STOCK-BASED COMPENSATION PLANS

9 Months Ended

Sep. 30, 2012

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

NOTE 11. STOCK-BASED COMPENSATION PLANS

A combined summary of activity in the Company’s stock award and stock option plans for the nine months ended September 30, 2012 is presented in the following table:

	Non-vested Stock
	Awards Outstanding				Stock Options Outstanding
			Weighted-				Weighted-
			Average				Average
	Number of		Grant Date		Number of		Exercise
(Shares in thousands)	Shares		Fair Value		Shares		Price
Balance, December 31, 2011	216		$	19.88	409		$	25.68
Granted	108		23.76		—		—
Stock options exercised	—		—		(18	)	21.04
Stock awards vested	(68	)	19.44		—		—
Forfeited	(8	)	21.38		—		—
Expired	—		—		(19	)	22.83
Balance, September 30, 2012	248		$	21.67	372		$	25.93
Exercisable options, September 30, 2012					372		$	25.93

During the nine months ended September 30, 2012 and 2011, proceeds from stock option exercises totaled $376 thousand and $624 thousand, respectively. During the nine months ended September 30, 2012, there were 68 thousand shares issued in connection with vested stock awards.  During the nine months ended September 30, 2011, there were 66 thousand shares issued in connection with vested stock awards.  All of these shares were issued from available treasury stock.  Stock-based compensation expense totaled $1.4 million and $1.1 million during the nine months ended September 30, 2012 and 2011, respectively. Stock-based compensation expense is recognized ratably over the requisite service period for all awards.