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Stock-Based Compensation
 12 Months Ended
Dec. 31, 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 incentives 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. The 2011 Plan also authorizes cash incentive awards. As of December 31, 2012, there were 313,576 Common Shares available for awards 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”). There are no longer any Common Shares available for future issuance under the 2005 Plan, although outstanding grants under the 2005 Plan 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, 2012:

 

                 
    Shares     Weighted-Average
Grant Date Price
per Share		  

Outstanding restricted stock grants as of December 31, 2011

     260,621     $ 73.78  

Grants issued

     107,600       75.64  

Grants vested

     (46,056 )      75.22  

Grants forfeited

     (2,177 )      71.37  
   

 

 

          

Total outstanding restricted stock grants as of December 31, 2012

     319,988     $ 74.22  
   

 

 

          

Total deferred compensation related to unvested restricted stock grants was $14,829,470 as of December 31, 2012. Expense recognition of deferred compensation over the remaining vesting periods is as follows:

 

                                             
2013     2014     2015     2016     2017     Total  
$ 4,666,887     $ 4,349,048     $ 3,444,556     $ 1,605,186     $ 763,793     $ 14,829,470  

401(k) Plan

The Company sponsors a 401(k) plan in 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 years ended December 31, 2012, 2011 and 2010:

 

                     
2012     2011     2010  
$ 1,044,255     $ 960,888     $ 897,843  

 

Stock Options and Warrants

The Company recognizes all share-based payments to employees and directors, including grants of stock options, as expense in the income statement based on their fair values. The amount of compensation is measured at the fair value of the options when granted, and this cost is expensed over the required service period, which is normally the vesting period of the options. There were no stock options outstanding during the periods presented in these financial statements. There were no warrants outstanding as of December 31, 2012, 2011, and 2010.

Warrant transactions during the periods presented in these financial statements are summarized below:

 

                 
    Warrants  
          Weighted Average  
    Shares     Exercise Price  

Oustanding December 31, 2009

     6,000     $ 10.42  
   

 

 

          

Exercisable December 31, 2009

     6,000     $ 10.42  
   

 

 

          

Granted

     —         —    

Expired / Forfeited

     4,000       10.00  

Exercised

     2,000       11.25  
   

 

 

          

Oustanding December 31, 2010

     —       $ —    
   

 

 

          

Exercisable December 31, 2010

     —       $ —