Stock Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2013

Stock Compensation Plans [Abstract]

Summary of stock-based compensation expense

The following table is a summary of the stock-based compensation expense recognized by type of grant for the three months ended March 31, 2013 and 2012 (in thousands of dollars):

	Three Months Ended
	March 31,
	2013			2012
Stock options	$	1,212		$	1,331
Performance shares		490			-
Restricted stock awards and units		871			288
Total stock-based compensation expense		2,573			1,619
Tax benefit		(952	)		(599	)
Stock-based compensation expense, net of tax	$	1,621		$	1,020

Stock option valuation assumptions

The fair value of each option grant during the first three months of 2013 was estimated on the date of grant using the Black-Scholes option-pricing model, based on the following assumptions. There were no option grants during the first three months of 2012.  

	2013
Expected dividend yield		1.02	%
Expected stock price volatility		46.4% - 53.0	%
Risk free interest rate		0.27% - 0.60	%
Expected life options	2 - 4 years
Weighted-average fair value per option at grant date	$	18.24

Summary of stock options activity

A summary of stock option activity under the plans during the three months ended March 31, 2013, is presented below:

Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value ($000's)
Outstanding at January 1, 2013		1,625,327		$	43.96
Granted		10,500			62.26
Exercised		(30,182	)		36.63
Forfeited or expired		(15,791	)		57.64
Outstanding at March 31, 2013		1,589,854		$	44.08	$	7.1	$	36,657
Exercisable at March 31, 2013		954,735		$	38.54		6.2	$	27,340

Summarizes information about performance shares that remain outstanding

The following table summarizes information about the performance shares that remain outstanding as of March 31, 2013:

									Weighted
			Target Shares		Target Shares				Average
	Target Shares		Granted		Granted		Target Shares		Grant Date
Period	Outstanding at		During		During		Outstanding		Fair Value
Granted	December 31, 2012		Current Year		Current Year		at March 31, 2013		per Share
2012		67,155		-		-		67,155	$	58.66
Total		67,155		-		-		67,155

Summary of combined changes of RSAs and RSUs

A summary of the combined changes of RSAs and RSUs for the three months ended March 31, 2013, is presented below:

			Weighted-
			Average
	Number of		Grant Date
Awards	Awards		Fair Value
Unvested at January 1, 2013		109,907	$	60.13
Granted		-		-
Vested		-		-
Forfeited		-		-
Unvested at March 31, 2013		109,907	$	60.13