XML 80 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Option And Stock Award Plans
 12 Months Ended
Dec. 31, 2012
Stock Option And Stock Award Plans [Abstract]  
Stock Option And Stock Award Plans

13 STOCK OPTION AND STOCK AWARD PLANS

     We have one equity incentive plan under which stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. In addition, we have one other equity incentive plan under which there are options that remain outstanding, but no future grants can be made. Prior to 2012, employee options ordinarily vest two years from the date of grant. Employee options granted in 2012 and thereafter ordinarily vest over a four year period, with a quarter of the options granted vesting on each year on the grant date anniversary. The option plans also permit the grant of stock appreciation rights ("SARs"), stock, restricted stock, stock unit awards and incentive awards. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment and/or the achievement of certain performance targets. No SARs have been granted since 1992 and none are currently outstanding.

     A summary of our stock options outstanding at December 31, 2012, 2011 and 2010, and changes during those years, is presented below:

 

      Option Exercise Price/Share
  Number of             Weighted
  Options   Range   Average
Outstanding at January 1, 2010 796,175   $ 13.95 to $ 19.52 $ 16.29
Granted 316,000     16.66 to   17.54   17.15
Forfeited and Expired (29,325 )   13.95 to   18.12   16.37
Exercised (65,575 )   13.95 to   15.80   15.04
Outstanding at December 31, 2010 1,017,275     13.95 to   19.52   16.64
Granted 235,800     16.87 to   19.84   19.79
Forfeited and Expired (51,800 )   13.95 to   19.84   16.78
Exercised (79,775 )   13.95 to   18.12   15.11
Outstanding at December 31, 2011 1,121,500     14.06 to   19.84   17.40
Granted 182,100     18.51 to   19.40   19.34
Forfeited and Expired (50,300 )   15.80 to   19.84   19.34
Exercised (176,600 )   14.72 to   18.12   16.33
Outstanding at December 31, 2012 1,076,700   $ 14.06 to $ 19.84 $ 17.81

 

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

    Options Outstanding at     Options Exercisable at
    December 31, 2012     December 31, 2012
    Weighted Average   Aggregate       Aggregate
    Remaining       Intrinsic   Weighted Intrinsic
    Contract-       Value   Average Value
Range of   ual Life Exercise   (In   Exercise (In
Exercise Prices Shares (Years) Price   Thousands) Shares Price Thousands)
$ - to $ 15.00 35,500 2.9 $ 14.20 $ 221 35,500 $ 14.20 $ 221
15.01to 17.00 218,800 3.5   15.79   1,013 217,000   15.78   1,006
17.01to 20.00 822,400 5.0   18.51   1,572 462,300   17.66   1,276
Total 1,076,700 4.7 $ 17.81 $ 2,806 714,800 $ 16.92 $ 2,503

 

     The following table summarizes additional information about non-vested restricted stock outstanding at December 31, 2012:

 

                Maximum Non-vested Restricted  
                Stock Units Issuable Upon Satis-  
  Non-vested Restricted Stock   faction of Certain Performance Criteria  
      Wgtd. Ave. Grant Date       Wgtd. Ave. Grant Date  
  Number   Grant Date Fair Value (In   Number   Grant Date Fair Value (In  
  of Shares   Fair Value/Sh. Thousands)    of Shares   Fair Value/Sh. Thousands)  
Outstanding at January 1, 2010 45,750   $ 17.70 $ 810   72,175   $ 17.64 $ 1,273  
Granted 56,717     17.23   977   82,750     16.83   1,393  
Vested (8,284 )   17.84   (148 ) -     -   -  
Forfeited (333 )   18.12   (6 ) (4,000 )   17.10   (68 )
Outstanding at December 31, 2010 93,850     17.40   1,633   150,925     17.21   2,598  
Granted 51,360     19.42   997   88,900     19.32   1,718  
Vested (18,060 )   17.20   (311 ) (66,925 )   17.68   (1,183 )
Forfeited (1,000 )   17.13   (17 ) (87,900 )   16.93   (1,488 )
Outstanding at December 31, 2011 126,150     18.25   2,302   85,000     19.35   1,645  
Granted 94,949     19.06   1,810   87,200     18.79   1,638  
Vested (60,357 )   18.01   (1,087 ) -     -   -  
Forfeited (16,842 )   18.82   (317 ) (80,400 )   19.31   (1,553 )
Outstanding at December 31, 2012 143,900   $ 18.82 $ 2,708   91,800   $ 18.85 $ 1,730  

 

     The total intrinsic value of stock options exercised was $0.5 million in 2012, $0.4 million in 2011 and $0.2 million in 2010. The grant-date fair value of stock option-based awards vested was $2.1 million in 2012, $1.9 million in 2011 and $1.9 million in 2010. As of December 31, 2012, there was unrecognized compensation cost of $0.8 million related to stock option-based awards and $1.3 million related to non-vested restricted stock and other stock-based awards. This cost is expected to be recognized over the remaining weighted average period of 0.9 years for stock option-based awards and 1.6 years for non-vested restricted stock and other stock-based awards.

Stock options exercisable totaled 714,800 at December 31, 2012 and 600,400 shares at December 31, 2011. Stock options available for grant totaled 2,607,001 shares at December 31, 2012.