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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 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 six months ended June 30, 2012, 25,805 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 These plans have been superseded by the Omnibus Plan and accordingly, any available restricted stock and stock option grants not yet issued have been cancelled.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 June 30, 2012, the total unrecognized compensation expense related to non-vested common stock was $1,466,000, and the related weighted-average period over which it is expected to be recognized is approximately 1.6 years. Following is a summary of the activity of the restricted stock:
| Six Months Ended
| June 30, 2012
| Shares |  | Fair Value
Balance at December 31, 2011 | 52,470 |  |  | $ | 29.86
Granted | 25,805 |  |  | $ | 37.43
Vested | (28,154 | ) |  | $ | 28.02
Balance at June 30, 2012 | 50,121 |  |  | $ | 34.79
Stock Options Stock options vest and expire over a period not to exceed seven years. As of June 30, 2012, the total unrecognized compensation expense related to non-vested stock options was $16,000, and the related weighted-average period over which it is expected to be recognized is approximately .5 years. Following is a summary of the activity of the stock options during the six-month period ended June 30, 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 |  | 13,192 |  | $ | 16.47 |  |  |  |  |
Outstanding at June 30, 2012 |  | 17,436 |  | $ | 18.79 |  | .52 |  | $ | 374
Exercisable at June 30, 2012 |  | 17,436 |  | $ | 18.79 |  | .52 |  | $ | 374
The total intrinsic value of options exercised was $283,000 and $156,000 for the six-month periods ended June 30, 2012 and 2011, respectively. Following is a summary of the activity of the non-vested stock options during the six-month period ended June 30, 2012:
|  |  |  |  | Weighted-Average
|  | Shares |  | Grant Date Fair Value
Non-vested at December 31, 2011 |  | 3,674 |  |  | $ | 2.69
Vested |  | (3,674 | ) |  | $ | 2.69
Non-vested at June 30, 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 original grant date. As of June 30, 2012, the total unrecognized compensation expense was $4,191,000, and the related weighted-average period over which it is expected to be recognized is 1.9 years. Following is a summary of the activity of the Company’s SARs program for the six-month period ended June 30, 2012:
|  | Shares |  | Weighted- Average Exercise Price |  | Average Remaining Contractual Term Years |  | Aggregate Intrinsic Value (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 June 30, 2012 |  | 403,897 |  |  | $ | 29.01 |  | 7.52 |  | $ | 4,540
Exercisable at June 30, 2012 |  | 256,366 |  |  | $ | 25.62 |  | 6.54 |  | $ | 3,750
Following is a summary of the activity of the non-vested SARs during the six-month period ended June 30, 2012:
|  | Shares |  | Weighted-Average Grant 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 June 30, 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:
|  | Six Months Ended June 30,
|  | 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.

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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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