Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v2.4.0.6
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2012
Stock-Based Compensation [Abstract]  
Summarizes the stock option activity
                 
    Number of Stock
Options		     Weighted
Average
Exercise Price		  

Options outstanding, December 31, 2011

     422,750     $ 17.70  

Granted

     131,657       14.40  

Exercised

     (1,165 )      12.11  

Forfeited

     (19,029 )      14.58  

Expired

     (16,775 )      22.53  
   

 

 

          

Options outstanding, September 30, 2012

     517,438       16.83  
   

 

 

          

Options exercisable, September 30, 2012

     222,301       20.50  
   

 

 

          
Estimated stock option on the date of grant fair value
                 
    Nine Months Ended September 30,  
            2012                     2011          

Dividend yield (1)

     2.47 %      2.36 % 

Expected life in years (2)

     7.0       7.0  

Expected volatility (3)

     41.53 %      41.02 % 

Risk-free interest rate (4)

     1.24 %      2.71 % 

Weighted average fair value per option granted

   $ 4.76     $ 4.31  

 

(1) Calculated as the ratio of historical dividends paid per share of common stock to the stock price on the date of grant.
(2) Based on the average of the contractual life and vesting schedule for the respective option.
(3) Based on the monthly historical volatility of the Company’s stock price over the expected life of the options.
(4) Based upon the U.S. Treasury bill yield curve, for periods within the contractual life of the option, in effect at the time of grant.
Summary of information concerning stock options
                 
    Stock Options
Vested or
Expected to Vest		     Exercisable  

Stock options

     492,196       222,301  

Weighted average remaining contractual life in years

     6.47       3.81  

Weighted average exercise price on shares above water

   $ 13.23     $ 12.23  

Aggregate intrinsic value

   $ 257,186     $ 28,561  
Summary the nonvested stock activity
                         
    Number of
Shares of
Restricted Stock		     Performance
Stock		     Weighted
Average Grant-
Date Fair Value		  

Balance, December 31, 2011

     140,557       6,000     $ 12.62  

Granted

     73,414       —         14.28  

Vested

     (7,497 )      —         15.81  

Forfeited

     (14,310 )      (1,500 )      12.95  
   

 

 

    

 

 

          

Balance, September 30, 2012

     192,164       4,500       12.85  
   

 

 

    

 

 

          
Estimated unamortized compensation expense recognized in future
                         
    Stock Options     Restricted
Stock		     Total  

For the remaining three months of 2012

   $ 90     $ 230     $ 320  

For year ending December 31, 2013

     366       699       1,065  

For year ending December 31, 2014

     360       366       726  

For year ending December 31, 2015

     268       98       366  

For year ending December 31, 2016

     155       13       168  

For year ending December 31, 2017

     25       —         25  
   

 

 

    

 

 

    

 

 

  

Total

   $ 1,264     $ 1,406     $ 2,670