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Share-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2011
Share-Based Compensation Plans [Abstract] |
Share-Based Compensation Plans |
11. | SHARE-BASED COMPENSATION PLANS:
The Company has one active stock incentive plan for employees and directors, the 2007 Stock Incentive Plan, which provides for awards of stock options to purchase shares of common stock, stock appreciation rights, restricted and unrestricted shares of common stock, restricted stock units and performance awards. In addition, the Company has two inactive stock option plans, the 1995 Stock Options Plan for Nonemployee Directors and the Amended 1995 Stock Incentive Plan, under which previously granted options remain outstanding. The plans provide that options become exercisable according to vesting schedules, which range from immediate to ratably over a 60-month period. Options terminate 10 years from the date of grant. The plans also provide for other equity instruments, such as restricted stock units (RSUs) and Performance Stock Awards (PSAs), which grant the right to receive a specified number of shares over a specified period of time. RSUs are service-based awards and vest according to vesting schedules, which range from immediate to ratably over a three-year period. PSAs are service-based awards with either a performance or market-based vesting condition. Vesting of the performance-based PSAs is dependent upon meeting certain strategic goals and ranges from a three-month period to a three-year period. Vesting of the market-based PSAs is dependent upon the performance of the market price of the Company's stock relative to a comparator group of companies and ranges from two to three years. The following summarizes share-based compensation expense recorded:
|  | Year ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (in thousands) |
Cost of sales |  | $ | 143 |  |  | $ | 49 |  |  | $ | 124 |
Selling, general and administrative expenses |  |  | 1,318 |  |  |  | 748 |  |  |  | 641 |
Total |  | $ | 1,461 |  |  | $ | 797 |  |  | $ | 765 |
As of December 31, 2011, unrecognized compensation expense related to the unvested portion of the Company's restricted stock units and performance awards was $2.9 million, which is expected to be recognized over a weighted average period of 1.5 years. There were 307,984 shares of common stock available for future issuance under the Company's stock compensation plans at December 31, 2011; an additional 71,597 options and 193,981 restricted stock units and performance awards have been granted and remain outstanding. There were 408,434 and 439,049 shares of common stock available for future issuance under the Company's stock compensation plans at December 31, 2010 and 2009, respectively. Stock Options Awards A summary of status of the Company's stock options as of December 31, 2011 and changes during the three years then ended is presented below:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Balance, January 1, 2009 |  |  | 262,471 |  |  | $ | 15.17 |  |  |  |  |  |  |  |  |
Options exercised or exchanged |  |  | (49,368 | ) |  |  | 14.75 |  |  |  |  |  |  |  |  |
Balance, December 31, 2009 |  |  | 213,103 |  |  |  | 15.26 |  |  |  |  |  |  |  |  |
Options granted |  |  | 24,000 |  |  |  | 24.15 |  |  |  |  |  |  |  |  |
Options exercised or exchanged |  |  | (87,671 | ) |  |  | 13.63 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | (4,223 | ) |  |  | 17.90 |  |  |  |  |  |  |  |  |
Balance, December 31, 2010 |  |  | 145,209 |  |  |  | 17.64 |  |  |  |  |  |  |  |  |
Options granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Options exercised or exchanged |  |  | (73,612 | ) |  |  | 14.12 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Balance, December 31, 2011 |  |  | 71,597 |  |  |  | 21.26 |  |  |  |  |  |  |  |  |
Exercisable, December 31, 2011 |  |  | 71,597 |  |  |  | 21.26 |  |  |  | 3.97 |  |  | $ | 239 |
The total intrinsic value, defined as the difference between the current market value and the grant price, of options exercised during the years ended December 31, 2011, 2010 and 2009 was $0.8 million, $0.8 million and $1.0 million, respectively. The following table summarizes information about stock options outstanding at December 31, 2011:
Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices Per Share |  | Number of Options |  |  | Weighted Average Remaining Contractual Life (years) |  |  | Weighted Average Exercise Price Per Share |  |  | Number of Options |  |  | Weighted Average Exercise Price Per Share |
$10.31 - $14.00 |  |  | 11,000 |  |  |  | 1.73 |  |  | $ | 11.65 |  |  |  | 11,000 |  |  | $ | 11.65 |
$17.90 |  |  | 22,597 |  |  |  | 0.18 |  |  |  | 17.90 |  |  |  | 22,597 |  |  |  | 17.90 |
$22.07 |  |  | 4,000 |  |  |  | 3.36 |  |  |  | 22.07 |  |  |  | 4,000 |  |  |  | 22.07 |
$24.15 |  |  | 24,000 |  |  |  | 8.25 |  |  |  | 24.15 |  |  |  | 24,000 |  |  |  | 24.15 |
$24.16 - $34.77 |  |  | 10,000 |  |  |  | 4.99 |  |  |  | 32.19 |  |  |  | 10,000 |  |  |  | 32.19 |
|  |  | 71,597 |  |  |  | 3.97 |  |  |  | 21.26 |  |  |  | 71,597 |  |  |  | 21.26 |
There were no options granted during 2011 or 2009; the weighted average grant date fair value of options granted during 2010 was $15.35. The fair value of options granted in 2010 was estimated as of the date of grant using the Black-Scholes option-pricing model with the assumptions noted in the following table. The risk-free interest rate is based on the U.S. Treasury yield curve corresponding to the expected life of the option in effect at the time of the grant. The expected life is based on the historical exercise pattern of similar groups of employees. Expected volatility is based on the historical volatility of the Company's stock.
Year Ended December 31, 2010 |  |  |
Risk-free interest rate |  |  | 3.74 | %
Expected dividend yield |  |  | 0 | %
Expected volatility |  |  | 51.19 | %
Expected lives (in years) |  |  | 9.25 |
Restricted Stock Units and Performance Awards A summary of status of the Company's restricted stock units and performance awards as of December 31, 2011 and changes during the three years then ended is presented below:
|  | Number of Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value |
Unvested restricted stock units and performance awards at January 1, 2009 |  |  | 85,633 |  |  | $ | 53.14 |
Restricted stock units and performance awards granted |  |  | 64,478 |  |  |  | 30.28 |
Restricted stock units and performance awards cancelled |  |  | (1,719 | ) |  |  | 46.78 |
Restricted stock units and performance awards vested |  |  | (20,905 | ) |  |  | 53.14 |
Unvested restricted stock units and performance awards at December 31, 2009 |  |  | 127,487 |  |  |  | 41.66 |
Restricted stock units and performance awards cancelled |  |  | (54,986 | ) |  |  | 44.70 |
Restricted stock units and performance awards vested |  |  | (16,658 | ) |  |  | 47.27 |
Unvested restricted stock units and performance awards at December 31, 2010 |  |  | 55,843 |  |  |  | 37.00 |
Restricted stock units and performance awards granted |  |  | 174,891 |  |  |  | 23.32 |
Restricted stock units and performance awards cancelled |  |  | (20,997 | ) |  |  | 47.46 |
Restricted stock units and performance awards vested |  |  | (15,756 | ) |  |  | 26.27 |
Unvested restricted stock units and performance awards at December 31, 2011 |  |  | 193,981 |  |  | $ | 24.41 |
The unvested balance of restricted stock units and performance awards at December 31, 2011 includes approximately 140,000 PSAs included at a target level. The vesting of these awards is subject to the achievement of specified performance-based or market-based conditions, and the actual number of common shares that will ultimately be issued will be determined by multiplying this number of PSAs by a payout percentage ranging from 0% to 200%. The total fair value of restricted stock units and performance awards vested during the years ended December 31, 2011, 2010, and 2009 was $0.4 million, $0.8 million, and $1.1 million, respectively. Stock Awards For the years ended December 31, 2011, 2010 and 2009, stock awards were granted to non-employee directors, which vested immediately upon issuance, as follows: 6,261 shares; 6,615 shares; and 804 shares, respectively. The Company recorded compensation expense based on the fair market value per share of the awards on the grant date of $25.15 in 2011, $23.81 in 2010 and $33.58 in 2009.

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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 FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 + Details
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