Stock Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2011

Summary of stock-based compensation expense

The following table is a summary of the stock-based compensation expense recognized for the three and nine months ended September 30, 2011 and 2010 (in thousands of dollars):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010

Stock-based compensation expense	$	115		$	482		$	2,987		$	2,406
Tax benefit		(43	)		(178	)		(1,105	)		(890	)
Stock-based compensation expense, net of tax	$	72		$	304		$	1,882		$	1,516

Stock option valuation assumptions

The fair value of each option grant during the first nine months of 2011 and 2010 was estimated on the date of grant using the Black-Scholes option-pricing model, based on the following assumptions:

	2011			2010

Expected dividend yield		.60% - .80	%		1.25% - 1.60	%
Expected stock price volatility		40.5% - 57.9	%		51.3% - 57.0	%
Risk free interest rate		.28% - 2.39	%		1.37% - 2.96	%
Expected life options		2 - 5 years			3 - 6 years
Weighted-average fair value per share at grant date	$	27.41		$	27.79

Summary of stock options activity

A summary of stock option activity under the plans during the nine months ended September 30, 2011, is presented below:

						Weighted-
				Weighted-		Average		Aggregate
				Average		Remaining		Intrinsic
				Exercise		Contractual		Value
Options	Shares			Price		Term		($000's)

Outstanding at January 1, 2011		1,321,637		$	33.26
Granted		139,000			73.97
Exercised		(161,664	)		26.63
Forfeited or expired		(58,625	)		38.16
Outstanding at September 30, 2011		1,240,348		$	38.44	7.7	$	21,180
Exercisable at September 30, 2011		468,049		$	33.31	6.5	$	10,391