Stock-Based Awards and Programs (Tables)

3 Months Ended

Mar. 31, 2013

Stock-Based Awards and Programs

Schedule of compensation expense and tax benefits for stock-based awards and programs

We recognized the following amounts in compensation expense and tax benefits for all of our stock-based awards and programs for the applicable periods ended March 31 (in thousands):

	Three Months Ended				Twelve Months Ended
	2013		2012		2013		2012
Compensation expense	$	1,291	$	822	$	2,332	$	1,846
Tax benefit recognized	476		298		827		642

Schedule of assumptions used in valuation of performance-based restricted stock awards

	Fair Value of Grants Outstanding at March 31,
	2013	2012
Risk-free interest rate	0.12% to 0.32%	0.16% to 0.45%
Expected volatility of Empire stock	20.5%	21.5%
Expected volatility of peer group stock	12.1% to 30.8%	13.5% to 51.9%
Expected dividend yield on Empire stock	4.5%	4.9%
Expected forfeiture rates	3%	3%
Plan cycle	3 years	3 years
Fair value percentage	10.0% to 99.0%	41.0% to 104.0%
Weighted average fair value per share	$17.06	$13.63

Schedule of non-vested performance-based restricted stock awards (based on target number) and changes during the reporting period

	2013				2012
	Number of shares		Weighted Average  Grant Date Price		Number of shares		Weighted Average Grant Date Price
Outstanding at January 1,	33,900		$	20.25	37,400		$	19.28
Granted	26,300		$	21.36	10,000		$	20.97
Awarded	(4,460	)	$	18.36	(7,823	)	$	18.12
Not Awarded	(8,540	)	$	18.36	(5,677	)	$	18.12
Nonvested at March 31,	47,200		$	21.39	33,900		$	20.25

Schedule of fair value measurements for each grant year

	Fair Value of Grants Outstanding at March 31
	2013	2012
Total unrecognized compensation cost (in millions)	$0.3	Less than $0.1
Recognition period	1-3 years	1.75 years
Fair value	$19.63	$17.63

Schedule of shares of time-vested restricted stock granted to qualified individuals at the fair market value

	March 31, 2013			March 31, 2012
		Weighted				Weighted
	Number of	Average Fair		Number of		Average Fair
	shares	Market Value		shares		Market Value
Outstanding at January 1,	3,300	$	20.38	3,433		$	21.84
Granted	21,600	21.36		—		—
Vested	—	—		—		—
Distributed				(133	)	20.13
Forfeited	—	—		—		—
Vested but not distributed	—	—		—		—
Outstanding at end of period	24,900	$	22.40	3,300		$	20.38

Schedule of assumptions used in the valuations of stock options

	Fair Value of Grants Outstanding at March 31,
	2013	2012
Risk-free interest rate	0.11% to 0.28%	0.17% to 0.83%
Expected dividend yield	4.5%	4.9%
Expected volatility	24.0%	25.0%
Expected life in months	78	78
Market value	$22.40	$20.35
Weighted average fair value per option	$1.64	$1.56

Schedule of stock options activity

	2013			2012
		Weighted			Weighted
		Average			Average
	Options	Exercise Price		Options	Exercise Price
Outstanding at January 1,	163,300	$	23.15	190,300	$	21.56
Granted	—	—		—	—
Exercised	34,800	$	18.36	27,000	$	18.12
Outstanding at March 31,	128,500	$	23.15	163,300	$	22.13
Exercisable at March 31,	128,500	$	23.15	128,500	$	23.15

Schedule of aggregate intrinsic values of stock options

	2013	2012
Aggregate intrinsic value (in millions)	Less than $0.1	Less than $0.1
Weighted-average remaining contractual life of outstanding options	2.8 years	3.9 years
Range of exercise prices	$21.79 to $23.81	$18.36 to $23.81
Total unrecognized compensation expense (in millions) related to non-vested options and related dividend equivalents granted under the plan	$0.0	Less than $0.1
Recognition period		Less than 1 year