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STOCK COMPENSATION PLANS | 12 Months Ended
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Dec. 31, 2011
STOCK COMPENSATION PLANS [Abstract] |
STOCK COMPENSATION PLANS | NOTE 8 STOCK COMPENSATION PLANS In 1992, the Company instituted the 1992 Non-Qualified Stock Option Plan, which was subsequently amended in 1998. The number of authorized shares was 375,000. Options to purchase shares of Class A Stock were granted to employees and directors of the Company. Employees who were not executive officers or directors were eligible to receive options priced at not less than 85% of the fair market value on the date of grant, option prices for directors and officers of the Company was 90% of the fair market value. Effective May 25, 2005, no additional grants have been made from this plan. In 1996, the Company instituted the Incentive Stock Option Plan under which the Company was authorized to grant options up to 150,000 shares of Class A Stock to its key employees and officers. Options were granted at the fair market value on the date of grant. The Company accelerated vesting for certain incentive stock options held by officers and directors in anticipation of FASB ASC Topic 718, which applies to stock options issued after January 1, 2006. Effective May 25, 2005, no additional grants have been made from this plan. On May 25, 2005, the Company adopted the 2005 Equity Compensation Plan, or the Plan. The Plan provides that grants may be in any of the following forms: incentive stock options, nonqualified stock options, stock units, stock awards, dividend equivalents and other stock-based awards. The Plan is administered and interpreted by the Compensation Committee of the Board of Directors, or the Committee. The Committee has the authority to determine the individuals to whom grants will be made under the Plan, determine the type, size and terms of the grants, determine the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the Plan) and deal with any other matters arising under the Plan. The Committee presently consists of three directors, each of whom is a non-employee director of the Company. All of the employees of the Company and its subsidiaries are eligible for grants under the Plan. Non-employee directors of the Company are also eligible to receive grants under the Plan. 54 Table of Contents The following summary reflects changes in the shares of Class A Stock under option:
|  | 2011 Shares |  |  | 2011 Weighted Average Exercise Price |  |  | 2010 Shares |  |  | 2010 Weighted Average Exercise Price |  |  | 2009 Shares |  |  | 2009 Weighted Average Exercise Price |
Plan options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at beginning of year |  |  | 440,800 |  |  | $ | 17.18 |  |  |  | 497,889 |  |  | $ | 15.91 |  |  |  | 530,921 |  |  | $ | 15.14 |
Granted |  |  | 33,750 |  |  |  | 19.06 |  |  |  | 33,750 |  |  |  | 18.61 |  |  |  | 33,750 |  |  |  | 15.26 |
Exercised |  |  | (24,550 | ) |  |  | 11.87 |  |  |  | (90,839 | ) |  |  | 10.75 |  |  |  | (65,132 | ) |  |  | 9.48 |
Expired |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | (1,650 | ) |  |  | 9.33 |
Outstanding at end of year |  |  | 450,000 |  |  | $ | 17.61 |  |  |  | 440,800 |  |  | $ | 17.18 |  |  |  | 497,889 |  |  | $ | 15.91 |
Options exercisable at year end |  |  | 416,250 |  |  | $ | 17.49 |  |  |  | 407,050 |  |  | $ | 17.06 |  |  |  | 464,139 |  |  | $ | 15.95 |
The fair value per share of options granted during 2011, 2010, and 2009 were $3.50, $3.73 and $2.56 respectively, as estimated using the Black-Scholes Merton option pricing model. The total intrinsic value of options exercised during 2011, 2010 and 2009 were $167,000, $700,000 and $427,000, respectively. There were no fully vested shares granted during 2011. During 2011, we received $292,000 in cash from the exercise of options, with a $66,000 tax benefit realized during the period. The following tables summarize information about employee and director stock options outstanding at December 31, 2011:
Options Outstanding |  |  |
Range of Exercise Price | Shares Outstanding at December 31, 2011 | Weighted Average Remaining Life | Weighted Average Exercise Price | Aggregate Intrinsic Value
$12.40 - $18.44 | 216,000 | 3.33 Years | $15.45 | $729,844
$18.45 - $21.12 | 234,000 | 5.60 Years | $19.60 | $7,425
Options Exercisable |  |  |
Range of Exercise Price | Shares Exercisable at December 31, 2011 | Weighted Average Remaining Life | Weighted Average Exercise Price |
$12.40 - $18.44 | 216,000 | 3.33 Years | $15.45 | $729,844
$18.45 - $21.12 | 200,250 | 4.96 Years | $19.69 | $7,425
As of December 31, 2011, there was $44,000 of total unrecognized expense related to non-vested option shares granted under the Plan. The cost will be recognized over the remaining 0.4 years vesting period of the unvested options.

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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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