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Stock Incentive Plans and Stock-Based Compensation
 9 Months Ended
Sep. 30, 2012
Stock Incentive Plans and Stock-Based Compensation [Abstract]  
Stock Incentive Plans and Stock-Based Compensation

Note 5 – Stock Incentive Plans and Stock-Based Compensation

The following table summarizes stock option activity in 2012 under the Company’s 2009 Stock Incentive Plan:

 

                 
    Number
of Options		     Weighted Average
Exercise Price		  

Outstanding at December 31, 2011

     671,294     $ 14.48  
     

Options granted

     7,500     $ 17.55  

Options exercised

     (127,797 )    $ 14.11  

Options cancelled or expired

     (7,500 )    $ 13.76  
   

 

 

          
     

Outstanding at September 30, 2012

     543,497     $ 14.62  
   

 

 

          
     

Exercisable at September 30, 2012

     245,972     $ 13.53  
   

 

 

          
     

Available for grant at September 30, 2012

     586,300          
   

 

 

          

During 2012, the Company granted 7,500 options at a fair value of $9.08 per share as determined under the Black-Scholes option-pricing model and granted 47,500 restricted stock units at a fair value of $21.44 per share which represented the closing price of the Company’s stock on the date of grant.

 

The following table presents information on stock options outstanding for the periods shown:

 

                                 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
($ in thousands, except per share data)   2012     2011     2012     2011  
         

Intrinsic value of options exercised in the period

   $ 113     $ 0     $ 793     $ 34  

 

                 
    As of September 30,  
    2012     2011  

Stock options:

                

Aggregate intrinsic value

   $ 3,337     $ 379  

Weighted average contractual term of options

     6.80 years       7.15 years  

The aggregate intrinsic value of stock options represents the difference between the Company’s closing stock price at the end of the period and the relevant exercise price multiplied by the number of options outstanding at the end of the period at each such price.