Annual report pursuant to Section 13 and 15(d)

Stock Option and Purchase Plans (Tables)

v2.4.0.6
Stock Option and Purchase Plans (Tables)
12 Months Ended
Dec. 31, 2012
Stock Option and Purchase Plans [Abstract]  
Summary of weighted average fair value of the options granted
                         
    2012     2011     2010  

Weighted Average Fair Value of the Options Granted

  $ 11.91     $ 15.18     $ 8.12  
Summary of weighted-average assumptions
             
    2012   2011   2010

Risk-free Interest Rate

  0.89% – 1.00%   1.55% – 2.82%   2.33% – 3.04%

Dividend Yield

  0.0%   0.0%   0.0%

Volatility Factor

  0.52 – 0.64   0.52 – 0.53   0.41 – 0.53

Expected Life in Years

  5.0 – 8.0   7.0 – 8.0   7.0 – 8.0
Compensation expense information based on the fair value of stock options
                         
(In thousands)   2012     2011     2010  

Stock Compensation Expense

  $ 1,351     $ 1,061     $ 884  

Tax Benefit

    (136     (93     (84
   

 

 

   

 

 

   

 

 

 

Stock Compensation Expense, Net of Tax

  $ 1,215     $ 968     $ 800  
   

 

 

   

 

 

   

 

 

 
Summary of the Company's stock option activity and related information
                                                                         
(Aggregate intrinsic value in thousands)   2012     2011     2010  
    Options     Weighted
Average
Exercise
Price
    Aggregate
Intrinsic
Value
    Options     Weighted
Average
Exercise
Price
    Aggregate
Intrinsic
Value
    Options     Weighted
Average
Exercise
Price
    Aggregate
Intrinsic
Value
 

Outstanding at January 1

    1,384,538     $ 8.05     $ 20,532       1,586,860     $ 6.70     $ 38,778       1,560,158     $ 5.99     $ 16,551  

Options Granted

    108,750     $ 21.69     $ 129       70,782     $ 26.93     $ 299       116,317     $ 14.12     $ 289  

Options Exercised

    (225,558   $ 4.40     $ (4,168     (273,104   $ 5.10     $ (7,112     (89,615   $ 3.94     $ (1,135

Options Forfeited

    —       $ —       $ —         —       $ —       $ —         —       $ —       $ —    

Outstanding at December 31

    1,267,730     $ 9.87     $ 16,493       1,384,538     $ 8.05     $ 31,965       1,586,860     $ 6.70     $ 15,706  

Exercisable at December 31

    973,716     $ 8.06     $ 14,431       1,067,287     $ 6.56     $ 26,237       1,196,049     $ 5.77     $ 12,953  
Summary of weighted average exercise prices and contractual lives for outstanding and exercisable stock options
                                                 
    Outstanding     Exercisable  

Exercise Price Range

  Shares     Weighted Average
Remaining Life
in Years
    Weighted Average
Exercise Price
    Shares     Weighted Average
Remaining Life
in Years
    Weighted
Average
Exercise Price
 

$3.22 — $ 4.14

    335,328       1.6     $ 3.55       335,328       1.6     $ 3.55  

$5.81 — $ 8.48

    507,567       5.8       6.40       398,837       5.5       6.44  

$10.98 — $12.09

    119,295       4.2       11.21       119,295       4.2       11.21  

$16.81 — $29.85

    305,540       8.4       22.07       120,256       7.2       22.89  
   

 

 

                   

 

 

                 
      1,267,730       5.2       9.87       973,716       4.2       8.06  
   

 

 

                   

 

 

                 
Fair value for the options granted under the Employee Stock Purchase Plan
                         
    2012     2011     2010  

Risk-free Interest Rate

    0.17     0.10     0.25

Dividend Yield

    0.0     0.0     0.0

Volatility Factor

    .37       .52       .40  

Expected Life in Years

    1.0       1.0       1.0