Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2013

Details of Compensation Expense

The following table details our compensation expense for the three months ended March 31:

(Dollars in thousands)	2013		2012
Employee equity-based compensation expense:
Performance shares	$	862	$	815
Restricted stock units	210		132
Total employee equity-based compensation expense	$	1,072	$	947
Director deferred compensation expense	$	1,290	$	243
Actual tax benefit realized for tax deductions from equity-based plans	$	23	$	—

Fair Value of Performance Share Awards

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 2013 and 2012, and the resulting fair values:

	2013			2012
Shares granted	83,111			85,028
Stock price as of valuation date	$	45.31		$	31.11
Risk-free rate	0.40		%	0.40		%
Fair value of a performance share	$	62.78		$	34.24

Summary of Outstanding Performance Share Awards

The following table summarizes outstanding performance share awards as of March 31, 2013, and changes during the three months ended March 31, 2013:

(Dollars in thousands, except grant date fair value)	Shares		Weighted Avg. Grant Date Fair Value		Aggregate Intrinsic Value
Unvested shares outstanding at January 1	160,214		$	44.50
Granted	83,111		62.78
Forfeited	(5,407	)	41.02
Unvested shares outstanding at March 31	237,918		50.96		$	10,521

Summary of Outstanding RSU Awards

The following table summarizes outstanding RSU awards as of March 31, 2013, and changes during the three months ended March 31, 2013:

(Dollars in thousands, except grant date fair value)	Shares		Weighted Avg. Grant Date Fair Value		Aggregate Intrinsic Value
Unvested shares outstanding at January 1	40,219		$	34.82
Granted	14,949		45.42
Vested	(2,650	)	36.22
Forfeited	(1,802	)	33.62
Unvested shares outstanding at March 31	50,716		37.91		$	2,326

Summary of Outstanding Stock Options

The following table summarizes outstanding stock options as of March 31, 2013, and changes during the three months ended March 31, 2013:

(Dollars in thousands, except exercise prices)	Shares		Weighted Avg. Exercise Price		Aggregate Intrinsic Value
Outstanding at January 1	83,827		$	27.46
Shares exercised	(27,941	)	23.88		$	559
Shares canceled or expired	—		—
Outstanding and exercisable at March 31	55,886		29.24		929

Summary of Outstanding Stock Options by Exercise Price Range

The following table summarizes outstanding stock options as of March 31, 2013:

	Options Outstanding and Exercisable
Range of Exercise Prices	Outstanding	Weighted Avg. Remaining Contractual Life
$19.2569	8,028	0.67 years
$30.9204	47,858	1.67 years
$19.2569 to $30.9204	55,886	1.52 years