Stock-Based Awards and Programs (Tables)

6 Months Ended

Jun. 30, 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 June 30 (in thousands):

	Three Months Ended				Six Months Ended				Twelve Months Ended
	2013		2012		2013		2012		2013		2012
Compensation Expense	$	420	$	376	$	1,711	$	1,198	$	2,376	$	2,004
Tax Benefit Recognized	146		128		622		427		844		702

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

	Fair Value of Grants Outstanding at June 30,
	2013	2012
Risk-free interest rate	0.10% to 0.50%	0.17% to 0.35%
Expected volatility of Empire stock	20.4%	20.9%
Expected volatility of peer group stock	17.6% to 17.9%	12.7% to 44.2%
Expected dividend yield on Empire stock	4.5%	4.7%
Expected forfeiture rates	3%	3%
Plan cycle	3 years	3 years
Fair value percentage	8.0% to 104.0%	34.0% to 101.0%
Weighted average fair value per share	$17.84	$12.64

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

	2013				2012
	Number		Weighted Average		Number		Weighted Average
	of shares		Grant Date Price		of shares		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 June 30,	47,200		$	21.39	33,900		$	20.25

Schedule of fair value measurements for each grant year

	Fair Value of Grants Outstanding at June 30
	2013	2012
Total unrecognized compensation cost (in millions)	$ 0.2	less than $0.1
Recognition period	0.4 years to 2.6 years	1.6 years
Fair value	$ 19.55	$ 18.38

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

	June 30, 2013			June 30, 2012
		Weighted				Weighted
		Average Fair				Average Fair
	Number of shares	Market Value		Number of 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	$	22.31	3,300		$	20.35

Schedule of assumptions used in the valuations of stock options

	Fair Value of Grants Outstanding at June 30,
	2013	2012
Risk-free interest rate	0.09% to 0.43%	0.20% to 0.54%
Expected dividend yield	4.50%	4.70%
Expected volatility	24.0%	25.0%
Expected life in months	78	78
Market value	$ 22.31	$ 21.10
Weighted average fair value per option	$ 1.55	$ 1.80

Schedule of stock options activity

		2013			2012
		Weighted Average			Weighted Average
	Options	Exercise Price		Options	Exercise Price
Outstanding at January 1,	163,300	$	22.13	190,300	$	21.56
Granted	—	—		—	—
Exercised	40,200	$	21.66	27,000	$	18.12
Outstanding at June 30,	123,100	$	23.19	163,300	$	22.13
Exercisable at June 30,	123,100	$	23.19	128,500	$	23.15

Schedule of aggregate intrinsic values of stock options

	2013	2012
Aggregate intrinsic value (in millions)	Less than $0.1	$0.1
Weighted-average remaining contractual life of outstanding options	2.6 years	3.7 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		0.6 years

Schedule of employee stock purchase plan

	2013		2012
Subscriptions outstanding at June 30	62,793		72,899
Maximum subscription price(1)	$	19.58	$	17.95
Shares of stock issued	68,099		65,919
Stock issuance price	$	17.95	$	17.27

(1) Stock will be issued on the closing date of the purchase period, which runs from June 1, 2013 to May 31, 2014.

Schedule of assumptions used in valuation of shares under employee stock purchase plan

	2013			2012
Weighted average fair value of grants at June 30	$	2.78		$	3.19
Risk-free interest rate	0.14		%	0.17		%
Expected dividend yield	4.60		%	5.00		%
Expected volatility	14.00		%	24.00		%
Expected life in months	12			12
Grant Date	6/1/13			6/1/12