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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-based Compensation Expense

A summary of stock-based compensation expense for the years ended December 31, 2013, 2012 and 2011 is as follows:



	December 31,
	2013		2012		2011
Stock Options	$	2,017,000	$	1,897,000	$	1,870,000
Restricted Stock	28,000		—		—
Employee Stock Purchase Plan (ESPP)	562,000		641,000		282,000
Total pre-tax stock-based compensation expense charged against income (1)	$	2,607,000	$	2,538,000	$	2,152,000


(1)	Stock-based compensation expense is recorded in the selling, general and administrative caption in our consolidated statements of comprehensive income.

Summary of Stock Options Activity

A summary of our stock option activity is as follows:



	2013				2012				2011
	Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price		Number of Shares
Beginning of period	$	13.18	2,632,000		$	10.97	2,912,000		$	9.14	3,002,000
Granted	23.50		564,000		17.50		601,000		16.11		510,000
Cancelled	18.18		(88,000	)	14.53		(134,000	)	12.67		(96,000	)
Exercised	10.37		(625,000	)	7.81		(747,000	)	4.93		(504,000	)
End of period	$	16.05	2,483,000		$	13.18	2,632,000		$	10.97	2,912,000

Other information pertaining to activity of our stock awards during the years ended December 31, 2013, 2012 and 2011 was as follows:



	2013		2012		2011
Total grant-date fair value of stock awards granted	$	3,412,000	$	2,438,000	$	1,477,000
Total fair value of stock awards vested during period	$	1,897,000	$	1,409,000	$	1,551,000
Total unrecognized compensation expense related to non-vested stock awards	$	4,963,000	$	3,999,000	$	3,547,000

Summarized Information of Stock Options Outstanding

The following table summarizes other information about our outstanding stock options at December 31, 2013.



Stock Options	2013		2012		2011
Range of exercise prices	$6.07 - 23.50		$3.68 - 17.50		$2.41 - 16.11
Outstanding:
Weighted average remaining contractual life (years)	6.5		6.3		6.0
Aggregate intrinsic value	$	30,599,000	$	26,472,000	$	19,639,000
Exercisable:
Number of shares	922,000		1,040,000		1,383,000
Weighted average remaining contractual life (years)	4.5		4.2		3.9
Aggregate intrinsic value	$	15,053,000	$	13,934,000	$	13,925,000
Exercised:
Aggregate intrinsic value	$	9,139,000	$	10,465,000	$	5,059,000

Assumption for Fair Value of Options Granted

The fair value of stock awards granted during 2013, 2012 and 2011 was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions:



	2013	2012	2011
Risk-free interest rate	1.50%	1.30%	2.60%
Weighted average expected life in years	6.0 years	6.8 years	7.4 years
Expected volatility	38.9%	39.2%	27.4%
Dividend yield	2.80%	3.60%	3.66%
Forfeiture rate	3.00%	2.90%	3.81%

Summary of ESPP Annual Offerings

The following table summarizes information about our ESPP annual offerings for the years ended December 31, 2013, 2012 and 2011:



	ESPP Annual Offering
	2013		2012		2011
Common shares purchased	65,000		79,000		71,000
Per common share purchase price	$	19.75	$	15.04	$	13.83
Amount expensed under ESPP	$	562,000	$	641,000	$	282,000
Net proceeds from issuance	$	1,288,000	$	1,192,000	$	978,000
Common shares date of issue	Jan 3, 2014		Jan 4, 2013		Jan 4, 2012

Summary of Information Of SERP

The following table summarizes information about our SERP for the plan years ended December 31, 2013, 2012 and 2011:



	SERP Plan Year
	2013			2012			2011
Amount of company match expensed under SERP	$	538,000		$	560,000		$	444,000
Treasury shares issued to fund SERP expense	19,000			24,000			26,000
SERP trust account balance at December 31	$	31,415,000	⁽¹⁾	$	24,997,000	⁽¹⁾	$	18,942,000		⁽¹⁾
Unrealized gain (loss) recorded in SERP liability account	$	3,005,000		$	1,718,000		$	(104,000	)

(1)

SERP trust account investments are recorded at their fair value which is based on quoted market prices. Differences between such amounts in the table above and the deferred compensation funding asset reported on our Consolidated Balance Sheets represent the value of our Common Stock held in the Plan’s participants’ trust account and reported by us as treasury stock in our Consolidated Balance Sheets.

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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