Stock Based Compensation (Text Block)

3 Months Ended

Sep. 30, 2013

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 months ended September 30, 2013 and 2012, there was $1,922 and $1,734 of equity-based compensation costs, respectively.

2005 NSOP and 1996 SOP

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 months ended September 30, 2013.

A summary of option plan activity under the plan is as follows:

	Number of Shares		Weighted Average Exercise Price		Aggregate  Intrinsic  Value
Outstanding July 1, 2013	144		21.79
Granted	—		—
Forfeited	—		—
Exercised	(4	)	18.38
Outstanding September 30, 2013	140		$	21.88	$	4,167
Vested September 30, 2013	140		$	21.88	$	4,167
Exercisable September 30, 2013	140		$	21.88	$	4,167

Compensation cost related to outstanding options has been fully recognized. The weighted-average remaining contractual term on options currently exercisable as of September 30, 2013 was 3.86 years.

Restricted Stock Plan

The Company issues both unit awards and share awards under the Restricted Stock Plan. The following table summarizes non-vested unit awards as of September 30, 2013, as well as activity for the three months then ended:

Unit awards	Shares		Weighted Average Grant Date Fair Value
Outstanding July 1, 2013	814		23.08
Granted	164		48.21
Vested	(168	)	15.77
Forfeited	(101	)	15.77
Outstanding September 30, 2013	709		$	31.66

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

Volatility	21.6	%
Risk free interest rate	0.91	%
Dividend yield	1.6	%
Stock Beta	0.837

At September 30, 2013, there was $14,185 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 1.66 years.

The following table summarizes non-vested share awards as of September 30, 2013, as well as activity for the three months then ended:

Share awards	Shares		Weighted Average Grant Date Fair Value
Outstanding July 1, 2013	252		25.83
Granted	8		49.63
Vested	(114	)	21.99
Forfeited	(1	)	22.17
Outstanding September 30, 2013	145		$	30.20

At September 30, 2013, there was $1,964 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 1.41 years.