Stock-Based Compensation

9 Months Ended

Sep. 30, 2012

Stock-Based Compensation

Note 10 - Stock-Based Compensation

A combined summary of activity in the Corporation’s active stock plans is presented in the following table.

						Non-Vested Stock Awards/Stock Units Outstanding				Stock Options Outstanding
	Shares Available for Grant			Director Deferred Stock Units Outstanding		Number of Shares		Weighted- Average Grant-Date Fair Value		Number of Shares			Weighted- Average Exercise Price
Balance, January 1, 2012		1,963,455			22,092		169,530	$	50.33		4,968,822		$	51.49
Granted		(5,632	)		5,632		—		—		—			—
Stock options exercised		—			—		—		—		(197,961	)		50.98
Stock awards vested		—			—		—		—		—			—
Forfeited		19,000			—		—		—		(19,000	)		50.51
Cancelled/expired		(250	)		—		—		—		—			—
Balance, September 30, 2012		1,976,573			27,724		169,530	$	50.33		4,751,861		$	51.51

Proceeds from stock option exercises totaled $10.1 million and $7.2 million during the nine months ended September 30, 2012 and 2011. During the nine months ended September 30, 2012, 190,321 shares issued in connection with stock option exercises were new shares issued from available authorized shares, while 7,640 shares were issued from available treasury stock.

Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Stock-based compensation expense was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Stock options	$	2,190	$	2,073	$	6,549	$	6,686
Non-vested stock awards/stock units		354		360		1,063		3,000
Deferred stock units		—		—		330		330
Total	$	2,544	$	2,433	$	7,942	$	10,016

Unrecognized stock-based compensation expense at September 30, 2012 was as follows:

Stock options	$	12,267
Non-vested stock awards/stock units		2,033
Total	$	14,300