Stock-Based Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2012

Stock-Based Compensation Plan [Abstract]

Summary of stock option plan activity

The Company grants stock options to certain employees and independent directors pursuant to its 2007 Equity Incentive Plan (Plan) which was adopted on April 23, 2007 and amended on June 5, 2009, June 3, 2011 and June 8, 2012. The following table summarizes the activity in the Company's stock option plan for the three years ended December 31, 2012:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, December 31, 2009		930,180		$	10.16
Options granted- directors		42,500		$	13.97
Options outstanding, December 31, 2010		972,680		$	10.32
Options granted- employees		180,000		$	24.82
Options granted- directors		40,000		$	21.62
Options outstanding, December 31, 2011		1,192,680		$	12.89
Options granted- employees		111,000		$	17.77
Options forfeited- employees		(8,000	)	$	17.77
Options granted- directors		40,000		$	17.77
Options outstanding, December 31, 2012		1,335,680		$	13.41		6.4	$	11,920
Options exercisable at December 31, 2012		1,030,805		$	12.07		5.8	$	10,403
Expected to vest after December 31, 2012		304,875		$	17.96		8.5	$	1,517

Summary of fair value assumptions

The total fair value of stock options granted to the Company's employees and independent directors at the time of grant was approximately $1.3 million, or $8.36 per share, $2.6 million, or $12.04 per share, and $0.2 million, or $5.18 per share for the years ended December 31, 2012, 2011 and 2010, respectively, calculated using the Black-Scholes-Merton pricing model under the following weighted average assumptions:

	2012			2011			2010
Stock price	$	17.77		$	24.24		$	13.97
Exercise price	$	17.77		$	24.24		$	13.97
Expected term (years):
Employees		6.25			6.25			N/A
Directors		5.5			5.5			5.5
Expected volatility:
Employees		49.5	%		50.1	%		N/A
Directors		50.2	%		50.8	%		37.3	%
Weighted average risk free interest rate		0.75	%		1.89	%		1.77	%
Dividend yield		-			-			-