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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 8 – Stock-Based Compensation

The 2007 Omnibus Incentive Stock Plan (the “Omnibus Plan”) permits the issuance of up to 968,000 shares of the Company’s common stock in the form of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units and performance awards. The Company issues shares out of treasury stock for these awards. During the three months ended March 31, 2012, 21,516 restricted shares and 83,968 SARs were granted under the Omnibus Plan.

The Company also continues to maintain its other stock-based incentive plans for the restricted common stock previously awarded and the options previously issued and still outstanding. These plans have been superseded by the Omnibus Plan and accordingly, any available restricted stock and stock option grants not yet issued have been cancelled.

Restricted Stock
Restricted shares are amortized to expense over the three-year vesting period. As of March 31, 2012, the total unrecognized compensation expense related to non-vested common stock was $1,492,000 and the related weighted-average period over which it is expected to be recognized is approximately 1.3 years.

Following is a summary of the activity of the restricted stock:

Three Months Ended
March 31, 2012
      Shares       Fair Value
Balance at December 31, 2011 52,470   $          29.86
Granted 21,516 36.92
Vested             (20,894 ) 27.36
Forfeited — —
Balance at March 31, 2012 53,092 $ 33.70
 

Stock Options
Stock options vest and expire over a period not to exceed seven years. As of March 31, 2012, the total unrecognized compensation expense related to non-vested stock options was $14,000, and the related weighted-average period over which it is expected to be recognized is approximately .8 years. Following is a summary of the activity of the stock options during the three-month period ended March 31, 2012:

Weighted- Average Aggregate
Average Remaining Intrinsic
Exercise Contractual Value
      Shares       Price        Term Years       (In thousands)
Outstanding at December 31, 2011          30,628   $           17.79                   .84 $                      545
Exercised 12,101   16.26  
Outstanding at March 31, 2012 18,527 $ 18.79 .77 $ 392
Exercisable at March 31, 2012 18,527 $ 18.79 .77 $ 392
 

The total intrinsic value of options exercised was $268,000 and $140,000, for the three-month periods ended March 31, 2012 and 2011, respectively. Following is a summary of the activity of the non-vested stock options during the three-month period ended March 31, 2012:

Weighted-Average Grant
      Shares       Date Fair Value
Non-vested at December 31, 2011          3,674   $                                    2.69
Vested 3,674 2.69
Non-vested at March 31, 2012 — $ 0.00
 

SARs
SARs vest over a three-year period, with one-third of the shares vesting and becoming exercisable each year on the anniversary date of the grant, and they expire 10 years from the grant date. As of March 31, 2012, the total unrecognized compensation expense was $4,738,000 and the related weighted-average period over which it is expected to be recognized is 2.2 years. Following is a summary of the activity of the Company’s SARs program for the three-month period ended March 31, 2012:

Weighted- Average Aggregate
Average Remaining Intrinsic
Exercise Contractual Value
Shares Price Term Years (In thousands)
Outstanding at December 31, 2011 332,586 $ 26.87 7.42 $ 3,166
Granted 83,968   36.92  
Exercised (12,657 ) 25.35  
Outstanding at March 31, 2012 403,897 29.01   7.77 4,420
Exercisable at March 31, 2012       256,366       $      25.62       6.79       $      3,673
 

Following is a summary of the activity of non-vested SARs during the three-month period ended March 31, 2012:

Weighted-Average Grant
  Shares Date Fair Value
Non-vested at December 31, 2011     144,321     $ 29.35
Granted 83,968 36.92
Vested (80,758 ) 27.49
Non-vested at March 31, 2012       147,531       $ 34.89
 

The Company uses the Black-Scholes pricing model to determine the fair value of the SARs at the date of grant. Following are the assumptions used to estimate the per share fair value of SARs granted:

Three Months Ended
March 31,
2012 2011
Risk-free interest rate 1.38 % 2.70 %
Expected life 7 yrs. 7 yrs.
Expected volatility 29.39 % 27.86 %
Expected dividend yield       1.84 %       1.77 %
 

The risk-free interest rate is based on the zero-coupon U.S. Treasury yield for the period equal to the expected life of the SARs at the time of the grant. The expected life was derived using the historical exercise activity. The Company uses historical volatility for a period equal to the expected life of the rights using average monthly closing market prices of the Company’s stock as reported on The Nasdaq Global Market. The expected dividend yield is based on the Company’s current rate of annual dividends.