Equity-Based Compensation

6 Months Ended

Jun. 30, 2012

Share-based Compensation [Abstract]

Equity-Based Compensation

Equity-Based Compensation

As of June 30, 2012, we had three stock incentive plans under which stock option, performance share or restricted stock unit, or RSU, grants were outstanding, with approximately 354,000 shares authorized for future use under the 2005 Stock Incentive Plan.

The following table details our compensation expense for the quarters and six months ended June 30:

	Quarter Ended					Six Months Ended
	June 30,					June 30,
(Dollars in thousands)	2012		2011			2012		2011
Employee equity-based compensation expense:
Performance shares	$	892	$	942		$	1,707	$	1,765
Restricted stock units	159		155			291		282
Total employee equity-based compensation expense	$	1,051	$	1,097		$	1,998	$	2,047
Related net income tax benefit	$	—	$	—		$	—	$	—
Director deferred compensation expense (income)	$	184	$	(545	)	$	427	$	857

There were no realized tax benefits related to the excess of the deductible amount over the compensation cost recognized in the Consolidated Condensed Statements of Cash Flows during any of the periods presented above.

STOCK OPTIONS

The following table summarizes outstanding stock options as of June 30, 2012 and changes during the six months ended June 30, 2012:

(Dollars in thousands, except exercise prices)	Shares		Weighted Avg. Exercise Price		Aggregate Intrinsic Value
Outstanding at January 1	144,684		$	23.34
Shares exercised	(4,017	)	15.85		$	61
Shares canceled or expired	—		—
Outstanding and exercisable at June 30	140,667		23.55		1,180

There were no unvested stock options outstanding during the six months ended June 30, 2012. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2011 was $1.3 million.

The following table summarizes outstanding stock options as of June 30, 2012:

	Options Outstanding and Exercisable
Range of Exercise Prices	Outstanding	Weighted Avg. Remaining Contractual Life		Weighted Avg. Exercise Price
$13.8594 to $14.4398	33,001	0.44	years	$	14.29
$19.2569	41,821	1.42	years	19.26
$30.9204	65,845	2.42	years	30.92
$13.8594 to $30.9204	140,667	1.66	years	23.55

Cash received from stock option exercises for the six months ended June 30, 2012 and 2011 was $0.1 million and $1.2 million, respectively. No actual tax benefits were realized for tax deductions from options exercised during either period.

PERFORMANCE SHARES

The following table presents the key inputs used in the Monte Carlo simulation method to calculate the fair value of the performance share awards in 2012 and 2011, and the resulting fair values:

	2012			2011
Shares granted	85,028			77,767
Stock price as of valuation date	$	31.11		$	39.10
Risk-free rate	0.40		%	1.26		%
Fair value of a performance share	$	34.24		$	55.84

The following table summarizes outstanding performance share awards as of June 30, 2012, and changes during the six months ended June 30, 2012:

(Dollars in thousands, except grant date fair value)	Shares		Weighted Avg. Grant Date Fair Value		Aggregate Intrinsic Value
Unvested shares outstanding at January 1	154,594		$	50.54
Granted	85,028		34.24
Forfeited	(2,596	)	44.99
Unvested shares outstanding at June 30	237,026		44.76		$	7,399

As of June 30, 2012, there was $6.0 million of unrecognized compensation cost related to non-vested performance share awards, which is expected to be recognized over a weighted average period of 1.5 years.

RESTRICTED STOCK UNITS

The following table summarizes outstanding RSU awards as of June 30, 2012, and changes during the six months ended June 30, 2012:

(Dollars in thousands, except grant date fair value)	Shares		Weighted Avg. Grant Date Fair Value		Aggregate Intrinsic Value
Unvested shares outstanding at January 1	36,359		$	35.60
Granted	18,725		31.14
Vested	(450	)	30.17
Forfeited	(1,504	)	33.36
Unvested shares outstanding at June 30	53,130		34.14		$	1,697

For RSU awards granted during the period, the fair value of each share was determined on the date of grant using the grant date market price. The total fair value of RSU awards vested during the six months ended June 30, 2012 was less than $0.1 million. As of June 30, 2012, there was $0.9 million of unrecognized compensation cost related to non-vested RSU awards, which is expected to be recognized over a weighted average period of 1.5 years.