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Share-Based Compensation Plan (Tables)
12 Months Ended
Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock options outstanding by exercise price range
The following summarizes information about stock options outstanding at December 31, 2012:
 
 
Options Outstanding
 
Options Exercisable
Range of
Exercise
Prices
Per Share
 
Number
Outstanding
 
Weighted
Average
Exercise
Price
Per Share
 
Weighted
Average
Contractual
Term
(In Years)
 
Number
Exercisable
 
Weighted
Average
Exercise
Price
Per Share
 
Weighted
Average
Contractual
Term
(In Years)
$19.43 - 21.10

 
166,779

 
$
20.43

 
7.47
 
101,288

 
$
20.74

 
6.93
23.78 - 24.86

 
521,311

 
24.28

 
6.96
 
272,037

 
24.69

 
5.07
32.28

 
131,000

 
32.28

 
2.97
 
131,000

 
32.28

 
2.97
35.67

 
48,720

 
35.67

 
0.95
 
48,720

 
35.67

 
0.95
39.69

 
129,412

 
39.69

 
1.95
 
129,412

 
39.69

 
1.95
$19.43 - 39.69

 
997,222

 
$
27.24

 
5.58
 
682,457

 
$
29.19

 
4.06
Summary of activity for Corporation's stock options
A summary of activity for the Corporation's stock options as of and during the three years ended December 31, 2012 is presented below:
 
 
Non-Vested Stock Options Outstanding
 
Stock Options Outstanding
 
 
Number of
Options
 
Weighted-
Average
Exercise
Price
Per Share
 
Weighted-
Average
Grant Date
Fair Value
Per Share
 
Number of
Options
 
Weighted-
Average
Exercise
Price
Per Share
Outstanding at January 1, 2010
 
169,073

 
$
23.17

 
$
6.68

 
720,375

 
$
30.02

Activity during 2010:
 
 
 
 
 
 
 
 
 
 
Issued in OAK acquisition
 

 

 

 
26,425

 
26.83

Granted
 
60,365

 
24.56

 
7.65

 
60,365

 
24.56

Exercised
 

 

 

 
(1,736
)
 
23.63

Vested
 
(99,540
)
 
23.84

 
6.87

 

 

Forfeited/expired
 
(3,228
)
 
23.70

 
7.07

 
(47,764
)
 
31.08

Outstanding at December 31, 2010
 
126,670

 
23.29

 
6.99

 
757,665

 
29.42

Activity during 2011:
 
 
 
 
 
 
 
 
 
 
Granted
 
99,172

 
19.95

 
6.12

 
99,172

 
19.95

Exercised
 

 

 

 

 

Vested
 
(62,959
)
 
23.27

 
6.76

 

 

Forfeited/expired
 

 

 

 
(41,718
)
 
28.96

Outstanding at December 31, 2011
 
162,883

 
21.27

 
6.55

 
815,119

 
28.29

Activity during 2012:
 
 
 
 
 
 
 
 
 
 
Granted
 
229,763

 
23.78

 
7.08

 
229,763

 
23.78

Exercised
 

 

 

 
(1,532
)
 
19.97

Vested
 
(76,103
)
 
21.55

 
6.63

 

 

Forfeited/expired
 
(1,778
)
 
21.48

 
6.62

 
(46,128
)
 
28.78

Outstanding at December 31, 2012
 
314,765

 
$
23.03

 
$
6.92

 
997,222

 
$
27.24

Exercisable/vested at December 31, 2012
 
 
 
 
 
 
 
682,457

 
$
29.19

Assumptions of Black-Scholes option pricing model
The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions.
 
 
2012
 
2011
 
2010
Expected dividend yield
 
3.60
%
 
3.50
%
 
3.50
%
Risk-free interest rate
 
1.18
%
 
2.76
%
 
3.37
%
Expected stock price volatility
 
44.4
%
 
42.0
%
 
41.1
%
Expected life of options — in years
 
6.11

 
6.10

 
6.33

Weighted average fair value per share
 
$7.08
 
$6.12
 
$7.65
Summary of activity for restricted stock units
A summary of the activity for restricted stock units during the three years ended December 31, 2012 is presented below:
 
 
Number of
Units
 
Weighted
Average
Grant Date
Fair Value
Per Unit
Outstanding at January 1, 2010
 
71,576

 
$
19.38

Activity during 2010:
 
 
 
 
Granted
 
40,629

 
22.62

Canceled (2009 grant)
 
(41,248
)
 
18.04

Modified (2009 grant)
 
41,248

 
23.25

Forfeited/expired
 
(31,353
)
 
21.26

Outstanding at December 31, 2010
 
80,852

 
22.94

Activity during 2011:
 
 
 
 
Granted
 
52,087

 
17.87

Converted into shares of common stock
 
(2,427
)
 
23.70

Forfeited/expired
 

 

Outstanding at December 31, 2011
 
130,512

 
20.90

Activity during 2012:
 
 
 
 
Granted
 
69,772

 
22.20

Converted into shares of common stock
 
(35,346
)
 
23.27

Forfeited/expired
 
(8,428
)
 
23.05

Outstanding at December 31, 2012
 
156,510

 
$
20.83