Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2013

The fair values of these grants were estimated at the respective grant dates using a Black-Scholes option-pricing model with the following assumptions (for 2013, the assumptions shown represent the weighted average of the two valuations):

	2013			2012			2011
Dividend rate		2.38	%		3.05	%		1.99	%
Risk-free interest rate		1.15	%		1.22	%		2.73	%
Expected lives of options	6.14 years			6.25 years			6.25 years
Price volatility		40.66	%		38.80	%		38.45	%

Summary of Outstanding Options

A summary of outstanding options at December 31, 2013, 2012 and 2011, and changes during the years ended on those dates, is as follows:

	Options			Weighted Average Grant Price Per Option		Fair Value Per Option

Outstanding December 31, 2010		341,108			19.69

Granted		81,343			16.58	$	5.62
Cancelled		(10,557	)		21.87
Exercised		(5,000	)		7.34
Outstanding December 31, 2011		406,894		$	19.16

Granted		151,522			10.82	$	3.02
Cancelled		(8,728	)		25.26
Exercised		(55,000	)		7.34
Outstanding December 31, 2012		494,688		$	17.82

Granted		133,048			13.84	$	4.33
Cancelled		(10,591	)		25.26
Exercised		(66,638	)		16.82
Outstanding December 31, 2013		550,507		$	16.71

Share Grant Activity

A summary of outstanding share grants at December 31, 2013, 2012, and 2011, and changes during the years ended on those dates, is as follows:

	Shares

Outstanding December 31, 2010		94,100

Granted		78,707
Cancelled		(6,733	)
Vested and issued		(18,931	)
Outstanding December 31, 2011		147,143

Granted		119,354
Cancelled		(8,098	)
Vested and issued		(45,045	)
Outstanding December 31, 2012		213,354

Granted		98,686
Cancelled		(30,994	)
Vested and issued		(67,956	)
Outstanding December 31, 2013		213,090