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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2012
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

Note 5 Stock-Based Compensation

Equity Incentive Plans

2011 Equity and Cash Incentive Plan

At the Company’s annual shareholder meeting on April 26, 2011, shareholders approved the 2011 Equity and Cash Incentive Plan (“2011 Plan”). The 2011 Plan is intended to facilitate the Company’s ability to attract and retain staff, provide additional incentive to employees, directors and consultants, and promote the success of the Company’s business. The 2011 Plan authorizes the issuance of 600,000 Common Shares of the Company in various forms of equity awards. As of June 30, 2012, there were 338,076 Common Shares available for issuance under the 2011 Plan. The 2011 Plan provides that the Board of Directors, or a committee appointed by the Board, may grant awards and otherwise administer the 2011 Plan. Restricted stock grants issued under the 2011 Plan, which vest over time, are recorded as deferred compensation in the equity section of the balance sheet on the grant date and then recognized as compensation expense based on the grant date price over the vesting period of the respective grant.

2005 Employee and Director Equity Incentive Plan

At the Company’s annual shareholder meeting on May 12, 2005, shareholders approved the 2005 Employee and Director Equity Incentive Plan (“2005 Plan”). With the approval of the 2011 Plan, there are no longer any Common Shares available for future issuance under the 2005 Plan. Outstanding grants under the 2005 Plan are unaffected and remain issued and outstanding. Restricted stock grants issued under the 2005 Plan, which vest over time, are recorded as deferred compensation in the equity section of the balance sheet on the grant date and then recognized as compensation expense based on the grant date price over the vesting period of the respective grant.

 

Restricted Stock Grant Transactions

The following table represents a roll-forward of outstanding restricted stock grants issued pursuant to the 2011 and 2005 Plans and related activity during the year ended December 31, 2011 and the six months ended June 30, 2012:

 

 

                 
          Weighted-Average  
          Grant Date Price  
    Shares     per Share  

Outstanding restricted stock grants as of December 31, 2010

     164,832     $ 69.72  

Grants issued

     109,333       79.45  

Grants vested

     (5,176 )      78.85  

Grants forfeited

     (8,368 )      64.74  
   

 

 

          

Outstanding restricted stock grants as of December 31, 2011

     260,621     $ 73.78  
   

 

 

          

Grants issued

     83,100       77.25  

Grants vested

     (12,156 )      77.06  

Grants forfeited

     (944 )      68.04  
   

 

 

          

Total outstanding restricted stock grants as of June 30, 2012

     330,621     $ 74.55  
   

 

 

          

Total deferred compensation related to unvested restricted stock grants was $15,738,826 as of June 30, 2012. Expense recognition of deferred compensation over the remaining vesting periods is as follows:

 

 

                                                     
2012     2013     2014     2015     2016     2017     Total  
$ 2,506,528     $ 4,368,970     $ 4,034,636     $ 3,122,752     $ 1,261,206     $ 444,734     $ 15,738,826  

401(k) Plan

The Company sponsors a 401(k) plan under which all employees participate. Employees may contribute a portion of their compensation subject to certain limits based on federal tax laws. The Company makes matching contributions of Common Shares of the Company with a value equal to 200 percent of the first six percent of an employee’s compensation contributed to the plan. Employees become fully vested in the matching contributions after six plan years of employment. The following table summarizes the Company’s expenses attributable to the plan during the three and six months ended June 30, 2012 and 2011:

 

 

                 
    2012     2011  

Three Months Ended

   $ 264,802     $ 238,597  

Six Months Ended

     517,721       479,442