Share-Based Payment Arrangements

6 Months Ended

Jun. 30, 2011

Share-Based Payment Arrangements [Abstract]

Share-Based Payment Arrangements

12.   Share-Based Payment Arrangements

Share-based compensation expense, net of tax, of $1.9 million and $1.8 million was charged against income during the second quarter of 2011 and 2010, respectively. Share-based compensation expense, net of tax, of $4.2 million and $4.0 million was charged against income during the first six months of 2011 and 2010, respectively.

During the second quarter and first six months of 2011, the Corporation granted 4,367 nonvested shares (restricted stock) with a weighted average grant date fair value of $52.66 per share. During the second quarter of 2011, the Corporation had 143,039 stock options exercised at a weighted average exercise price of $34.36 per share and had 2,884 stock options forfeited or expired. During the first six months of 2011, the Corporation had 654,078 stock options exercised at a weighted average exercise price of $35.82 per share and had 14,481 stock options forfeited or expired.

Compensation expense, net of tax, of $0.3 million was charged to selling, general and administrative expense as of the grant date for stock awards under the Corporation’s Non-Employee Directors Equity Compensation Plan during both the second quarter of 2011 and second quarter of 2010. The Corporation granted non-employee members of the Board of Directors a total of 8,082 shares of common stock with a weighted average grant date fair value of $55.66 during the second quarter of 2011.