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Share-Based Payments
 6 Months Ended
Jun. 30, 2012
Share-Based Payments
Note 15 — Share-Based Payments

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”) provides for the awarding of stock options and restricted stock to employees, officers and non-employee directors. Under the Plan, the Company grants directors, certain executives and other key employees restricted common stock, with vesting contingent upon completion of specified service periods ranging from one to five years. The Company also grants certain executives performance-based awards, with vesting contingent upon the Company’s achievement of specified financial goals.  The Plan is more fully described in Notes 14 and 16 to the Consolidated Financial Statements in the Company’s 2011 Annual Report on Form 10-K.

The following table summarizes the total share-based compensation expense and related tax benefits recognized for the three and six months ended June 30, 2011 and 2012 (in thousands):
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2011
    
2012
    
2011
    
2012
  
Restricted stock compensation expense
   $ 270     $ 468     $ 1,118     $ 806  
Tax benefit related to restricted stock compensation
   $ 92     $ 177     $ 413     $ 304  
 
Stock option activity pursuant to the Plan for the six months ended June 30, 2012 is summarized as follows:
 
   
Plan Stock Options
  
   
Number of
Shares
    
Weighted
Average
Exercise
Price
  
Outstanding, December 31, 2011
     182,665     $ 19.11  
Granted
     ―     $ ―  
Exercised
     (7,500 )   $ 13.47  
Cancelled
     (25,021 )   $ 18.95  
Outstanding, June 30, 2012
     150,144     $ 19.42  
 
Restricted stock award activity pursuant to the Plan for the six months ended June 30, 2012 is summarized as follows:
 
   
Restricted Stock Awards
  
   
Number of
Shares
    
Weighted
Average
Grant
Price
  
             
Outstanding, December 31, 2011
     142,184     $ 18.15  
Awarded
     79,812     $ 14.32  
Released
     (39,636 )   $ 18.24  
Forfeited
     (2,928 )   $ 18.26  
Outstanding, June 30, 2012
     179,432     $ 16.43