Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2013

Details of Compensation Expense

The following table details our equity-based compensation expense and director deferred compensation expense (income) for the quarters and six months ended June 30:

	Quarter Ended June 30,					Six Months Ended June 30,
(Dollars in thousands)	2013			2012		2013		2012
Employee equity-based compensation expense:
Performance shares	$	891		$	892	$	1,753	$	1,707
Restricted stock units	138			159		348		291
Total employee equity-based compensation expense	$	1,029		$	1,051	$	2,101	$	1,998
Actual tax benefit realized for tax deductions from equity-based plans	$	48		$	—	$	71	$	—
Director deferred compensation expense (income)	$	(940	)	$	184	$	350	$	427

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 June 30, 2013, and changes during the six months ended June 30, 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	(10,786	)	45.83
Unvested shares outstanding at June 30	232,539		50.97		$	9,097

Summary of Outstanding RSU Awards

The following table summarizes outstanding RSU awards as of June 30, 2013, and changes during the six months ended June 30, 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	18,949		45.43
Vested	(3,100	)	36.60
Forfeited	(5,410	)	35.83
Unvested shares outstanding at June 30	50,658		38.57		$	2,049

Summary of Outstanding Stock Options

The following table summarizes outstanding stock options as of June 30, 2013, and changes during the six months ended June 30, 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	(65,461	)	27.47		$	1,312
Shares canceled or expired	—		—
Outstanding and exercisable at June 30	18,366		27.42		239

Summary of Outstanding Stock Options by Exercise Price Range

The following table summarizes outstanding stock options as of June 30, 2013:

	Options Outstanding and Exercisable
Range of Exercise Prices	Outstanding	Weighted Avg. Remaining Contractual Life
$19.2569	5,507	0.42 years
$30.9204	12,859	1.42 years
	18,366	1.12 years