tax benefits: |  |  |  |  |  |  |  |
| Stock options |  | (39) |  |  | (33) |  |  | (76)
| Nonvested stock |  | (217) |  |  | (328) |  |  | (53)
|  | Total income tax benefits |  | (256) |  |  | (361) |  |  | (129)
Net compensation expense | $ | 486 |  | $ | 645 |  | $ | 217
Tax benefit realized from stock options and warrants |  |  |  |  |  |  |  |
| exercised during the year | $ | 2,088 |  | $ | 6,154 |  | $ | 2,759
As of December 31, 2011, the total compensation cost related to nonvested stock options not yet recognized was $1,015,000 and is expected to be recognized over the weighted-average period of 3.2 years. As of December 31, 2011, the total compensation cost related to nonvested common stock awards not yet recognized was $2,117,000 and is expected to be recognized over the weighted-average period of 2.3 years. There was no excess tax benefit over exercise price recorded as increases to additional paid-in capital in fiscal 2011, 2010 and 2009.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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