Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

Note 11 - 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, 2013		1,157,413		27,724		188,560	$	51.67		5,513,516		$	51.94
Granted		—		—		—		—		—			—
Stock options exercised		—		—		—		—		(395,425	)		51.71
Stock awards vested		—		—		—		—		—			—
Forfeited		12,000		—		—		—		(12,000	)		51.78
Cancelled/expired		—		—		—		—		—			—

Balance, March 31, 2013		1,169,413		27,724		188,560	$	51.67		5,106,091		$	51.96

Shares issued in connection with stock compensation awards are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. Shares issued in connection with stock compensation awards along with other related information were as follows:


	Three Months Ended March 31,
	2013		2012
New shares issued from available authorized shares		153,275		101,160
Issued from available treasury stock		242,150		7,640

Total		395,425		108,800

Proceeds from stock option exercises	$	20,446	$	5,542

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 March 31,
	2013		2012
Stock options	$	1,998	$	2,201
Non-vested stock awards/stock units		344		354

Total	$	2,342	$	2,555

Unrecognized stock-based compensation expense at March 31, 2013 was as follows:


Stock options	$	15,543
Non-vested stock awards/stock units		2,589

Total	$	18,132

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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