Stock Based Compensation (Text Block)

3 Months Ended

Sep. 30, 2011

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

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

STOCK-BASED COMPENSATION

For the three-month periods endedSeptember 30, 2011 and 2010, there was $1,244 and $933, respectively, in compensation expense from equity-based awards. The Company issues both unit awards and share awards under the Restricted Stock Plan. The Company previously issued options to employees under the 1996 Stock Option Plan (“1996 SOP”) and to outside directors under the 2005 Non-Qualified Stock Option Plan (“2005 NSOP”). No stock options were issued under the 1996 SOP or the 2005 NSOP during the three-month periods endedSeptember 30, 2011.

2005 NSOP and 1996 SOP

Changes in stock options outstanding and exercisable are as follows:

2005 NSOP & 1996 SOP – Stock options
	Number of  Shares		Weighted  Average  Exercise  Price		Aggregate  Intrinsic  Value
Outstanding July 1, 2011	990		$	15.65
Granted	—		—
Forfeited	—		—
Exercised	(30	)	18.21
Outstanding September 30, 2011	960		$	15.57	$	12,873
Vested September 30, 2011	960		$	15.57	$	12,873
Exercisable September 30, 2011	960		$	15.57	$	12,873

Compensation cost related to outstanding options has been fully recognized. The weighted-average remaining contractual term on options currently exercisable as of September 30, 2011 was 2.53 years.

Restricted Stock Plan

The following table summarizes non-vested unit awards as of September 30, 2011, as well as activity for the three months then ended:

Unit awards	Shares		Weighted Average Grant Date Fair Value
Outstanding July 1, 2011	293		15.77
Granted	391		19.69
Vested	—		—
Forfeited	(12	)	15.77
Outstanding September 30, 2011	672		$	18.05

The weighted average assumptions used in this model to estimate fair value at the measurement date and resulting values are as follows:

Volatility	34.2	%
Risk free interest rate	0.31	%
Dividend yield	1.5	%
Stock Beta	0.903

At September 30, 2011, there was $10,423 of compensation expense that has yet to be recognized related to non-vested restricted stock unit awards, which will be recognized over a weighted-average period of 2.53 years.

The following table summarizes non-vested share awards as of September 30, 2011, as well as activity for the three months then ended:

Share awards	Shares		Weighted Average Grant Date Fair Value
Outstanding July 1, 2011	416		$	22.34
Granted	2		29.57
Vested	(95	)	22.46
Forfeited	(10	)	23.34
Outstanding September 30, 2011	313		$	22.32

At September 30, 2011, there was $3,215 of compensation expense that has yet to be recognized related to non-vested restricted stock share awards, which will be recognized over a weighted-average period of 1.64 years.