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EQUITY | 12 Months Ended
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Dec. 31, 2011
EQUITY |
EQUITY |
9. EQUITY Common Stock The Company has paid quarterly dividends on its common stock since January 1999. Treasury Stock During 2009, the Company reissued 791 shares from treasury to a director under the Director's Remuneration Plan. Also, during the fourth quarter of 2009, the Company repurchased 2,981 shares of its common stock at an aggregate cost of $134,360 or an average price of $45.07 per share from employees to satisfy tax obligations upon vesting of restricted stock. During 2010, the Company reissued 790 shares from treasury to a director under the Director's Remuneration Plan. Also, during the fourth quarter of 2010, the Company repurchased 1,331 shares of its common stock at an aggregate cost of $43,923 or an average price of $33.00 per share from employees to satisfy tax obligations upon vesting of restricted stock. During 2011, the Company repurchased 5,470 shares of its common stock at an aggregate cost of $218,255 or an average price of $39.40 per share from employees to satisfy tax obligations upon vesting of restricted stock. Stock-Based Compensation In May 2008, at the Company's Annual Meeting of Stockholders, the Company's stockholders approved the 2008 Equity Incentive Plan (the "2008 Plan"). The 2008 Plan replaced the 1998 Stock Option Plan, the 2005 Restricted Stock Plan and the Director's Remuneration Plan (collectively and including the 2008 Plan the "Share Based Plans"), under which no further awards will be made. The 2008 Plan allows for the grant of stock options, restricted stock, restricted stock units, stock equivalents and awards of shares of common stock that are not subject to restrictions or forfeiture. The 2008 Plan was amended in 2011 to increase the total number of shares reserved to be granted under the 2008 Plan from 1,500,000 to 2,000,000. Stock Options Stock options issued under the Share Based Plans have terms of either seven or ten years and vest annually and ratably over a period of four years. The following table summarizes stock option activity under the Company's share-based plans for the years ended December 31, 2010 and 2011:
Year Ended December 31, 2010 |
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|  | Number of Options |  | Weighted Avg. Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2010 |  |  | 539,875 |  | $ | 25.49 |  |  |  |  |  |  |
Granted |  |  | 172,500 |  |  | 46.63 |  |  |  |  |  |  |
Forfeited |  |  | (1,125 | ) |  | 20.79 |  |  |  |  |  |  |
Exercised |  |  | (85,500 | ) |  | 19.33 |  |  |  |  |  |  |
Outstanding at December 31, 2010 |  |  | 625,750 |  | $ | 32.17 |  |  | 6.88 |  | $ | 5,305,529 |
Vested and expected to vest at December 31, 2010 |  |  | 575,889 |  | $ | 31.37 |  |  | 6.72 |  | $ | 5,151,035 |
Exercisable at December 31, 2010 |  |  | 339,004 |  | $ | 26.14 |  |  | 5.59 |  | $ | 4,145,915 |
Year Ended December 31, 2011 |
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|  | Number of Options |  | Weighted Avg. Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2011 |  |  | 625,750 |  | $ | 32.17 |  |  |  |  |  |  |
Granted |  |  | 146,500 |  |  | 33.29 |  |  |  |  |  |  |
Forfeited |  |  | — |  |  | — |  |  |  |  |  |  |
Exercised |  |  | (51,602 | ) |  | 22.77 |  |  |  |  |  |  |
Outstanding at December 31, 2011 |  |  | 720,648 |  |  | 33.07 |  |  | 6.79 |  |  | 5,617,669 |
Vested and expected to vest at December 31, 2011 |  |  | 674,469 |  |  | 32.74 |  |  | 6.66 |  |  | 5,248,211 |
Exercisable at December 31, 2011 |  |  | 409,149 |  | $ | 29.44 |  |  | 5.41 |  |  | 4,259,541 |
The unvested options as of December 31, 2011 represent $3.1 million in unamortized stock based compensation which will be recognized over a weighted average term of 2.7 years. The following table summarizes information relating to options granted and exercised during 2009, 2010 and 2011:
|  | 2009 |  | 2010 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Weighted-average of fair value of options granted |  | $ | 6.55 |  | $ | 18.26 |  | $ | 13.18 |
Aggregate intrinsic value of options exercised |  |  | 25,288 |  |  | 2,141,320 |  |  | 821,582 |
Cash proceeds received upon exercise of options |  |  | 73,500 |  |  | 1,652,912 |  |  | 1,174,983 |
Tax benefits realized upon exercise of options |  |  | 25,000 |  |  | 593,503 |  |  | — |
The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between our closing common stock price on December 31st and the exercise price, multiplied by the number of the in-the-money stock options) that would have been received by the stock option holders had all stock options holders exercised their stock options on December 31st. The amount of aggregate intrinsic value will change based on the fair market value of our common stock. The estimated fair value of the options granted were determined using a Black Scholes option pricing model, based on the following weighted average assumptions:
|  | Options Granted in
--- | --- | ---
|  | 2009 |  | 2010 |  | 2011
Risk-free interest rate |  | 1.8% |  | 2.5% |  | 2.1%
Expected dividend yield |  | 3.0% |  | 2.5% |  | 2.7%
Expected life |  | 6.25 years |  | 6.25 years |  | 6.25 years
Expected volatility |  | 42% |  | 50% |  | 51%
The Company recognized $842,000, $1,145,000 and $1,579,000, respectively, of stock compensation expense relating to the granting of stock options during 2009, 2010 and 2011, respectively. Restricted Stock Restricted stock issued under the Share Based Plans vest ratably over four years. The following table summarizes restricted stock activity during the year ended December 31, 2011:
|  | Shares |  | Weighted Avg. Fair Value |
--- | --- | --- | --- | --- | ---
Unvested as of January 1, 2011 |  |  | 76,287 |  |  | 42.10 |
Granted |  |  | 21,925 |  |  | 34.64 |
Vested and issued |  |  | (30,439 | ) |  | 38.21 |
Unvested as of December 31, 2011 |  |  | 67,773 |  |  | 41.43 |
The weighted-average grant date fair value of shares granted for 2010 and 2011 were $46.50 per share and $34.64 per share, respectively. In connection with the grant of restricted shares, the Company recognized $395,000, $898,000 and $1,225,000 of compensation expense within its income statements for 2009, 2010 and 2011, respectively. The unvested shares as of December 31, 2011 represent $2.0 million in unamortized stock based compensation which will be recognized over a weighted average period of 2.4 years.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph d Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 1 -Section B -Paragraph 7, 11A -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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