Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

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

The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the nine months ended September 30, 2013 and 2012 using a Black Scholes Model:



	Nine months ended
	September 30, 2013		September 30, 2012
Director and Officers:
Expected dividend yield	1.19	%	1.23	%
Expected volatility	47.08	%	47.54	%
Risk-free interest rate	1.55	%	1.19	%
Expected life (in years)	7		7

Employees:
Expected dividend yield	1.14	%	1.23	%
Expected volatility	45.92	%	46.00	%
Risk-free interest rate	1.40	%	1.19	%
Expected life (in years)	8		8

Summary of Stock Options Outstanding

The following is a summary of stock options vested and exercisable as of September 30, 2013:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.81-$6.47	74,100	2.27	$	5.50	$	1,561
$6.80-$8.65	209,850	4.58	7.18		4,067
$9.13-$13.05	192,183	7.66	11.32		2,929
Total	476,133	5.46	$	8.59	$	8,557

The following is a summary of stock options vested and exercisable as of September 30, 2012:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.81-$6.47	140,025	2.90	$	5.29	$	1,072
$6.80-$8.65	277,125	4.93	7.43		1,527
$9.13-$11.17	73,650	8.14	10.28		196
$12.20-$14.38	2,250	8.18	12.20		2
Total	493,050	4.85	$	7.27	$	2,797

Summary of Stock Option Activity

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



Options	Shares		Weighted Average Exercise Price
Outstanding at December 31, 2012	1,115,513		$	10.15
Granted	47,500		17.70
Exercised	(122,345	)	7.93
Forfeited or Expired	(40,575	)	11.80
Outstanding at September 30, 2013	1,000,093		$	10.70
Exercisable at September 30, 2013	476,133		$	8.59

Summary of Unvested Restricted Stock Awards

A summary of the unvested restricted stock awards is as follows:




Restricted stock	Shares		Weighted Average Grant Date Fair Value
Unvested at December 31, 2012	96,113		$	12.11
Granted	36,304		19.29
Vested	(35,138	)	12.17
Forfeited	(900	)	8.50
Unvested at September 30, 2013	96,379		$	14.83

Summary of Grant Date Fair Value of Awards During Period

A summary of share-based compensation is as follows:



	Three months ended				Nine months ended
	September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
Grant date fair value of awards during the period:	(in thousands)
Options	$	110	$	104	$	382	$	2,541
Restricted stock	51		353		700		649
Total	$	161	$	457	$	1,082	$	3,190

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	186	$	175	$	647	$	384
Restricted stock	173		86		407		241
Total	$	359	$	261	$	1,054	$	625

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit related to share-based compensation:
Options	$	84	$	229	$	376	$	247
Restricted stock	33		5		126		20
Total	$	117	$	234	$	502	$	267