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Stock Options (Tables)
12 Months Ended
Dec. 31, 2011
Stock Options  
Schedule of Black-Scholes-Merton option valuation model assumptions

 

 

 
  2011   2009  

Expected Life (Years)

    6.13     6.13  

Dividend yield

    2.58 %   2.99 %

Interest rate

    1.39 %   2.12 %

Volatility

    49.21 %   41.81 %
Summary of option activity under stock option plans

 

 

 
  Number of
options
  Weighted
average
exercise
price
  Weighted
average
remaining
contractual
term (years)
  Aggregate
intrinsic
value ($)
 

Options outstanding at December 31, 2010

    764,982   $ 20.65              

Plus: Options granted

    228,750     14.75              

Less:

                         

Options exercised

    7,185     17.86              

Options expired

    81,218     19.93              

Options forfeited

    60,608     21.80              
                         

Options outstanding at December 31, 2011

    844,721   $ 19.08     4.54   $ 2,445,000  
                         

Options fully vested and exercisable at December 31, 2011

    374,352   $ 24.87     2.33   $ 244,000  
Summary of the status of the entity's non-vested options

 

 

Non-vested Options
  Options   Weighted average
grant-date
fair value ($)
 

Non-vested options at December 31, 2010

    377,544   $ 4.48  

Granted

    228,750     5.51  

Vested

    (113,582 )   5.82  

Forfeited

    (22,343 )   4.06  
             

Non-vested options at December 31, 2011

    470,369   $ 4.68  
             
Schedule of other information pertaining to option activity

 

 

 
  Twelve Months Ended
December 31,
 
 
  2011   2010   2009  

Weighted average grant date fair value of stock options granted

  $ 5.51   $   $ 3.31  

Total fair value of stock options vested

  $ 661,000   $ 551,000   $ 522,000  

Total intrinsic value of stock options exercised

  $ 27,000   $ 2,000   $ 581,000