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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2013
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 1,065,000 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, 2013, 21,804 restricted shares and 85,943 SARs were granted under the Omnibus Plan.

Restricted Stock

Restricted shares are amortized to expense over the three-year vesting period. As of March 31, 2013, the total unrecognized compensation expense related to non-vested common stock was $1,753,000, 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, 2013
Shares       Fair Value
Balance at December 31, 2012 54,875 $     31.61
Granted 21,804 $ 42.14
Vested (18,959 ) $ 30.68
Balance at March 31, 2013 57,720 $ 35.90
 

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 March 31, 2013, the total unrecognized compensation expense was $1,555,000, 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 three-month period ended March 31, 2013:

      Weighted- Average       Aggregate
  Average Remaining Intrinsic
Exercise       Contractual Value
      Shares Price Term Years (In thousands)
Outstanding at December 31, 2012 351,881 $     27.52 7.34 $     4,988
Granted 85,943 $ 42.14
Exercised (3,192 ) $ 29.66
Outstanding at March 31, 2013 434,632 $ 30.40 7.60 $ 5,061
Exercisable at March 31, 2013 257,504 $ 25.78 6.46 $ 4,187
 
Following is a summary of the activity of the non-vested SARs during the three-month period ended March 31, 2013:
Weighted-Average
Shares Grant Date Fair Value
Non-vested at December 31, 2012 161,294       $     31.70
Granted       85,943 $ 42.14
Vested (70,109 ) $ 30.85
Non-vested at March 31, 2013 177,128 $ 37.11
 

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,
2013 2012
Risk-free interest rate 1.29 %       1.38 %
Expected life 7 yrs. 7 yrs.
Expected volatility       28.72 % 29.39 %
Expected dividend yield 1.71 % 1.84 %
 

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.