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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2012
Stock-Based Compensation [Abstract] |
Stock-Based Compensation |
| 7. | Stock-Based Compensation
2005 Incentive Compensation Plan On May 10, 2010, our stockholders approved the Amended and Restated 2005 Incentive Compensation Plan (the “2005 Plan”) which replaced our 2003 Stock Option Plan (the “2003 Plan”) as to future grants. The 2005 Plan extends through March 2015 and allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to officers and a selected number of employees. The number of shares of Common Stock that may be issued under the 2005 Plan may not exceed 500,000 shares of Class B Common Stock, 1,500,000 shares of Class A Common Stock of which up to 500,000 shares of Class A Common Stock may be issued pursuant to incentive stock options and 500,000 Class A Common Stock issuable upon conversion of Class B Common Stock. Awards denominated in Class A Common Stock may be granted to any employee under the 2005 Plan. However, awards denominated in Class B Common Stock may only be granted to Edward K. Christian, President, Chief Executive Officer, Chairman of the Board of Directors, and the holder of 100% of the outstanding Class B Common Stock of the Company. Stock options granted under the 2005 Plan may be for terms not exceeding ten years from the date of grant and may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant. Stock-Based Compensation The Company’s stock-based compensation expense is measured and recognized for all stock-based awards to employees using the estimated fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award. For these awards, we have recognized compensation expense using a straight-line amortization method. Accounting guidance requires that stock-based compensation expense be based on awards that are ultimately expected to vest, therefore stock-based compensation has been adjusted for estimated forfeitures. When estimating forfeitures, we consider voluntary termination behaviors as well as trends of actual option forfeitures. For the years ended December 31, 2012, 2011 and 2010, we had $22,000, $196,000 and $567,000, respectively, of total compensation expense related to stock options. This expense is included in corporate general and administrative expense of our results of operations. The associated future income tax benefit recognized for the years ended December 31, 2012, 2011 and 2010 was $9,000, $80,000 and $231,000, respectively. We calculated the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The estimated expected volatility, expected term of options and estimated annual forfeiture rate were determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. The following summarizes the stock option transactions for the 2005 and 2003 Plans and the 1992 Stock Option Plan (the “1992 Plan”) for the year ended December 31:
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  |  | Average |  |  |  |
|  |  |  |  | Weighted |  |  | Remaining |  |  | Aggregate |
|  | Number of |  |  | Average |  |  | Contractual |  |  | Intrinsic |
|  | Options |  |  | Exercise Price |  |  | Term (Years) |  |  | Value |
Outstanding at January 1, 2010 |  |  | 517,905 |  |  | $ | 40.92 |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Forfeited/canceled/expired |  |  | (125,957 | ) |  |  | 47.61 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2010 |  |  | 391,948 |  |  | $ | 38.78 |  |  |  | 3.9 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Forfeited/canceled/expired |  |  | (88,316 | ) |  |  | 43.50 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2011 |  |  | 303,632 |  |  | $ | 37.40 |  |  |  | 3.6 |  |  | $ | 135,886 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (9,796 | ) |  |  | 27.26 |  |  |  |  |  |  |  |  |
Forfeited/canceled/expired |  |  | (33,176 | ) |  |  | 61.69 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2012 |  |  | 260,660 |  |  | $ | 34.69 |  |  |  | 3.0 |  |  | $ | 1,253,039 |
Vested and Exercisable at December 31, 2012 |  |  | 260,660 |  |  | $ | 34.69 |  |  |  | 3.0 |  |  | $ | 1,253,039 |
The total intrinsic value of stock options exercised during the year ended December 31, 2012 was $72,200. Cash received from stock options exercised during the year ended December 31, 2012 was $287,600. No options were exercised during the years ended December 31, 2011 and 2010. The following summarizes the non-vested stock option transactions for the 2005, 2003 and 1992 Plans for the year ended December 31:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Options |  |  | Fair Value |
Non-vested at January 1, 2010 |  |  | 107,270 |  |  | $ | 14.81 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (55,537 | ) |  |  | 15.66 |
Forfeited/canceled/expired |  |  | (4,860 | ) |  |  | 13.94 |
Non-vested at December 31, 2010 |  |  | 46,873 |  |  | $ | 13.88 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (37,150 | ) |  |  | 13.73 |
Forfeited/canceled/expired |  |  | (440 | ) |  |  | 14.48 |
Non-vested at December 31, 2011 |  |  | 9,283 |  |  | $ | 14.48 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (9,283 | ) |  |  | 14.48 |
Forfeited/canceled/expired |  |  | — |  |  |  | — |
Non-vested at December 31, 2012 |  |  | — |  |  | $ | — |
The following summarizes the restricted stock transactions for the year ended December 31:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  |  |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Outstanding at January 1, 2010 |  |  | 49,824 |  |  | $ | 23.59 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (18,792 | ) |  |  | 26.94 |
Forfeited/canceled/expired |  |  | (2,868 | ) |  |  | 21.64 |
Outstanding at December 31, 2010 |  |  | 28,164 |  |  | $ | 21.55 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (14,187 | ) |  |  | 23.46 |
Forfeited/canceled/expired |  |  | (765 | ) |  |  | 19.32 |
Outstanding at December 31, 2011 |  |  | 13,212 |  |  | $ | 19.61 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (7,641 | ) |  |  | 20.82 |
Forfeited/canceled/expired |  |  | (40 | ) |  |  | 17.97 |
Non-vested and outstanding at December 31, 2012 |  |  | 5,531 |  |  | $ | 17.97 |
Weighted average remaining contractual life (in years) |  |  | .5 |  |  |  |  |
The weighted average grant date fair value of restricted stock that vested during 2012, 2011 and 2010 was $159,000, $333,000 and $506,000, respectively. The net value of unrecognized compensation cost related to unvested restricted stock awards aggregated $16,000, $127,000 and $329,000 at December 31, 2012, 2011 and 2010, respectively. For the years ended December 31, 2012, 2011 and 2010 we had $110,000, $187,000 and $360,000, respectively, of total compensation expense related to restricted stock-based arrangements. The expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the years ended December 31, 2012, 2011 and 2010 was $45,000, $77,000 and $147,000, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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