Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

8.     Stock-Based Compensation Plans

During the three and nine months ended September 30, 2013, the Company recognized approximately $315,000 and $948,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2009 through 2012. During the three and nine months ended September 30, 2012, the Company recognized approximately $298,000 and $896,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2008 through 2011.

The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 2013:

					Weighted
			Weighted		Average
			Average		Remaining		Aggregate
			Exercise		Contractual		Intrinsic
	Shares		Price		Term (Years)		Value*
Outstanding at December 31, 2012		1,265,792	$	22.76
Exercised		(201,251)	$	17.68
Forfeited or expired		(7,250)	$	24.91
Outstanding at September 30, 2013		1,057,291	$	23.71		2.9	$	5,136,000
Exercisable at September 30, 2013		503,712	$	23.55		1.5	$	2,664,000

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

The following table summarizes stock option activity for the three and nine months ended September 30, 2013 and 2012:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012		2013		2012
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	151	$	446	$	1,317	$	1,650
Cash received from stock option exercises	$	730	$	650	$	3,558	$	2,216
Income tax benefit from the exercise of stock options	$	59	$	174	$	514	$	643

The following table summarizes the Company’s restricted stock activity for the nine-month period ended September 30, 2013:

					Weighted
			Weighted		Average
	Shares of		Average		Remaining		Aggregate
	Restricted		Grant Date		Contractual		Intrinsic
	Stock		Fair Value		Term (Years)		Value*
Non-vested at December 31, 2012		42,575	$	23.87
Issued		-		-
Vested		-		-
Forfeited		-		-
Non-vested at September 30, 2013		42,575	$	23.87		2.4	$	1,206,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 multiplied by the number of non-vested restricted shares outstanding.