Share-Based Payment Arrangements

9 Months Ended

Sep. 30, 2011

Share-Based Payment Arrangements [Abstract]

Share-Based Payment Arrangements

12.   Share-Based Payment Arrangements

Share-based compensation expense, net of tax, of $1.5 million and $1.4 million was charged against income during the third quarter of 2011 and 2010, respectively. Share-based compensation expense, net of tax, of $5.7 million and $5.4 million was charged against income during the first nine months of 2011 and 2010, respectively.

During the third quarter of 2011, the Corporation had 18,179 stock options exercised at a weighted average exercise price of $26.14 per share and had 4,269 stock options forfeited or expired. During the first nine months of 2011, the Corporation had 672,257 stock options exercised at a weighted average exercise price of $35.55 per share and had 18,750 stock options forfeited or expired. During the first nine 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.

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 the first nine months of both 2011 and 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 first nine months of 2011.