XML 100 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Stock-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2011
Share-based Compensation [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company has several stock-based compensation plans under which it is currently authorized to grant restricted stock and stock. As of December 31, 2011, there are 6.3 million remaining shares available to grant under these plans. The Company generally issues new shares of common stock to satisfy restricted stock, stock and performance share awards. Total stock-based compensation expense was $3.5 million, net of income taxes of $2.2 million in 2011; $3.4 million, net of income taxes of $2.1 million in 2010; and $3.4 million, net of income taxes of $2.2 million in 2009. As of December 31, 2011, total remaining unrecognized compensation expense related to stock-based compensation was approximately $5.5 million (before income taxes) which will be amortized over a weighted average period of 1.6 years. Stock options The Company had granted stock options to directors, key employees and employees. The Company has not granted stock options since 2003. Options granted to key employees automatically vested after nine years, but the plan provided for accelerated vesting based on the attainment of certain performance goals or upon a change in control of the Company, and expired ten years after the date of grant. Options granted to employees vested three years after the date of grant and expired ten years after the date of grant. Options granted to directors vested at the date of grant and expire ten years after the date of grant. The fair value of each option outstanding was estimated on the date of grant using the Black-Scholes option-pricing model. A summary of the status of the stock option plans at December 31, 2011, and changes during the year then ended was as follows:
| Number of Shares |  |  | Weighted Average Exercise Price |
Balance at beginning of year | 440,984 |  |  |  | $13.34 |
Forfeited | (3,893 | ) |  | 13.22 |
Exercised | (430,341 | ) |  | 13.34 |
Balance at end of year | 6,750 |  | 13.03 |
Exercisable at end of year | 6,750 |  |  |  | $13.03 |
Stock options outstanding as of December 31, 2011, had an aggregate intrinsic value of $57,000, and approximately six months of remaining contractual life. The aggregate intrinsic value represents the total intrinsic value (before income taxes), based on the Company's stock price on December 31, 2011, which would have been received by the option holders had all option holders exercised their options as of that date. The Company received cash of $5.7 million, $5.0 million and $2.1 million from the exercise of stock options for the years ended December 31, 2011, 2010 and 2009, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009, was $3.3 million, $2.6 million and $1.3 million, respectively. Stock awards Nonemployee directors may receive shares of common stock instead of cash in payment for directors' fees under the nonemployee director stock compensation plan. There were 55,141 shares with a fair value of $1.1 million, 43,128 shares with a fair value of $849,000 and 49,649 shares with a fair value of $879,000 issued under this plan during the years ended December 31, 2011, 2010 and 2009, respectively. Performance share awards Since 2003, key employees of the Company have been awarded performance share awards each year. Entitlement to performance shares is based on the Company's total shareholder return over designated performance periods as measured against a selected peer group. Target grants of performance shares outstanding at December 31, 2011, were as follows:
Grant Date | Performance Period | Target Grant of Shares |
February 2009 | 2009-2011 | 257,836 |
March 2010 | 2010-2012 | 227,009 |
February 2011 | 2011-2013 | 277,309 |
Participants may earn from zero to 200 percent of the target grant of shares based on the Company's total shareholder return relative to that of the selected peer group. Compensation expense is based on the grant-date fair value as determined by Monte Carlo simulation. The blended volatility term structure ranges are comprised of 50 percent historical volatility and 50 percent implied volatility. Risk-free interest rates were based on U.S. Treasury security rates in effect as of the grant date. Assumptions used for grants of performance shares issued in 2011, 2010 and 2009 were:
|  |  | 2011 |  |  |  | 2010 |  |  |  | 2009 |
Grant-date fair value |  |  |  | $19.99 |  |  |  |  | $17.40 |  |  |  |  | $20.39 |
Blended volatility range | 23.20 | % | - | 32.18 | % | 25.69 | % | - | 35.36 | % | 40.40 | % | - | 50.98 | %
Risk-free interest rate range | .09 | % | - | 1.34 | % | .13 | % | - | 1.45 | % | .30 | % | - | 1.36 | %
Discounted dividends per share |  |  |  | $1.23 |  |  |  |  | $1.04 |  |  |  |  | $1.79 |
There were no performance shares that vested in 2011. The fair value of performance share awards that vested during the years ended December 31, 2010 and 2009, was $3.5 million and $2.8 million, respectively. A summary of the status of the performance share awards for the year ended December 31, 2011, was as follows:
| Number of Shares |  |  | Weighted Average Grant-Date Fair Value |
Nonvested at beginning of period | 669,685 |  |  | $ | 22.19 |
Granted | 278,252 |  |  | 19.99 |
Vested | — |  |  | — |
Forfeited | (185,783 | ) |  | 30.55 |
Nonvested at end of period | 762,154 |  |  | $ | 19.35 |

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_ShareBasedCompensationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration