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Stock Plans

9 Months Ended

Sep. 30, 2011

Stock Plans [Abstract]

(9) Stock Plans

The 2008 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible employees through May 2018. Management stock-based compensation includes stock options, restricted stock, and performance stock units. The 2008 Non-Employee Directors' Equity Incentive Plan provides for grants of stock options and restricted stock to non-employee directors through May 2018. Stock options are granted at market value option prices and expire after ten years. Stock options are exercisable beginning three years after the grant date. Restricted stock is granted without payment to the company and generally vests three years after the grant date. Certain restricted stock for management retention vests in three equal tranches four, five, and six years after the grant date. Unvested restricted stock for management retention is forfeited if the grantee's employment with the company terminates for any reason other than death or disability. Restricted stock and performance stock units are valued at the market value of the stock on the grant date. The final number of shares to be issued for performance stock units may range from zero to 200% of the target award based on achieving a targeted return on net assets (RONA) over a three year performance period relative to a pre-determined peer group of companies. We issue Stock Compensation Trust shares or new shares for stock option exercises, restricted stock grants, and performance stock unit grants.

Stock compensation expense was as follows:


		Three Months Ended September 30								Nine Months Ended September 30
(In thousands)		2011				2010				2011				2010
Stock compensation expense		$	1,613			$	1,471			$	6,256			$	5,875
Income tax benefit			595				539				2,129				2,118

Stock compensation expense, net of income tax benefit			1,018				932				4,127				3,757

A summary of stock option activity for the nine months ended September 30, 2011 follows:


		Shares				Weighted Average Exercise Price
Outstanding at January 1, 2011			1,749,003			$	29.74
Granted			166,247				34.09
Exercised			(41,130	)			18.28

Outstanding at September 30, 2011			1,874,120				30.38

Exercisable at September 30, 2011			963,078				36.86

A summary of restricted stock activity for the nine months ended September 30, 2011 follows:


		Shares				Weighted Average Grant Date Fair Value
Unvested at January 1, 2011			473,637			$	26.56
Granted			124,991				33.61
Vested			(76,105	)			44.43
Forfeited			(9,986	)			32.21

Unvested at September 30, 2011			512,537				25.51

A summary of performance stock unit activity for the nine months ended September 30, 2011 follows:


		Shares				Weighted Average Grant Date Fair Value
Unvested at January 1, 2011			85,629			$	20.53
Granted			41,320				33.55

Unvested at September 30, 2011			126,949				24.77

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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