Stock Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2012

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, 2012 and 2011 (in thousands of dollars):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011

Stock-based compensation expense	$	1,784		$	115		$	5,200		$	2,987
Tax benefit		(660	)		(43	)		(1,924	)		(1,105	)
Stock-based compensation expense, net of tax	$	1,124		$	72		$	3,276		$	1,882

Stock option valuation assumptions

The fair value of each option grant during the first nine months of 2012 and 2011 was estimated on the date of grant using the Black-Scholes option-pricing model, based on the following assumptions:

	2012	2011

Expected dividend yield	0.64% - 0.67%	0.60% - 0.80%
Expected stock price volatility	45.0% - 56.4%	40.5% - 57.9%
Risk free interest rate	0.27% - 0.82%	0.28% - 2.39%
Expected life options	2 - 4 years	2 - 5 years
Weighted-average fair value per share at grant date	$24.54	$27.41

Summary of stock options activity

A summary of stock option activity under the plans during the nine months ended September 30, 2012, is presented below:

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

Outstanding at January 1, 2012		1,504,311		$	42.26
Granted		13,500			75.75
Exercised		(66,151	)		27.54
Forfeited or expired		(22,724	)		46.00
Outstanding at September 30, 2012		1,428,936		$	43.20		7.2	$	19,307
Exercisable at September 30, 2012		706,738		$	35.99		6.2	$	14,112