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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2013
Stock-based Compensation [Abstract] |
STOCK-BASED COMPENSATION | 12. STOCK-BASED COMPENSATION The Company applies the provisions of FASB ASC 718, “Compensation – Stock Compensation,” to account for the Company’s share-based compensation. Share-based compensation cost is measured at the grant date based on the calculated fair value of the award and is recognized over the employees’ requisite service period. The Company recorded stock compensation expense of $437 and $477 for the three-month period ended September 30, 2013 and 2012, respectively, related to restricted stock awards and performance unit awards. Stock compensation expense of $1,528 and $1,312 was recorded for the nine-month periods ended September 30, 2013 and 2012, respectively. Shares issued as a result of vested stock-based compensation generally will be from previously issued shares which have been reacquired by the Company and held as Treasury shares or authorized but previously unissued common stock. The excess tax benefit realized for the tax deduction from stock-based compensation approximated $192 and $121 for the nine months ended September 30, 2013 and 2012, respectively. This excess tax benefit is included in cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows. Stock Option Awards A summary of the option activity as of September 30, 2013 is presented below.
|  |  |  |  |  | Weighted |  | Aggregate
|  |  |  | Weighted |  | Average |  | Intrinsic
|  |  |  | Average |  | Remaining |  | Value
|  |  |  | Exercise |  | Contractual |  | (Dollars in
|  | Shares |  | Price |  | Term |  | thousands)
Outstanding and Exercisable at January 1, 2013 |  | 22,500 | $ | 10.41 |  | 2.2 |  |
Granted |  | - |  | - |  | - |  |
Canceled |  | - |  | - |  | - |  |
Exercised |  | (3,750) |  | 9.30 |  | - |  |
Outstanding and Exercisable at September 30, 2013 |  | 18,750 | $ | 10.64 |  | 1.5 | $ | 658
At September 30, 2013, common stock options outstanding and exercisable under the Company’s equity plans had option prices ranging from $7.81 to $14.77, with a weighted average exercise price of $10.64. At September 30, 2012, common stock options outstanding and exercisable under the Company’s equity plans had option prices ranging from $4.10 to $14.77, with a weighted average exercise price of $9.94 per share. The total intrinsic value of stock options outstanding and exercisable at September 30, 2012 was $638. The weighted average remaining contractual life of the stock options outstanding at September 30, 2013 and 2012 was 1.5 and 2.4 years, respectively. There were 3,750 stock options exercised during the three-month period ended September 30, 2013 with an average exercise price of $9.30. There were 10,000 stock options exercised with a weighted average exercise price per share of $6.02 exercised during the three-month period ended September 30, 2012. The total intrinsic value of stock options exercised for the three-month periods ended September 30, 2013 and 2012 were $79 and $225, respectively. There were 3,750 stock options exercised during the nine-month period ended September 30, 2013 with a weighted average exercise price of $9.30. There were 11,450 stock options, with a weighted average exercise price per share of $6.44, exercised during the nine-month period ended September 30, 2012. The total intrinsic value of stock options exercised during the nine-month periods ended September 30, 2013 and 2012 were $79 and $255, respectively. Restricted Stock Awards For the nine-month periods ended September 30, 2013 and 2012, the Company granted 12,973 and 92,347 shares, respectively, of restricted stock to employees. A summary of restricted stock award activity follows:
|  |  |  |  | Aggregate Grant
|  |  | Grant Date |  | Date Fair Value
Grant Date | Shares |  | Share Price |  | (Dollars in Thousands)
February 1, 2012 | 66,000 | $ | 30.15 | $ | 1,990
March 6, 2012 | 18,347 |  | 27.49 |  | 504
May 23, 2012 | 8,000 |  | 28.05 |  | 224
February 27, 2013 | 12,973 |  | 42.49 |  | 551
These restricted stock awards, which are subject to forfeiture, time-vest after a four-year holding period, unless indicated otherwise by the underlying restricted stock agreement. Certain awards of restricted stock included in the above table provide for incremental vesting over a period up to the vesting date listed. Performance Unit Awards Annually, under separate three-year long-term incentive plans, pursuant to the Omnibus Plan, the Company grants performance units. A summary of performance unit stock award activity follows:
|  |  |  |  |  | Aggregate Grant
Incentive |  |  |  | Grant Date |  | Date Fair Value
Plan | Grant Date | Units |  | Share Price |  | (Dollars in Thousands)
2011 - 2013 | March 15, 2011 | 34,002 | $ | 38.46 | $ | 1,308
2012 - 2014 | March 6, 2012 | 43,042 |  | 27.49 |  | 1,183
2013 - 2015 | February 27, 2013 | 31,418 |  | 42.49 |  | 1,335
Performance units are subject to forfeiture, time-vest over a three year period and will be converted into common stock of the Company based upon the Company’s performance relative to performance measures and conversion multiples as defined in the underlying Omnibus plan. The aggregate fair value in the above table is based upon achieving 100% of the performance targets as defined in the underlying Omnibus plan. During the second quarter of 2012, the Company reversed $1,157 of incentive compensation expense caused by the impact of a $19,000 product warranty charge on plan performance conditions, as the vesting of the performance units was determined to be improbable at that time.

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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 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 Reference 3: 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 4: 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 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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