Stock and Other Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2013

Summary of the activity under the Incentive Plan the previous directors' plan

A summary of the activity under the Incentive Plan and related information for the three years in the period ended December 31, 2013 follows:



	Year Ended December 31,
	2013			2012			2011
Stock-based awards, beginning of year	1,770,061			1,430,675			1,379,243
Granted	134,752			397,917			106,569
Vested	(116,645		)	(58,531		)	(44,211		)
Forfeited	—			—			(10,926		)
Stock-based awards, end of year	1,788,168			1,770,061			1,430,675
Weighted-average grant date fair value of:
Stock-based awards, beginning of year	$	23.97		$	24.42		$	24.71
Stock-based awards granted during the year	$	23.90		$	22.35		$	21.64
Stock-based awards vested during the year	$	26.35		$	23.99		$	26.33
Stock-based awards forfeited during the year	$	—		$	—		$	22.24
Stock-based awards, end of year	$	23.81		$	23.97		$	24.42
Grant date fair value of shares granted during the year	$	3,220,623		$	8,894,424		$	2,305,848

Summary of the Employee Stock Purchase Plan activity

A summary of the Employee Stock Purchase Plan activity and related information for the three years in the period ended December 31, 2013 is as follows:



	Year Ended December 31,
	2013			2012			2011
Outstanding, beginning of year	433,452			425,196			392,517
Granted	246,717			327,936			261,960
Exercised	(69,076		)	(59,163		)	(13,901		)
Forfeited	(49,434		)	(78,202		)	(49,173		)
Expired	(170,551		)	(182,315		)	(166,207		)
Outstanding and exercisable, end of year	391,108			433,452			425,196
Weighted-average exercise price of:
Options outstanding, beginning of year	$	16.78		$	15.80		$	17.99
Options granted during the year	$	20.41		$	15.80		$	17.99
Options exercised during the year	$	17.09		$	16.18		$	16.31
Options forfeited during the year	$	17.98		$	16.74		$	17.12
Options expired during the year	$	17.99		$	18.24		$	19.34
Options outstanding, end of year	$	17.05		$	16.78		$	15.80
Weighted-average fair value of options granted during the year (calculated as of the grant date)	$	5.08		$	4.13		$	7.61
Intrinsic value of options exercised during the year	$	375,335		$	439,645		$	38,784
Intrinsic value of options outstanding and exercisable (calculated as of December 31)	$	1,665,331		$	3,132,506		$	1,186,297
Exercise prices of options outstanding (calculated as of December 31)	$	17.05		$	16.78		$	15.80
Weighted-average contractual life of outstanding options (calculated as of December 31, in years)	0.8			0.8			0.8

Fair value of options issued based on weighted-average assumptions



	2013		2012		2011
Risk-free interest rates	0.25	%	0.25	%	0.61	%
Expected dividend yields	5.17	%	6.17	%	5.35	%
Expected life (in years)	1.35		1.46		1.48
Expected volatility	25.6	%	30.3	%	64.8	%
Expected forfeiture rates	85	%	70	%	91	%

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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