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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The 1995 Executive Incentive Compensation Plan, as amended, authorizes the issuance of up to 8,000,000 shares of the Company's common stock for use in paying incentive compensation awards in the form of stock options or other equity awards such as restricted stock, restricted stock units or stock appreciation rights. The 1995 Non-Employee Directors' Stock Plan authorizes the issuance of up to 600,000 shares of the Company's common stock for equity awards. Both plans have been approved by the Company's stockholders. At December 31, 2012, there were 1,165,744 and 186,190 shares available for granting equity awards under the 1995 Executive Incentive Compensation Plan and the 1995 Non-Employee Directors' Stock Plan, respectively. Restricted Stock Units The Board approves the granting of performance-based restricted stock units as the long-term equity component of director, officer and certain key employee compensation. The restricted stock units require no payment from the recipient and compensation cost is measured based on the market price on the grant date and is generally recorded over the vesting period. The vesting period for restricted stock units granted to non-employee directors is one year, and each restricted stock unit is exchanged for a like number of shares of Company stock following the termination of the participant's service as a director. Generally, restricted stock units granted to officers and certain key employees prior to 2012 vest on a pro rata basis over a three-year period, and the specified retirement age is 62. Restricted stock units granted in March and May of 2012 "cliff" vest at the end of three years, and the specified retirement age is 62. Upon vesting, each restricted stock unit is exchanged for a like number of new shares of the Company's stock. Restricted stock units do not have an option for cash payment. The following table summarizes restricted stock units issued and the compensation expense recorded for 2012, 2011 and 2010: Stock-Based Compensation Expense
|  | Restricted Stock Units |  | Fair Value per Unit |  | Expense |
(Dollars in thousands, except per unit) |  |  |  | 2012 |  | 2011 |  | 2010 |
Directors: |  |  |  |  |  |  |  |  |  |  |
May 1, 2009 |  | 16,000 |  |  | 27.28 |  |  | $ | — |  |  | $ | — |  |  | $ | 145 |  |
May 3, 2010 |  | 16,000 |  |  | 30.99 |  |  | — |  |  | 165 |  |  | 331 |  |
May 2, 2011 |  | 20,192 |  |  | 34.79 |  |  | 234 |  |  | 468 |  |  | — |  |
May 2, 2012 |  | 27,930 |  |  | 21.58 |  |  | 402 |  |  | — |  |  | — |  |
December 4, 2012 |  | 2,688 |  |  | 19.95 |  |  | — |  |  | — |  |  | — |  |
Employees: |  |  |  |  |  |  |  |  |  |  |
January 23, 2007 |  | 101,700 |  |  | 38.25 |  |  | — |  |  | — |  |  | 41 |  |
January 22, 2008 |  | 130,950 |  |  | 45.95 |  |  | — |  |  | 68 |  |  | 1,601 |  |
January 27, 2009 |  | 106,625 |  |  | 25.15 |  |  | 43 |  |  | 614 |  |  | 667 |  |
November 19, 2009 |  | 15,000 |  |  | 31.90 |  |  | — |  |  | 12 |  |  | 298 |  |
January 25, 2010 |  | 1,000 |  |  | 31.49 |  |  | 1 |  |  | 10 |  |  | 20 |  |
September 22, 2010 |  | 25,000 |  |  | 23.47 |  |  | 20 |  |  | 373 |  |  | 194 |  |
April 26, 2011 |  | 3,750 |  |  | 32.10 |  |  | 44 |  |  | 29 |  |  | — |  |
September 20, 2011 |  | 13,500 |  |  | 21.18 |  |  | 151 |  |  | 111 |  |  | — |  |
January 23, 2012 |  | 30,000 |  |  | 17.81 |  |  | 168 |  |  | — |  |  | — |  |
March 16, 2012 |  | 44,268 |  |  | 21.39 |  |  | 130 |  |  | — |  |  | — |  |
May 4, 2012 |  | 56,233 |  |  | 17.34 |  |  | 213 |  |  | — |  |  | — |  |
September 10, 2012 |  | 5,985 |  |  | 19.05 |  |  | 11 |  |  | — |  |  | — |  |
November 16, 2012 |  | 5,000 |  |  | 16.45 |  |  | 3 |  |  | — |  |  | — |  |
Total |  |  |  |  |  |  |  | $ | 1,420 |  |  | $ | 1,850 |  |  | $ | 3,297 |  |
Restricted stock unit activity for 2012, 2011 and 2010 was as follows:
|  | Restricted Stock Units |  | Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2010 |  | 229,491 |  |  | $ | 34.45 |
Granted |  | 42,000 |  |  | 26.53 |
Vested |  | (124,424 | ) |  | 35.81 |
Forfeited |  | (6,532 | ) |  | 35.23 |
Nonvested at December 31, 2010 |  | 140,535 |  |  | 30.83 |
Granted |  | 37,442 |  |  | 29.61 |
Vested |  | (113,136 | ) |  | 33.55 |
Forfeited |  | (2,200 | ) |  | 25.15 |
Nonvested at December 31, 2011 |  | 62,641 |  |  | 25.39 |
Granted |  | 172,104 |  |  | 19.23 |
Vested |  | (67,861 | ) |  | 24.86 |
Forfeited |  | (25,411 | ) |  | 20.35 |
Nonvested at December 31, 2012 |  | 141,473 |  |  | $ | 19.19 |
At December 31, 2012, the total unrecognized compensation cost related to nonvested restricted stock units was $1.9 million, which will be recognized over a weighted-average period of approximately two years. Stock Options From time to time, the Company may grant incentive stock options and nonqualified stock options to officers, certain key employees and non-employee directors under the two plans noted above. The stock options would generally vest three years from the date of grant, which is the date the Board of Directors approved the grants, and expire no later than ten years after the date of grant. The exercise price of the stock would be fair value on the grant date. Upon exercise, a new share of Company stock is issued for each option. Stock option activity for 2012, 2011 and 2010 was as follows:
|  | Shares Under Option |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value (in millions)(a)
Outstanding, January 1, 2010 |  | 389,970 |  |  | $ | 15.66 |  |  | $ | 6.7 |
Exercised |  | (115,493 | ) |  | 13.77 |  |  | — |
Expired |  | (805 | ) |  | 16.33 |  |  | — |
Outstanding, December 31, 2010 |  | 273,672 |  |  | 16.46 |  |  | 3.3 |
Granted |  | 617,500 |  |  | 31.75 |  |  | — |
Exercised |  | (199,032 | ) |  | 15.95 |  |  | — |
Forfeited/Expired |  | (30,300 | ) |  | 30.92 |  |  | — |
Outstanding, December 31, 2011 |  | 661,840 |  |  | 30.22 |  |  | 0.2 |
Exercised |  | (38,900 | ) |  | 18.23 |  |  | — |
Forfeited/Expired |  | (294,940 | ) |  | 31.29 |  |  | — |
Outstanding, December 31, 2012 |  | 328,000 |  |  | $ | 30.67 |  |  | $ | 0.2 |
(a) | Intrinsic value is defined as the difference between the current market value and the exercise price, for those options where the market price exceeds the exercise price.
In January 2011, 617,500 stock options were granted. The Company used a binomial lattice model to estimate the fair value of $10.90 for this stock-based award. The fair value was estimated with the following assumptions: Dividend yield—2.5%; Volatility—40.6%; Risk-free interest rate—0.6%; and Expected life—seven years. These assumptions are based on multiple factors, including the historical volatility of the Company's stock price. The options vest three years from the grant date and expire seven years after the grant date. No compensation expense was recognized in 2012 for stock options due to forfeitures. Compensation expense recognized in 2011 for stock options totaled $2.0 million. No compensation expense was recognized in 2010. At December 31, 2012, the total unrecognized compensation cost related to nonvested stock options was $1.1 million, which is expected to be recognized over a period of approximately one year. Net cash proceeds from the exercise of stock options totaled $0.7 million, $2.4 million and $1.0 million in 2012, 2011 and 2010, respectively. The total intrinsic value of options exercised during 2012, 2011 and 2010 was $0.1 million, $2.2 million and $1.7 million, respectively. The following table summarizes information concerning outstanding and exercisable options at December 31, 2012:
|  | Options Outstanding |  | Options Exercisable
Range of Exercisable Prices |  | Vested |  | Unvested |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Life in Years |  | Number Exercisable |  | Weighted Average Exercise Price Per Share
$16.96 - $16.96 |  | 24,000 |  |  | — |  |  | $ | 16.96 |  |  | 0.33 |  | 24,000 |  |  | $ | 16.96 |
$31.75 - $31.75 |  | — |  |  | 304,000 |  |  | 31.75 |  |  | 5.07 |  | — |  |  | — |
|  | 24,000 |  |  | 304,000 |  |  | $ | 30.67 |  |  | 4.72 |  | 24,000 |  |  | $ | 16.96 |
At December 31, 2012, outstanding options, substantially all of which are expected to vest, have a weighted-average remaining contractual life of 4.72 years and an aggregate intrinsic value of $0.2 million. Vested and currently exercisable options have a weighted-average remaining contractual life of 0.33 years and an aggregate intrinsic value of $0.2 million. Weighted-average grant-date fair value of unvested options during the year ended December 31, 2012 was as follows:
|  | Shares Under Option |  | Weighted Average Grant-Date Fair Value
Outstanding, January 1, 2012 |  | 589,000 |  |  | $ | 10.90 |
Forfeited |  | (285,000 | ) |  | 10.90 |
Outstanding, December 31, 2012 |  | 304,000 |  |  | $ | 10.90 |
Stock Appreciation Rights During 2012, the Company issued Stock Appreciation Rights ("SARs") covering 318,452 shares in March, 345,502 shares in May and 43,058 shares in September under the 1995 Executive Incentive Compensation Plan to officers and key executive employees. The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes pricing model with the following assumptions:
|  | March 2012 Grant |  | May 2012 Grant |  | September 2012 Grant
Risk-free interest rate |  | 1.56 | % |  | 1.18 | % |  | 1.00 | %
Dividend yield |  | 3.50 | % |  | 4.20 | % |  | 3.80 | %
Expected life (years) |  | 6.5 |  |  | 6.5 |  |  | 6.5 |
Volatility |  | 43.9 | % |  | 44.0 | % |  | 44.3 | %
SAR grant price |  | $ | 23.73 |  |  | $ | 19.65 |  |  | $ | 21.37 |
Fair value of SAR award |  | $ | 6.10 |  |  | $ | 4.77 |  |  | $ | 6.20 |
A summary of activity relating to SARs for the year ended December 31, 2012 was as follows:
|  | SARs
|  | Number of Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value (in millions) |  | Weighted Average Remaining Contractual Term (Years)
Outstanding, January 1, 2012 |  | — |  |  | $ | — |  |  | $ | — |  |  |
Granted |  | 707,012 |  |  | 21.23 |  |  |  |  |
Forfeited/expired |  | (181,725 | ) |  | 21.23 |  |  |  |  |
Outstanding, December 31, 2012 |  | 525,287 |  |  | $ | 21.23 |  |  | $ | 1.2 |  |  | 9.3
No SARs are vested or exercisable at December 31, 2012. Unrecognized compensation expense related to SARs not yet exercisable was $2.3 million at December 31, 2012. This cost is expected to be recognized over a weighted average period of approximately 4.3 years. Other Stock Grants During 2012, the Company issued 43,873 shares to its then Interim Chief Executive Officer as part of his compensation agreement. In addition, 4,000 shares were issued to other employees under incentive award programs. All shares vested immediately and were not subject to any holding period restrictions. Fair value of the grants were based on the market price of Company stock at the grant date. Expense recognized in 2012 for these grants total $1.0 million. There was no change, a $1.1 million increase and a $0.1 million decrease of excess tax benefits principally from restricted stock units recognized in 2012, 2011 and 2010, respectively.

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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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