2.2.0.25falsefalse0206 - Disclosure - Stock Optionstruefalsefalse1falsefalseUSDfalsefalse7/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jul-01-2010_Dec-31-2010http://www.sec.gov/CIK0000842023duration2010-07-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ShareBasedCompensationAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalsefalsefalse | Otherxbrli:stringItemTypestringNo definition available.falsefalse
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>F. Stock Options:</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Option activity under the Company’s stock option plans during the six months ended December 31,
2010 was as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><i>Weighted</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><i>Weighted</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><i>Average</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><i>Average</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><i>Aggregate</i></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><i>Shares</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><i>Exercise</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><i>Contractual</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><i>Intrinsic</i></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><i>(in 000’s)</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><i>Price</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><i>Life (Yrs.)</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><i>Value</i></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at June 30, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">440</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">54.26</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Granted
</div></td>
<td> </td>
<td> </td>
<td align="right">45</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">61.12</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Exercised
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(95</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="right">$</td>
<td align="right">42.06</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td style="border-top: 1px solid #000000"> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at December 31, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">390</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">58.03</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6.1</td>
<td> </td>
<td> </td>
<td colspan="3" align="center" nowrap="nowrap">$3.1 million</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td style="border-top: 3px double #000000"> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Exercisable at December 31, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">317</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">56.22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6.1</td>
<td> </td>
<td> </td>
<td colspan="3" align="center">$3.0 million</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td style="border-top: 3px double #000000"> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of options granted under the Company’s stock option plans were estimated on the date
of grant using the Black-Scholes option-pricing model with the following assumptions used:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><i>Quarter Ended</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><i>Six Months Ended</i></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><i>12/31/10</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><i>12/31/09</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><i>12/31/10</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><i>12/31/09</i></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Dividend yield
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.8</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.6</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.8</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.6</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected annualized volatility
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">27</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">30</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td nowrap="nowrap" align="right">22%-27</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td nowrap="nowrap" align="right">24%-30</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Risk free interest rate
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">3.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td nowrap="nowrap" align="right">1.3%-2.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td nowrap="nowrap" align="right">2.5%-3.1</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected life
</div></td>
<td> </td>
<td> </td>
<td colspan="0" nowrap="nowrap" align="right">7 years</td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="0" nowrap="nowrap" align="right">8 years</td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="0" nowrap="nowrap" align="right">7 years</td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="0" nowrap="nowrap" align="right">7 years</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted average fair value of options granted
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">15.70</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">19.90</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">15.02</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">19.53</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The dividend yield is based on the Company’s historical annual cash dividend divided by the market
value of the Company’s Common Stock. The expected annualized volatility is based on the Company’s
historical stock price over a period equivalent to the expected life of the option granted. The
risk-free interest rate is based on U.S. Treasury constant maturity interest rates with a term
consistent with the expected life of the options granted. Separate groups of employees that have
similar historical exercise behavior with regard to option exercise timing and forfeiture rates are
considered separately in determining option fair value.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Stock option exercises were satisfied through the issuance of new shares. The value of stock
options exercised and vested was as follows (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><i>Quarter Ended</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><i>Six Months Ended</i></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><i>12/31/10</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><i>12/31/09</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><i>12/31/10</i></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><i>12/31/09</i></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Options exercised — intrinsic value
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,505</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">449</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,822</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">465</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Options vested — fair value
</div></td>
<td> </td>
<td> </td>
<td align="right">628</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">697</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">677</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">717</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Stock-based compensation cost of $714,000 and $850,000 was included in selling, general and
administrative expense for the quarter and six months ended December 31, 2010, respectively.
Stock-based compensation cost of $777,000 and $879,000 was included in selling, general and
administrative expense for the quarter and six months ended December 31, 2009, respectively.
Compensation cost is recognized using a straight-line method over the vesting period and is net of
estimated forfeitures. As of December 31, 2010, there were 73,000 non-vested options outstanding
with a weighted average grant date fair value of $12.15. As of December 31, 2010, there was
$664,000 of total unrecognized compensation cost related to non-vested stock options that will be
expensed in fiscal 2011 through 2014.
</div>
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<!-- Begin Block Tagged Notefalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringDisclosure of components of a stock option or other award plan under which share-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 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 share-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 share-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
falsefalse
12Stock OptionsUnKnownUnKnownUnKnownUnKnownfalsetrue