XML 37 R52.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMON STOCK (Details) (USD $)
12 Months Ended 35 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2011
Recent Issues        
Number of shares of common stock issued pursuant to equity distribution program   2,870,985   6,535,216
Average price per share of common stock issued pursuant to equity distribution program (in dollars per share)   $ 18.41   $ 18.36
Net proceeds $ 5,884,000 $ 60,239,000 $ 70,271,000 $ 116,000,000
Compensation expense 1,765,000 3,193,000 2,292,000  
Tax benefit recognized 614,000 1,160,000 819,000  
2006 Stock Incentive Plan
       
Assumptions used for estimating fair value of grants outstanding        
Number of shares of common stock provided for grant 650,000     650,000
Performance-Based Restricted Stock Awards
       
Assumptions used for estimating fair value of grants outstanding        
Threshold performance level set at percentile level of peer group (as a percent) 20.00% 20.00% 20.00%  
Target performance level set at percentile level of peer group (as a percent) 50.00% 50.00% 50.00%  
Maximum performance level set at percentile level of peer group (as a percent) 80.00% 80.00% 80.00%  
Percentage of shares granted on reaching target performance level 100.00%      
Percentage of shares granted on reaching threshold performance level 50.00%      
Percentage of shares granted on reaching maximum performance level 200.00%      
Unrecognized compensation cost related to estimated outstanding awards $ 100,000 $ 400,000   $ 100,000
Vesting period (in years) 3 years      
Weighted average fair value of grants (in dollars per share) $ 21.84 $ 18.36 $ 18.12  
Assumptions used in the model for each grant year        
Risk-free interest rate, low end of range (as a percent) 0.12% 0.30% 0.47%  
Risk-free interest rate, high end of range (as a percent) 0.23% 0.62% 1.08%  
Expected volatility (as a percent) 23.80% 26.90% 28.80%  
Dividend yield (as a percent) 4.70% 6.50% 7.60%  
Expected forfeiture rates (as a percent) 3.00% 3.00% 3.00%  
Plan cycle (in years) 3 3 3  
Weighted average fair value per share (in dollars per share) $ 13.67 $ 37.17 $ 21.00 $ 13.67
Changes in restricted stock awards        
Nonvested, balance at the beginning of the period (in shares) 47,500 52,200 52,300  
Granted (in shares) 10,900 13,000 13,500  
Vested (in shares) (39,621) (15,104) (12,394)  
Forfeited (in shares)   (2,596) (1,206)  
Awarded in excess of target (in shares) 18,621      
Nonvested, balance at the end of the period (in shares) 37,400 47,500 52,200 37,400
Weighted Average Grant Date Price        
Nonvested, balance at the beginning of the period (in dollars per share) $ 19.86 $ 21.57 $ 22.64  
Granted (in dollars per share) $ 21.84 $ 18.36 $ 18.12  
Vested (in dollars per share) $ 21.92 $ 23.81 $ 22.23  
Awarded in Excess of Target (in dollars per share) $ 21.92      
Nonvested, balance at the end of the period (in dollars per share) $ 19.28 $ 19.86 $ 21.57 $ 19.28
Performance-Based Restricted Stock Awards | Minimum
       
Assumptions used in the model for each grant year        
Expected volatility of peer group stock (as a percent) 15.70% 21.70% 22.10%  
Fair value percentage (as a percent) 51.00% 138.00% 87.00%  
Performance-Based Restricted Stock Awards | Maximum
       
Assumptions used in the model for each grant year        
Expected volatility of peer group stock (as a percent) 57.40% 82.70% 80.90%  
Fair value percentage (as a percent) 75.00% 193.70% 132.00%  
Stock Options
       
Assumptions used for estimating fair value of grants outstanding        
Vesting period (in years) 3 years      
Assumptions used in the model for each grant year        
Risk-free interest rate, low end of range (as a percent) 0.12% 0.45% 1.11%  
Risk-free interest rate, high end of range (as a percent) 0.72% 2.34% 2.98%  
Expected volatility (as a percent) 25.00% 23.00% 24.00%  
Dividend yield (as a percent) 4.70% 6.50% 7.60%  
Expected life (in months) 78 78 78  
Market value (in dollars per share) $ 21.09 $ 22.20 $ 18.73  
Weighted average fair value per option (in dollars per share) $ 2.08 $ 2.02 $ 0.97 $ 2.08
Employee Stock Purchase Plan
       
Assumptions used in the model for each grant year        
Risk-free interest rate (as a percent) 0.18% 0.35% 0.48%  
Expected volatility (as a percent) 22.00% 17.00% 40.00%  
Dividend yield (as a percent) 2.60% 7.20% 7.90%  
Expected life (in months) 12 12 12  
The number of historical years over which expected volatility is based 1      
Changes in restricted stock awards        
Nonvested, balance at the beginning of the period (in shares) 71,326 68,591    
Nonvested, balance at the end of the period (in shares) 70,756 71,326 68,591 70,756
Weighted Average Grant Date Price        
Granted (in dollars per share) $ 3.17 $ 2.28 $ 3.26  
Time-Vested Restricted Stock Awards
       
Assumptions used for estimating fair value of grants outstanding        
Period from date of termination of employment due to death, retirement or disability during which the pro-rata portopn of the awards are distributed (in months) 6      
Vesting period (in years) 3 years      
Weighted average fair value of grants (in dollars per share) $ 21.84      
Changes in restricted stock awards        
Granted (in shares) 10,200      
Vested (in shares) 794      
Distributed (in shares) 661      
Forfeited (in shares) 6,106      
Vested but not distributed (in shares) 133      
Nonvested, balance at the end of the period (in shares) 3,433     3,433
Weighted Average Grant Date Price        
Granted (in dollars per share) $ 21.84      
Vested (in dollars per share) $ 19.32      
Distributed/Awarded (in dollars per share) $ 21.02      
Vested but not distributed (in dollars per share) $ 20.13      
Nonvested, balance at the end of the period (in dollars per share) $ 21.84     $ 21.84