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Stock Purchase and Option Plans
12 Months Ended
Dec. 31, 2011
Stock Purchase and Option Plans [Abstract]  
Stock Purchase and Option Plans
 
Note I - Stock Purchase and Option Plans

In accordance with the terms of the 1981 Stock Purchase Plan (1981 Plan), the Company is obligated to repurchase shares issued under the 1981 Plan, at a price equal to 90% of the book value of the shares at the end of the quarter immediately preceding the date of repurchase.  No shares have ever been repurchased under the 1981 Plan.  At December 31, 2011, there were 124,099 shares (Class A) and 380,458 shares (Class B) outstanding which remain eligible for repurchase by the Company.
 
The Company maintains two stock option plans and one restricted stock unit plan which are described below.
 
Director Option Plan:
 
Under the Director Option Plan (the “Director Plan”), which is shareholder approved, the Company has reserved 300,000 shares of Class B common stock for the granting of discounted and market value options to non-employee directors.  Approximately 167,000 shares of Class B common stock are available for future grants.  No options were granted to directors during the three year period ended December 31, 2011.  Additionally, no discounted options were outstanding or exercised at any time during this three year period.  Accordingly, no compensation cost was charged against income for the Director Plan for 2011, 2010 and 2009.
 
Employee Option Plan:
 
Under the Employee Option Plan (the “Employee Plan”), which is shareholder approved, the Company has reserved 1,125,000 shares of Class B common stock for the granting of discounted and market value options to employees.  Approximately 259,000 shares of Class B common stock are available for future grants.  No options were granted to employees during the three year period ended December 31, 2011.  Additionally, no options were outstanding or exercised at any time during this period.  Accordingly, no compensation cost was charged against income for the Employee Plan for 2011, 2010 and 2009.
 
The Company's policy is to issue new shares to satisfy share option exercises.
 
Restricted Stock:
 
Effective June 11, 2009, the Company issued 20,900 shares of class B restricted stock to the Company's outside directors.  The restricted shares became fully vested on May 5, 2010 and were distributed to directors on that date.  The shares represent the annual retainer compensation for outside directors for the period July 1, 2009 through June 30, 2010.  Each share was valued at $21.05 per share representing a total value of $440.  Compensation expense related to the above stock grant was recognized over the period in which the directors rendered the services.

Effective May 4, 2010, the Company issued 17,754 shares of class B restricted stock to the Company's outside directors.  The restricted shares became fully vested on May 4, 2011 and were distributed to directors on that date.  The shares represent the annual retainer compensation for outside directors for the period July 1, 2010 through June 30, 2011.  Each share was valued at $24.78 per share representing a total value of $440.  Compensation expense related to the above stock grant was recognized over the period in which the directors rendered the services.

Effective May 10, 2011, the Company issued 19,558 shares of class B restricted stock to the Company's outside directors.  These restricted shares represent the annual retainer compensation for outside directors for the period July 1, 2011 through June 30, 2012 and will vest on May 10, 2012.  Vesting will be accelerated only on the condition of death, disability, or change in control of the Company.  Each restricted share is valued at $22.50 per share representing a total value of $440.  Compensation expense related to the above stock grant is to be recognized over the period in which the directors render the services which will also coincide with the vesting period.

Director compensation cost associated with restricted stock grants of $440, $440 and $220 was charged against income for the restricted stock units for 2011, 2010 and 2009, respectively.

Effective February 9, 2010, the Company issued 40,061 shares of class B restricted stock to certain of the Company's executives.  The restricted shares will be paid solely in the Company's class B stock.  The restricted shares represent compensation to certain executives under the Company's 2009 Executive Incentive Bonus Plan and additional stock awards approved by the Board of Directors.  The restricted shares will vest ratably over a three year period from the date of grant and are accelerated for retirement eligible recipients due to the non-substantive post-grant date vesting clause per ASC 715, Compensation-Retirement Benefits.  Restricted stock was valued based on the closing price of the stock on the day the award was granted. Each share was valued at $23.08 per share representing a total value of $925.  Non-vested restricted shares will be forfeited should an executive's employment terminate for any reason other than death, disability, or retirement as defined by the Compensation Committee.

Effective February 9, 2011, the Company issued 14,473 shares of class B restricted stock to certain of the Company's executives.  The restricted shares will be paid solely in the Company's class B stock.  The restricted shares represent compensation to certain executives under the Company's 2010 Executive Incentive Bonus Plan.  The restricted shares will vest ratably over a three year period from the date of grant and are accelerated for retirement eligible recipients due to the non-substantive post-grant date vesting clause per ASC 715, Compensation-Retirement Benefits.  Restricted stock was valued based on the closing price of the stock on the day the award was granted. Each share was valued at $23.39 per share representing a total value of $339.  Non-vested restricted shares will be forfeited should an executive's employment terminate for any reason other than death, disability, or retirement as defined by the Compensation Committee.
 
During 2002 and 2001, the Company offered loans to certain employees for the sole purpose of purchasing the Company's Class B common stock in the open market.  Principal and interest totaling $1,302 and $1,414 relating to such loans was outstanding at December 31, 2011 and 2010, respectively.  Loans carry interest rates ranging from 4.75% to 6%, payable annually.  The underlying securities, with value in excess of the related debt, serve as collateral for these full-recourse loans, which must be repaid no later than 10 years from the date of issue.  This loan program was terminated in 2002.