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Stock Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2012
Stock Incentive Plans [Abstract]  
Summary of stock option activity

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          
   

 

 

         
Summary of stock options outstanding

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  
Summary of fair value of stock option awards

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  
Summary of stock-based compensation expense related to stock option and restricted stock unit awards

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  
   

 

 

   

 

 

   

 

 

 
Summary of information about stock options outstanding

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