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Stock Incentive Plans | 12 Months Ended
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Dec. 31, 2012
Stock Incentive Plans [Abstract] |
Stock Incentive Plans |
12. | Stock Incentive Plans
The Company’s 2009 Stock Incentive Plan (the “2009 Plan”), which provides for stock-based awards to Company employees, non-employee directors and outside consultants or advisors, was approved by shareholders on May 13, 2009. No options have been issued to outside consultants or advisors. The number of shares of common stock reserved for issuance under the 2009 Plan is 1,000,000 of which the aggregate number of shares for which incentive stock options may be granted under the Plan is 900,000. No new grants of stock options may be made under the Company’s 2003 Stock Incentive Plan (the “2003 Plan”). At December 31, 2012, there were option awards covering 538,697 shares outstanding under the 2009 plan, together with the 2003 Plan and its predecessor, the 1993 Stock Incentive Plan. Outstanding options under all the plans generally expire ten years after the date of grant. Options are generally exercisable in four equal annual installments beginning one year after the date of grant. The Company recognizes compensation expense for options awarded under its stock incentive plans based on the grant-date fair value. Compensation expense is attributed to earnings using the straight-line method over the requisite service period. A summary of the status of the Company’s stock options at December 31, 2012, 2011 and 2010, together with changes during the periods then ended, is presented below:
|  | Number of options |  |  | Weighted average exercise price |
Outstanding at December 31, 2009 |  |  | 315,319 |  |  |  |  |
Options granted at market price |  |  | 87,000 |  |  | $ | 13.43 |
Options exercised |  |  | (2,750 | ) |  |  | 6.29 |
Outstanding at December 31, 2010 |  |  | 399,569 |  |  |  |  |
Options granted at market price |  |  | 289,200 |  |  |  | 16.06 |
Options exercised |  |  | (7,475 | ) |  |  | 7.24 |
Options cancelled |  |  | (10,000 | ) |  |  | 14.39 |
Outstanding at December 31, 2011 |  |  | 671,294 |  |  |  |  |
Options granted at market price |  |  | 7,500 |  |  |  | 17.55 |
Options exercised |  |  | (131,997 | ) |  |  | 13.98 |
Options cancelled |  |  | (8,100 | ) |  |  | 13.85 |
Outstanding at December 31, 2012 |  |  | 538,697 |  |  |  |  |
Available for grant at December 31, 2012 |  |  | 586,900 |  |  |  |  |
The following table presents information on stock options outstanding as of and for the years ended December 31, 2012 and 2011:
|  | Year Ended December 31, |
(in thousands, except share data) |  | 2012 |  |  | 2011 |
Intrinsic value of options exercised in the period |  | $ | 895 |  |  | $ | 69 |
($ in thousands, except share data) |  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Stock options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding December 31, 2011 |  |  | 671,294 |  |  | $ | 14.48 |  |  |  | 6.9 |  |  | $ | 3,676 |
Exerciseable at December 31, 2011 |  |  | 283,344 |  |  |  | 13.62 |  |  |  | 4.2 |  |  |  | 1,796 |
Outstanding December 31, 2012 |  |  | 538,697 |  |  |  | 14.66 |  |  |  | 6.6 |  |  |  | 12,621 |
Exerciseable at December 31, 2012 |  |  | 241,772 |  |  |  | 13.60 |  |  |  | 4.8 |  |  |  | 5,922 |
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. The fair value of stock option awards as determined under the Black-Scholes option-pricing model was estimated with the following weighted-average assumptions:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Expected volatility |  |  | 65.9 | % |  |  | 65.9 | % |  |  | 58.8 | %
Risk free interest rate |  |  | 2.9 | % |  |  | 2.9 | % |  |  | 3.0 | %
Expected dividend yield |  |  | 2.5 | % |  |  | 2.3 | % |  |  | 2.4 | %
Expected term |  |  | 7.3 years |  |  |  | 7.3 years |  |  |  | 7.0 years |
Weighted average fair value per share |  | $ | 9.08 |  |  | $ | 7.20 |  |  | $ | 5.59 |
There were no options granted during 2012, 2011 or 2010 below market price. On July 2, 2012, the Company 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 restricted stock units vest in four equal annual installments beginning one year following the date of grant. The following table summarizes stock-based compensation expense related to stock option and restricted stock unit awards (in thousands):
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Stock-based compensation expense included in selling, general and administrative expenses |  | $ | 695 |  |  | $ | 473 |  |  | $ | 192 |
Deferred income taxes |  |  | 272 |  |  |  | 188 |  |  |  | 76 |
Stock-based compensation expense related to stock options and restricted stock units, net of tax |  | $ | 423 |  |  | $ | 285 |  |  | $ | 116 |
As of December 31, 2012, unrecognized compensation expense related to stock options and restricted stock units was $2.6 million with a weighted average remaining contractual period of 4.4 years. The following table summarizes information about stock options outstanding at December 31, 2012:
Options outstanding |  |  | Options exercisable |
Exercise price range |  | Number of shares |  |  | Weighted- average exercise price |  |  | Weighted- average remaining contractual life (years) |  |  | Exercisable at December 31, 2012 |  |  | Weighted- average exercise price |
$2.01 - $ 2.58 |  |  | 3,250 |  |  | $ | 2.21 |  |  |  | .3 |  |  |  | 3,250 |  |  | $ | 2.21 |
8.82 - 17.55 |  |  | 535,447 |  |  |  | 14.74 |  |  |  | 6.6 |  |  |  | 238,522 |  |  |  | 13.75 |
|  |  | 538,697 |  |  |  | 14.66 |  |  |  |  |  |  |  | 241,772 |  |  |  | 13.60 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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