XML 49 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The following weighted-average assumptions were used to determine compensation expense related to stock options in 2012, 2011 and 2010:

 

    2012     2011     2010  
Risk-free interest rate     0.51 %     0.66 %     1.00 %
Expected dividend yield     2.89 %     2.65 %     2.56 %
Expected term     4.3 years       4.3 years       3.5 years  
Expected volatility     26.4 %     29.6 %     33.0 %
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following tables summarize stock option activity under the Company’s plans:

 

Stock Options

 

    Years ended December 31,  
    2012     2011     2010  
Stock Options   Shares     Weighted
Average
Exercise
Price
    Shares     Weighted
Average
Exercise
Price
    Shares     Weighted
Average
Exercise
Price
 
Outstanding at beginning of year     1,307,488     $ 21.76       1,269,426     $ 20.25       1,195,276     $ 18.68  
Granted     253,400       23.53       235,700       24.21       192,000       24.49  
Exercised     (174,646 )     13.17       (122,463 )     8.95       (113,500 )     10.59  
Forfeited or expired     (120,450 )     27.37       (75,175 )     24.93       (4,350 )     26.90  
Outstanding at end of year     1,265,792     $ 22.76       1,307,488     $ 21.76       1,269,426     $ 20.25  
Exercisable at end of year     706,863     $ 21.89       821,510     $ 20.16       848,200     $ 17.81  
Weighted average fair market value of options granted   $ 3.68             $ 4.51             $ 4.97          

 

    Weighted Average Remaining
Contractual Life (in Years)
    Aggregate Intrinsic Value  
Outstanding - December 31, 2012   3.1     $ 2,022,000  
Exercisable - December 31, 2012   1.8     $ 2,010,000  
Schedule of Nonvested Share Activity [Table Text Block]

The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on December 31, 2012 of $23.36 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

 

Non-vested Stock Options

 

Non-vested Stock Options   Number of
Options
    Weighted
Average
Exercise Price
    Weighted Average
Fair Value
 
Non-vested - December 31, 2009     349,325     $ 25.93     $ 5.00  
Granted     192,000       24.49       4.97  
Vested     (116,999 )     26.33       5.17  
Forfeited     (3,100 )     26.84       5.00  
Non-vested - December 31, 2010     421,226     $ 25.16     $ 4.94  
Granted     235,700       24.21       4.51  
Vested     (145,298 )     25.86       5.05  
Forfeited     (25,650 )     25.62       4.91  
Non-vested - December 31, 2011     485,978     $ 24.46     $ 4.70  
Granted     253,400       23.53       3.68  
Vested     (173,824 )     25.05       4.73  
Forfeited     (6,625 )     24.26       4.60  
Non-vested - December 31, 2012     558,929     $ 23.86     $ 4.23  
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

The following table summarizes information about outstanding and exercisable stock options at December 31, 2012:

 

    Options Outstanding     Options Exercisable  
Range of Exercise Prices   Number of
Options
Outstanding
    Weighted
Average
Remaining
Contractual
Life (in Years)
    Weighted
Average
Exercise
Price
    Number of
Options
Exercisable
    Weighted
Average
Exercise
Price
 
$15.46 to $18.03     318,292       1.22     $ 17.15       318,292     $ 17.15  
$23.09 to $23.53     423,400       4.31       23.35       127,949       23.09  
$24.21 to $30.67     524,100       3.37       25.69       260,622       27.09  
      1,265,792       3.14     $ 22.76       706,863     $ 21.89  
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]

The following table summarizes stock option activity for the years ended December 31:

 

    2012     2011     2010  
    (Dollars in thousands)  
Total intrinsic value of stock options exercised   $ 1,704     $ 1,299     $ 1,443  
Cash received from stock option exercises   $ 2,300     $ 1,096     $ 1,202  
Income tax benefit from the exercise of stock options   $ 664     $ 507     $ 563  
Total fair value of stock options vested   $ 821     $ 733     $ 604  
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

The following table summarizes restricted stock award activity during the years ended December 31, 2010, 2011 and 2012:

 

Non-vested Restricted Stock   Shares of
Restricted Stock
    Weighted Average
Grant Date Fair
Value
 
Non-vested - December 31, 2009     46,670     $ 25.56  
Issued     12,800       24.49  
Vested     (22,372 )     25.40  
Forfeited     (1,650 )     25.00  
Non-vested - December 31, 2010     35,448     $ 24.79  
Issued     19,300       24.21  
Vested     (16,748 )     25.91  
Forfeited     -       -  
Non-vested - December 31, 2011     38,000       24.47  
Issued     19,600       23.53  
Vested     (15,025 )     24.97  
Forfeited     -       -  
Non-vested - December 31, 2012     42,575     $ 23.87