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EQUITY

12 Months Ended

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
		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
​	​	​	​	​	​	​	​	​	​	​	​	​	​
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
		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
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Outstanding at December 31, 2013			401,287			36.63			6.0		$	8,000,149
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Vested and expected to vest at December 31, 2013			398,036			35.86			6.0		$	7,934,478
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Exercisable at December 31, 2013			241,662			35.86			5.2		$	5,004,299
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​

        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
​	​	​	​	​	​	​	​
Unvested as of December 31, 2012			103,853			39.63
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

        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
​	​	​	​	​	​	​	​
Unvested as of December 31, 2013			154,519			44.04
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

        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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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.

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