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EQUITY | 12 Months Ended
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Dec. 31, 2013
EQUITY |
EQUITY | 11. EQUITY Common Stock The Company has paid quarterly dividends on its common stock since January 1999. Treasury Stock During 2011, 2012 and 2013, the Company repurchased the following shares from employees to satisfy tax withholding and stock options exercise obligations incurred in connection with the vesting of restricted stock awards and the exercise of stock options:
Year Ended December 31 |  | Shares Repurchased |  | Aggregate Cost (in thousands) |  | Average Repurchase Price |
--- | --- | --- | --- | --- | --- | --- | ---
2011 |  |  | 5,470 |  |  | 218 |  |  | 39.90 |
2012 |  |  | 9,175 |  |  | 344 |  |  | 37.51 |
2013 |  |  | 163,222 |  |  | 8,103 |  |  | 49.64 |
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") to replace the previous 1998 Stock Option Plan (collectively with the 2008 Plan, the "Share Based Plans"). 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 a term of 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, 2012 and 2013:
Year Ended December 31, 2012 |
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|  | Number of Options |  | Weighted Avg. Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2012 |  |  | 720,648 |  | $ | 33.07 |  |  |  |  |  |  |
Granted |  |  | 64,000 |  |  | 37.36 |  |  |  |  |  |  |
Forfeited |  |  | (1,625 | ) |  | 32.02 |  |  |  |  |  |  |
Exercised |  |  | (62,575 | ) |  | 23.22 |  |  |  |  |  |  |
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Outstanding at December 31, 2012 |  |  | 720,448 |  |  | 34.31 |  |  | 6.3 |  |  | 3,499,252 |
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Vested and expected to vest at December 31, 2012 |  |  | 713,728 |  |  | 34.28 |  |  | 6.3 |  |  | 3,488,633 |
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Exercisable at December 31, 2012 |  |  | 453,698 |  |  | 32.02 |  |  | 5.3 |  |  | 2,987,705 |
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Year Ended December 31, 2013 |
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|  | Number of Options |  | Weighted Avg. Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2013 |  |  | 720,448 |  | $ | 34.31 |  |  |  |  |  |  |
Exercised |  |  | (303,536 | ) |  | 30.64 |  |  |  |  |  |  |
Forfeited—Vested |  |  | (11,625 | ) |  | 46.01 |  |  |  |  |  |  |
Forfeited—Unvested |  |  | (4,000 | ) |  | 45.22 |  |  |  |  |  |  |
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Outstanding at December 31, 2013 |  |  | 401,287 |  |  | 36.63 |  |  | 6.0 |  | $ | 8,000,149 |
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Vested and expected to vest at December 31, 2013 |  |  | 398,036 |  |  | 35.86 |  |  | 6.0 |  | $ | 7,934,478 |
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Exercisable at December 31, 2013 |  |  | 241,662 |  |  | 35.86 |  |  | 5.2 |  | $ | 5,004,299 |
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The unvested options as of December 31, 2013 represent $1.4 million in unamortized stock-based compensation which will be recognized over a weighted average term of 1.5 years. The following table summarizes information relating to options granted and exercised during 2011, 2012 and 2013 (in thousands, except fair value of options granted data):
|  | 2011 |  | 2012 |  | 2013 |
--- | --- | --- | --- | --- | --- | --- | ---
Weighted-average fair value of options granted |  | $ | 13.18 |  | $ | 15.27 |  |  | N/A |
Aggregate intrinsic value of options exercised |  |  | 822 |  |  | 938 |  |  | 6,111 |
Cash proceeds received upon exercise of options |  |  | 1,175 |  |  | 1,452 |  |  | 2,669 |
Excess tax benefits from share-based compensation |  |  | — |  |  | 362 |  |  | (2,102 | )
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
--- | --- | ---
|  | 2011 |  | 2012
Risk-free interest rate |  | 2.1% |  | 1.4%
Expected dividend yield |  | 2.7% |  | 2.5%
Expected life |  | 6.25 years |  | 6.25 years
Expected volatility |  | 51% |  | 53%
The Company recognized $1.6 million, $1.8 million and $1.4 million, respectively, of stock compensation expense relating to the granted options during 2011, 2012 and 2013, 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, 2012:
|  | Shares |  | Weighted Avg. Fair Value |
--- | --- | --- | --- | --- | ---
Unvested as of January 1, 2012 |  |  | 68,773 |  |  | 41.39 |
Granted |  |  | 72,083 |  |  | 36.93 |
Forfeited |  |  | (1,499 | ) |  | 38.60 |
Vested and issued |  |  | (35,504 | ) |  | 37.58 |
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Unvested as of December 31, 2012 |  |  | 103,853 |  |  | 39.63 |
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The following table summarizes restricted stock activity during the year ended December 31, 2013:
|  | Shares |  | Weighted Avg. Fair Value |
--- | --- | --- | --- | --- | ---
Unvested as of January 1, 2013 |  |  | 103,853 |  |  | 39.63 |
Granted |  |  | 100,902 |  |  | 48.54 |
Forfeited |  |  | (250 | ) |  | 46.85 |
Vested and issued |  |  | (49,986 | ) |  | 43.96 |
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Unvested as of December 31, 2013 |  |  | 154,519 |  |  | 44.04 |
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In connection with the grant of restricted shares, the Company recognized $1.6 million, $1.8 million and $3.1 million of compensation expense within its income statements for 2011, 2012 and 2013, respectively. The unvested shares as of December 31, 2013 represent $5.1 million in unamortized stock based compensation which will be recognized over a weighted average period of 2.8 years.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 3: 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 4: 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=27010918&loc=d3e74512-122707 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=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 9: 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=26873400&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: 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=27012166&loc=d3e187085-122770 Reference 14: 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 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: 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 17: 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 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: 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 + Details
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