NOTE 14. Stock-Based Compensation Plans

In 1996, we adopted a Long-Term Incentive Plan (the "1996 Incentive Plan"). The number of shares of Class A Common Stock reserved for issuance under the 1996 Incentive Plan was 1,800,000. In 1997, we adopted a second Long-Term Incentive Plan (the "1997 Incentive Plan"). The number of shares of Class A Common Stock reserved for issuance under the 1997 Incentive Plan was 600,000. In 1999 we adopted a third Long-Term Incentive Plan (the "1999 Incentive Plan"). The number of shares of Class A Common Stock reserved for issuance under the 1999 Incentive Plan was 2,400,000. In 2002, we adopted a fourth Long-Term Incentive Plan (the "2002 Incentive Plan"). The number of shares of Class A Common Stock reserved for issuance under the 2002 Incentive Plan was 2,400,000. In 2003, we amended our 2002 Incentive Plan to add an additional 2,000,000 shares of Class A Common Stock that are reserved for issuance. In 2007, we amended our 2002 Incentive Plan to add an additional 1,000,000 shares of Class A Common Stock that are reserved for issuance. Under the 1996, 1997, 1999 and 2002 Incentive Plans, stock options, stock appreciation rights, restricted stock and performance units may be granted for the purpose of attracting and motivating our key employees and non-employee directors. We have not granted any stock options since 2003. Restricted stock vests over a three to five year period. As of December 31, 2011, 1,499,729 shares were available for future grant. Generally, when stock options are exercised, either new shares are issued or shares are issued out of treasury.

Share-based compensation expense for 2011, 2010 and 2009 was $4.8 million, $3.6 million and $4.4 million or $3.0 million, $2.2 million and $2.7 million, net of taxes, respectively.

The following table summarizes the stock option activity for the year ended December 31, 2011:


Stock Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at January 1, 2011		110,900		$	1.79
Options exercised		(57,300	)	$	1.50
Options forfeited		—		$	—

Outstanding at December 31, 2011		53,600		$	2.09		1.29	$	1,625,995

Exercisable at December 31, 2011		53,600		$	2.09		1.29	$	1,625,995

Intrinsic value for stock options is defined as the difference between the current market value and the grant price. The total intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009 was $1.1 million, $0.9 million and $2.6 million, respectively. Cash received from stock options exercised during the years ended December 31, 2011, 2010 and 2009 was $0.1 million, $0.05 million and $0.3 million, respectively. The tax benefit realized for tax deductions from stock options exercised for the years ended December 31, 2011, 2010 and 2009 was $0.7 million, $0.3 million and $1.0 million, respectively.

The following table summarizes information about options outstanding as of December 31, 2011:


Options Outstanding and Exercisable
Range of Exercise Prices	Number of Shares		Weighted Avg. Remaining Contractual Life		Weighted Avg. Exercise Price
$ 1.22 to $ 1.22		16,000		0.97	$	1.22
$ 1.22 to $ 2.43		8,600		0.80	$	1.89
$ 2.43 to $ 2.64		29,000		1.62	$	2.64

$ 1.22 to $ 2.64		53,600		1.29	$	2.09

The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2011:


Non-vested restricted stock	Shares			Weighted Average Grant Date Fair Value
Non-vested January 1, 2011		503,153		$	26.75
Granted		258,284		$	35.27
Vested		(133,392	)	$	26.47
Forfeited		(50,436	)	$	30.46

Non-vested at December 31, 2011		577,609		$	30.30

The following table summarizes the restricted stock granted during the respective years:


Restricted stock grants	2011		2010		2009
Employees		246,284		228,094		196,101
Outside directors		12,000		12,000		12,000

Total		258,284		240,094		208,101

Weighted average grant date fair value	$	35.27	$	27.36	$	26.56

Vesting period		3-5 years		3-5 years		3-5 years

The fair value of non-vested restricted stock is equal to the market price of our stock at the date of grant.

The total fair value of restricted shares vested during the years ended December 31, 2011, 2010 and 2009 was $4.7 million, $4.5 million and $3.3 million, respectively.

As of December 31, 2011, there was $13.2 million of unrecognized compensation cost related to non-vested share-based compensation that is expected to be recognized over a weighted average period of 2.96 years.

During January 2012, we granted 256,798 shares of restricted stock to certain employees and 20,000 shares of restricted stock to outside directors with a weighted average grant date fair value of $32.43. The stock vests over a three to five year period.