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Capital Stock | 12 Months Ended
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Dec. 31, 2012
Capital Stock | NOTE G — CAPITAL STOCK Long-term incentive plan In June 2012, the shareholders of the Company approved an amendment to the Company’s 2000 Long-Term Incentive Plan (the “Plan”) to increase the shares available for grant by 700,000 shares to 4,200,000 shares. These shares of the Company’s common stock are available for grants to directors, officers, employees, consultants and service providers and affiliates in the form of stock options or other equity-based awards. The Plan authorizes the Board of Directors of the Company, or a duly appointed committee thereof, to issue incentive stock options, non-qualified options and other stock-based awards. Options that have been granted under the Plan expire over a range of five to ten years from the date of grant and vest over a range of up to five years from the date of grant. As of December 31, 2012, there were 756,832 shares available for the grant of awards. Cash dividends The Company did not pay cash dividends on its outstanding shares of common stock during the year ended December 31, 2010. In March 2011, the Company resumed the declaration of cash dividends on its outstanding shares of common stock. Dividends declared in 2012 and 2011 are as follows:
Dividend per share |  | Date declared |  | Date of record |  | Payment date
$0.025 |  | March 4, 2011 |  | May 2, 2011 |  | May 16, 2011
$0.025 |  | June 27, 2011 |  | August 2, 2011 |  | August 16, 2011
$0.025 |  | November 4, 2011 |  | November 18, 2011 |  | November 29, 2011
$0.025 |  | January 11, 2012 |  | February 1, 2012 |  | February 15, 2012
$0.025 |  | March 6, 2012 |  | May 1, 2012 |  | May 15, 2012
$0.025 |  | June 13, 2012 |  | August 1, 2012 |  | August 15, 2012
$0.025 |  | July 31, 2012 |  | November 1, 2012 |  | November 15, 2012
$0.025 |  | November 2, 2012 |  | February 1, 2013 |  | February 15, 2013
On March 12, 2013, the Board of Directors declared a quarterly dividend of $0.03125 per share payable on May 15, 2013 to shareholders of record on May 1, 2013. Preferred stock The Company is authorized to issue 100 shares of Series A Preferred Stock and 2,000,000 shares of Series B Preferred Stock, none of which is issued or outstanding at December 31, 2012. Restricted stock In 2012, 2011 and 2010, the Company issued an aggregate of 23,394, 21,400 and 10,020 restricted shares, respectively, of the Company’s common stock to its non-employee directors representing payment of a portion of their annual retainer. The total fair value of the restricted shares, based on the number of shares granted and the quoted market price of the Company’s common stock on the date of grant was $270,000 in 2012, $230,000 in 2011 and $150,000 in 2010. For all restricted stock grants, the restriction lapses one year from the date of grant and the stock is expensed over the one year period. Stock options A summary of the Company’s stock option activity and related information for the three years ended December 31, 2012, is as follows:
|  | Options |  |  | Weighted- average exercise price |  |  | Weighted- average remaining contractual life (years) |  |  | Aggregate intrinsic value |
Options outstanding at December 31, 2009 |  |  | 1,786,667 |  |  | $ | 12.14 |  |  |  |  |  |  |  |  |
Grants |  |  | 573,000 |  |  |  | 13.12 |  |  |  |  |  |  |  |  |
Exercises |  |  | (39,250 | ) |  |  | 4.44 |  |  |  |  |  |  |  |  |
Cancellations |  |  | (101,217 | ) |  |  | 13.65 |  |  |  |  |  |  |  |  |
Options outstanding at December 31, 2010 |  |  | 2,219,200 |  |  |  | 12.46 |  |  |  |  |  |  |  |  |
Grants |  |  | 391,500 |  |  |  | 11.20 |  |  |  |  |  |  |  |  |
Exercises |  |  | (123,500 | ) |  |  | 5.19 |  |  |  |  |  |  |  |  |
Cancellations |  |  | (11,450 | ) |  |  | 13.29 |  |  |  |  |  |  |  |  |
Options outstanding at December 31, 2011 |  |  | 2,475,750 |  |  |  | 12.62 |  |  |  |  |  |  |  |  |
Grants |  |  | 305,000 |  |  |  | 11.64 |  |  |  |  |  |  |  |  |
Exercises |  |  | (199,823 | ) |  |  | 5.47 |  |  |  |  |  |  |  |  |
Cancellations |  |  | (52,750 | ) |  |  | 12.82 |  |  |  |  |  |  |  |  |
Options outstanding at December 31, 2012 |  |  | 2,528,177 |  |  |  | 13.06 |  |  |  | 6.13 |  |  | $ | 4,525,905 |
Options exercisable at December 31, 2012 |  |  | 1,616,052 |  |  |  | 14.19 |  |  |  | 4.96 |  |  | $ | 3,813,485 |
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on December 31, 2012. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on December 31, 2012 and the exercise price. The total intrinsic values of stock options exercised for the years ended December 31, 2012, 2011 and 2010 were $1,182,000, $830,400 and $389,100, respectively. The intrinsic value of a stock option that is exercised is calculated at the date of exercise. The Company recognized stock compensation expense of $2.8 million, $2.8 million and $2.9 million for the years ended December 31, 2012, 2011 and 2010, respectively. The stock compensation expense recognized each year is equal to the grant date fair value of stock options vested during the year. Total unrecognized compensation cost related to unvested stock options at December 31, 2012, before the effect of income taxes, was $4.1 million and is expected to be recognized over a weighted-average period of 1.77 years. The Company values stock options using the Black-Scholes option valuation model. The Black-Scholes option valuation model, as well as other available models, was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. The Black-Scholes option valuation model requires the input of highly subjective assumptions including the expected stock price volatility and risk-free interest rate. Because the Company’s stock options have characteristics significantly different from those of traded options, changes in the subjective input assumptions can materially affect the fair value estimate of the Company’s stock options. The weighted-average per share grant date fair value of stock options granted during the years ended December 31, 2012, 2011 and 2010 was $6.05, $5.69 and $7.96, respectively. The fair value for these stock options was estimated at the date of grant using the following weighted-average assumptions:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Historical volatility |  |  | 61 | % |  |  | 60 | % |  |  | 73 | %
Expected term (years) |  |  | 6.0 |  |  |  | 5.6 |  |  |  | 5.0 |
Risk-free interest rate |  |  | 1.10 | % |  |  | 1.96 | % |  |  | 2.18 | %
Expected dividend yield |  |  | 0.86 | % |  |  | 0.89 | % |  |  | 0.00 | %

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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 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 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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section B -Paragraph 7, 11A -Chapter 1 -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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