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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Assumptions Used in the Black Scholes Model
The estimated fair value of the stock options granted during 2013 and in prior year was calculated using a Black Scholes option pricing model.  The following summarizes the assumptions used in the 2013 Black Scholes model:

Risk-free interest rate
1.25
%
Expected price volatility
45.68
%
Dividend yield
2.96
%
Forfeiture rate
4.73
%
Weighted-average expected life, until exercise
7.3 years
Components of Share Based Compensation Awards
The following table summarizes the components of the Corporation's share-based compensation awards recorded as expense:


Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2013

2012
 
2013

2012
Stock and ESPP Options
 

 
 
 

 
Pre-tax compensation expense
$
89


$
71

 
$
177


$
197

Income tax expense (benefit)
(17
)

(11
)
 
1


(13
)
Stock and ESPP option expense, net of income taxes
$
72


$
60

 
$
178


$
184

Restricted Stock Awards
 

 
 
 

 
Pre-tax compensation expense
$
386


$
344

 
$
1,108


$
904

Income tax benefit
(135
)

(104
)
 
(387
)

(322
)
Restricted stock awards expense, net of income taxes
$
251


$
240

 
$
721


$
582

Total Share-Based Compensation
 

 
 
 

 
Pre-tax compensation expense
$
475


$
415

 
$
1,285


$
1,101

Income tax benefit
(152
)

(115
)
 
(386
)

(335
)
Total share-based compensation expense, net of income taxes
$
323


$
300

 
$
899


$
766
Stock Option Activity Under Stock Option Plans
Stock option activity under the Corporation's stock option plans as of September 30, 2013 and changes during the nine months ended September 30, 2013, were as follows:

 
Number of
Shares

Weighted-Average Exercise Price

Weighted Average Remaining
Contractual Term
(in Years)

Aggregate
Intrinsic
Value
Outstanding at January 1, 2013
906,636


$
21.58


 

 
Granted
22,500


$
16.50


 

 
Exercised
(11,250
)

$
7.90


 

 
Canceled
(104,012
)

$
23.52


 

 
Outstanding September 30, 2013
813,874


$
21.46


3.86

1,464,190

Vested and Expected to Vest at September 30, 2013
813,874


$
21.46


3.9

1,464,190

Exercisable at September 30, 2013
763,074


$
21.98


3.52

1,277,175
Unvested RSAs Outstanding
The following table summarizes information on unvested RSAs outstanding as of September 30, 2013:

 
Number of Shares

Weighted-Average
Grant Date Fair Value
Unvested RSAs at January 1, 2013
401,375


$
9.29

Granted
118,954


$
15.47

Vested
(111,770
)

$
6.15

Forfeited
(1,700
)

$
11.95

Unvested RSAs at September 30, 2013
406,859


$
11.94