Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of the Activity in the Company's Stock Option Plan

A summary of the activity in the Company’s 2007 Plan for the three and six months ended June 30, 2013 and 2012 is as follows (option amounts not in thousands):


						Weighted
				Weighted		Average
				Average		Remaining	Aggregate
	Number of			Exercise		Contractual	Intrinsic
	Options			Price		Term	Value

Outstanding at January 1, 2013		280,000		$	2.91	4.9 years	$	5,007

Outstanding at March 31, 2013		280,000			2.91	4.7 years	$	6,816

Outstanding at June 30, 2013		280,000			2.91	4.4 years	$	7,788

Exercisable at June 30, 2013		270,000		$	2.78	4.3 years	$	7,543


Outstanding at January 1, 2012		620,000		$	2.97	5.7 years	$	3,122
Exercised		(217,003	)		3.33

Outstanding at March 31, 2012		402,997			2.78	5.5 years	$	3,997

Outstanding at June 30, 2012		402,997			2.78	5.3 years	$	5,971

Exercisable at June 30, 2012		382,997		$	2.60	5.1 years	$	5,745

Information about Options Exercised

The following table summarizes information about options exercised for the three and six months ended June 30, 2013 and 2012 (option amounts not in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Options exercised		—		—		—		217,003
Total intrinsic value of exercised options		—		—		—	$	1,470
Fair value of vested stock options	$	17	$	22	$	17	$	22
Tax benefits realized		—		—		—	$	437

Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan

Information with respect to the activity of unvested restricted stock awards during the three and six months ended June 30, 2013 and 2012 is as follows (share amounts not in thousands):


	Number of			Weighted
	Restricted			Average
	Stock			Grant Date
	Awards			Fair Value

Nonvested at January 1, 2013		246,320		$	14.54
Forfeited		(920	)

Nonvested at March 31, 2013		245,400		$	14.51
Granted		544,000		$	26.58
Vested		(29,000	)
Forfeited		(28,160	)

Nonvested at June 30, 2013		732,240		$	23.53


Nonvested at January 1, 2012		—			—

Nonvested at March 31, 2012		—			—
Granted		200,000		$	12.91

Nonvested at June 30, 2012		200,000		$	12.91

Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards and the Fair Value of Vested Restricted Stock

The following table summarizes information about deferred tax benefits recognized related to restricted stock awards and the fair value of vested restricted stock for the three and six months ended June 30, 2013 and 2012:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Deferred tax benefits recognized	$	417	$	59	$	565	$	59
Fair value of vested restricted stock	$	379	$	—	$	379	$	—

Assumptions Used to Determine the Fair Value of the Awards with Market-Based

The following presents assumptions used in a Monte Carlo simulation model to determine the fair value of the awards with market-based conditions:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2013	2012	2013	2012
Expected dividends per share	$0.90	$0.80	$0.90	$0.80
Expected volatility	41.5 – 51.6%	36.7 – 50.0%	41.5 – 51.6%	36.7 – 50.0%
Risk-free interest rate	0.0 – 2.0%	0.1 – 1.2%	0.0 – 2.0%	0.1 – 1.2%
Estimated cost of capital	9.3%	11.9 – 12.1%	9.3%	11.9 – 12.1%
Expected life (in years)	6.00	6.00	6.00	6.00