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Equity-Based Compensation Plans (Tables)
9 Months Ended
Sep. 30, 2012
Equity-Based Compensation Plans Tables  
Schedule of option pricing assumptions

The Black-Scholes option pricing model with the following assumptions:

 

    2012
Expected dividend yield   3.28%
Risk-free interest rate   1.64%
Expected life   10 years
Expected volatility   41.82%

 

Schedule of Company's stock options outstanding

The following table presents information regarding the activity for the first nine months of 2012 related to all of the Company’s stock options outstanding:

 

   Options Outstanding 
   Number of
Shares
   Weighted-
Average
Exercise
Price
   Weighted-
Average
Contractual
Term (years)
   Aggregate
Intrinsic
Value
 
                 
Balance at December 31, 2011   493,850   $18.92           
                     
Granted   75,000    9.76           
Exercised                  
Forfeited                  
Expired   (47,237)   16.70           
                     
Outstanding at September 30, 2012   521,613   $17.80    4.2   $133,000 
                     
Exercisable at September 30, 2012   445,613   $19.15    3.2   $ 

 

Schedule of outstanding restricted stock

The following table presents information regarding the activity during 2012 related to the Company’s outstanding restricted stock:

 

   Long-Term Restricted Stock 

 

 

 

 

  Number of
Units
   Weighted-
Average
Grant-Date
Fair Value
 
         
Nonvested at December 31, 2011  7,259   14.54 
           
Granted during the period   49,559   $9.99 
Vested during the period        
Forfeited or expired during the period   (2,474)   12.55 
           
Nonvested at September 30, 2012   54,344   $10.48