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Stock-Based Compensation Plans
 12 Months Ended
Dec. 31, 2012
Stock-Based Compensation Plans

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, restricted stock units 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, 2012, 1,225,923 shares were available for future grant. When stock options are exercised, either new shares are issued or shares are issued out of treasury.

Share-based compensation expense for 2012, 2011 and 2010 was $6.5 million, $4.8 million and $3.6 million or $4.0 million, $3.0 million and $2.2 million, net of taxes, respectively.

The following table summarizes the stock option activity for the year ended December 31, 2012:

 

Stock Options

    Shares     Weighted
Average
Exercise
Price		      Weighted
Average
Remaining
Contractual
Life		      Aggregate
Intrinsic
Value		  

Outstanding at January 1, 2012

      53,600      $ 2.09         1.29       $ 1,625,995   

Options exercised

      (37,100 )    $ 1.91         

Options forfeited

      —        $ —           

Outstanding at December 31, 2012

      16,500      $ 2.51         0.57       $ 513,004   

Exercisable at December 31, 2012

      16,500      $ 2.51         0.57       $ 513,004   

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, 2012, 2011 and 2010 was $1.2 million, $1.1 million and $0.9 million, respectively. Cash received from stock options exercised during the years ended December 31, 2012, 2011 and 2010 was $0.07 million, $0.1 million and $0.05 million, respectively. The tax benefit realized for tax deductions from stock options exercised for the years ended December 31, 2012, 2011 and 2010 was $0.5 million, $0.7 million and $0.3 million, respectively.

The following table summarizes information about options outstanding as of December 31, 2012:

 

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

      1,500         0.18       $ 1.22   

$ 1.22 to $ 2.64

      15,000         0.61       $ 2.64   
  

 

 

     

 

 

     

 

 

  

$ 1.22 to $ 2.64

      16,500         0.57       $ 2.51   
  

 

 

        

 

The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2012:

 

Non-vested restricted stock

    Shares     Weighted
Average
Grant Date
Fair Value		  

Non-vested January 1, 2012

      577,609      $ 30.30   

Granted

      296,017      $ 32.62   

Vested

      (164,011 )    $ 29.23   

Forfeited

      (22,837 )    $ 31.86   
  

 

 

    

 

 

  

Non-vested at December 31, 2012

      686,778      $ 31.50   
  

 

 

    

 

 

  

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

 

Restricted stock grants

    2012      2011      2010  

Employees

      276,017         246,284         228,094   

Outside directors

      20,000         12,000         12,000   
  

 

 

     

 

 

     

 

 

  

Total

      296,017         258,284         240,094   
  

 

 

     

 

 

     

 

 

  

Weighted average grant date fair value

    $ 32.62       $ 35.27       $ 27.36   

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, 2012, 2011 and 2010 was $5.4 million, $4.7 million and $4.5 million, respectively.

As of December 31, 2012, there was $15.5 million of unrecognized compensation cost related to non-vested share-based compensation that is expected to be recognized over a weighted average period of 2.85 years.

During January 2013, we granted 258,008 shares of restricted stock to certain employees and 20,000 shares of restricted stock or restricted stock units to outside directors with a weighted average grant date fair value of $34.35. The stock vests over a three to five year period.