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Share-based Compensation
 3 Months Ended
Mar. 31, 2013
Share-Based Compensation [Abstract]  
Share-based Compensation
10. Shared-based Compensation

 

The Company has issued restricted stock to employees and nonemployee directors generally with terms up to five years. The fair value is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes the restricted stock activity:

 

    Shares     Weighed-Average
Grant Date Fair Value		  
Unvested at December 31, 2012     149,667     $ 8.21  
Granted     141,012       26.03  
Vested     (52,679 )     10.36  
Unvested at March 31, 2013     238,000     $ 18.29  

 

The total restricted stock awards vested and charged against income during the three months ended March 31, 2013 and 2012 was $546,000 and $573,000, respectively. The total income tax benefit recognized in the consolidated statement of income for these restricted stock awards was approximately $186,000 and $223,000 for the three months ended March 31, 2013 and 2012, respectively. No tax benefit was recognized in additional paid-in capital upon vesting of restricted stock awards for the three months ended March 31, 2013 and 2012. There was approximately $4.4 million of total unrecognized compensation cost related to restricted stock awards as of March 31, 2013. The cost is expected to be recognized over a weighted-average period of approximately 3.0 years.