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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2014
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 $575 and $631 for the three-month period ended March 31, 2014 and 2013, respectively, related to restricted stock awards and performance unit awards. As of March 31, 2014, unrecognized compensation expense for awards the Company expects to vest approximated $4,702. The Company will recognize this expense over the upcoming 4 year period through February 2018. 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 income tax benefit realized for the tax deduction from stock-based compensation approximated $85 and $189 for the three months ended March 31, 2014 and 2013, respectively. This excess income 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 March 31, 2014 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, 2014 |  | 18,750 | $ | 10.64 |  | 1.3 |  |
Granted |  | - |  | - |  | - |  |
Canceled |  | - |  | - |  | - |  |
Exercised |  | - |  | - |  | - |  |
Outstanding and Exercisable at March 31, 2014 |  | 18,750 | $ | 10.64 |  | 1.0 | $ | 679
At March 31, 2014, 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 March 31, 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 $10.41 per share. The total intrinsic value of stock options outstanding and exercisable at March 31, 2013 was $762. The weighted average remaining contractual life of the stock options outstanding at March 31, 2014 and 2013 was 1.0 and 2.0 years, respectively. There were no stock options exercised during the three-month periods ending March 31, 2014 and 2013. Restricted Stock Awards and Performance Unit Awards Under the amended and restated 2006 Omnibus plan, the Company grants eligible employees restricted stock and performance unit awards. The forfeitable Restricted Stock Awards generally time-vest after a four year holding period, unless indicated otherwise by the underlying Restricted Stock Agreement. Performance Unit Awards are offered annually under separate three-year long-term incentive plans. Performance units are subject to forfeiture 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 plan. If the Company’s estimate of the number of performance stock awards expected to vest changes in a subsequent accounting period, cumulative compensation expense could increase or decrease. The change will be recognized in the current period for the vested shares and would change future expense over the remaining vesting period. The following table summarizes the Restricted Stock Award and Performance Unit Award activity for the period ended March 31, 2014:
|  |  |  |  | Weighted
|  |  |  |  | Average
|  | Restricted | Performance |  | Grant
|  | Stock | Stock |  | Date
|  | Units | Units |  | Fair Value
Outstanding at January 1, 2014 |  | 129,726 | 61,651 | $ | 34.00
Granted |  | 19,051 | 34,652 |  | 44.07
Vested |  | (25,968) | (13,588) |  | 33.92
Adjustment for incentive awards expected to vest |  | - | (9,923) |  | 43.83
Canceled |  | (960) | (2,880) |  | 44.13
Outstanding at March 31, 2014 |  | 121,849 | 69,912 | $ | 36.13

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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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