Note 7 - Equity-Based Compensation

12 Months Ended

Dec. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

7.      EQUITY-BASED COMPENSATION

Stock Awards

Stock awards, which include restricted stock shares and restricted stock units, of the Company’s common stock are awarded from time to time to executive officers and certain key employees of the Company. Stock award compensation is recorded based on the award date fair value and charged to expense ratably through the requisite service period. The forfeiture of unvested restricted stock awards and restricted stock units causes the reversal of all previous expense recorded as a reduction of current period expense.

A summary of stock award activity during the years ended December 31, 2012, 2011 and 2010 is as follows:

	For the Years Ended December 31,
	2012					2011					2010
	Stock Awards			Weighted Average Award Date Fair Value		Stock Awards			Weighted Average Award Date Fair Value		Stock Awards			Weighted Average Award Date Fair Value
Outstanding, beginning of period		643,117		$	17.44		888,855		$	15.25		806,643		$	13.64
Restricted shares awarded		239,523			18.07		168,018			26.41		184,656			22.87
Restricted stock units awarded		222,379			18.11		6,768			26.60		17,115			24.97
Restricted shares distributed		(289,001	)		13.42		(270,142	)		13.38		(22,838	)		13.12
Restricted stock units distributed		(15,177	)		14.32		(9,934	)		11.19		(32,156	)		19.34
Restricted shares forfeited		(36,325	)		20.13		(140,448	)		23.01		(46,457	)		18.12
Restricted stock units forfeited		(65,647	)		18.18		–			–		(18,108	)		14.53
Outstanding, end of period		698,869		$	19.39		643,117		$	17.44		888,855		$	15.25

Expense associated with stock awards was $4.0 million, $3.7 million and $4.3 million in 2012, 2011 and 2010, respectively. Unrecognized pre-tax expense of $6.0 million related to stock awards is expected to be recognized over the weighted average remaining service period of 1.9 years for awards outstanding at December 31, 2012.

Deferred Stock Units

Deferred stock units generally are awarded to directors of the Company and represent the Company’s obligation to transfer one share of the Company’s common stock to the grantee at a future date and generally are fully vested on the date of grant. The expense related to the issuance of deferred stock units is recorded according to this vesting schedule.

The following table summarizes information about deferred stock unit activity during the years ended December 31, 2012, 2011 and 2010:

	For the Years Ended December 31,
	2012					2011					2010
	Deferred Stock Units			Weighted Average Award Date Fair Value		Deferred Stock Units			Weighted Average Award Date Fair Value		Deferred Stock Units			Weighted Average Award Date Fair Value
Outstanding, beginning of period		173,916		$	20.12		163,318		$	19.43		147,374		$	18.22
Awarded		41,734			17.78		31,238			23.75		25,175			26.10
Shares distributed		(34,132	)		22.90		(20,640	)		20.13		(9,231	)		18.38
Outstanding, end of period		181,518		$	19.06		173,916		$	20.12		163,318		$	19.43

Expense associated with awards of deferred stock units was $0.7 million in 2012, 2011 and 2010, respectively.

Stock Options

Stock options on the Company’s common stock are awarded from time to time to executive officers and certain key employees of the Company. Stock options granted generally have a term of seven to ten years and an exercise price equal to the market value of the underlying common stock on the date of grant.

A summary of stock option activity during the years ended December 31, 2012, 2011 and 2010:

	2012					2011					2010
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding at January 1		1,107,712		$	18.98		1,198,516		$	18.42		1,167,640		$	17.71
Granted		281,696			18.11		225,505			26.92		215,722			22.87
Exercised		(52,676	)		16.66		(128,052	)		16.48		(132,485	)		17.16
Forfeited/expired		(119,923	)		23.21		(188,257	)		26.62		(52,361	)		25.53
Outstanding at December 31		1,216,809		$	18.46		1,107,712		$	18.98		1,198,516		$	18.42
Exercisable at December 31		758,270		$	16.80		690,449		$	16.82		678,649		$	19.37

In 2012, 2011 and 2010, the Company recorded expense of $2.1 million, $2.0 million and $1.7 million, respectively, related to stock option awards. Unrecognized pre-tax expense of $2.3 million related to stock options is expected to be recognized over the weighted average remaining service period of 1.7 years for awards outstanding at December 31, 2012.

	Years Ended December 31,
	2012		2011		2010
			(in millions)
Amount collected from stock option exercises	$	0.9	$	2.1	$		2.3
Total intrinsic value of stock option exercises		0.2		1.1			1.2
Tax benefit of stock option exercises recorded in additional paid-in-capital		0.1		0.1		<	0.1
Aggregate intrinsic value of outstanding stock options		3.4		1.0			8.6
Aggregate intrinsic value of exercisable stock options		2.3		0.8			4.5

The intrinsic value calculations are based on the Company’s closing stock price of $22.19, $15.34 and $26.51 on December 31, 2012, 2011 and 2010, respectively. At December 31, 2012, 0.9 million and 0.2 million shares of common stock were available for equity-based compensation awards pursuant to the 2009 Employee Plan and the 2011 Non-Employee Director Plan, respectively.

The Company uses a binomial option-pricing model for valuation purposes to reflect the features of stock options granted. The fair value of stock options awarded during 2012, 2011 and 2010 was estimated at the date of grant based on the assumptions presented in the table below. Volatility, expected term and dividend yield assumptions were based on the Company’s historical experience. The risk-free rate was based on a U.S. treasury note with a maturity similar to the option award’s expected term.

	2012								2011								2010
	Range					Weighted Average			Range					Weighted Average			Range			Weighted Average
Weighted average grant-date fair value	$	8.14	-	8.19		$	8.19				n/a			$	11.61			n/a		$	10.56
Volatility		43.0	–	45.2	%		45.1	%		47.0	-	50.6	%		50.4	%		50.4	%		50.4	%
Expected term (years)			7.0				7.0				7.0				7.0			7.0			7.0
Dividend yield			0.0%				0.0	%			0.0%				0.0	%		0.0	%		0.0	%
Risk-free rate		1.0	-	1.5	%		1.5	%		2.3	-	3.0	%		2.8	%		3.1	%		3.1	%