Share-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Share-Based Compensation Expense and Related Tax Benefits |
The table below provides the share-based compensation expense and related tax benefits for the periods indicated:
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Year Ended December 31, |
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2017 |
|
2016 |
|
2015 |
|
(In thousands) |
Share-based compensation expense |
$ |
2,893 |
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|
$ |
3,008 |
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|
$ |
2,241 |
|
Related tax benefits |
$ |
1,179 |
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|
$ |
1,191 |
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|
$ |
755 |
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| Unrecognized Share-Based Compensation Expense |
As of December 31, 2017, unrecognized share-based compensation expense was as follows
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Unrecognized
Expense |
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Average Expected
Recognition
Period |
|
(In thousands) |
Stock option awards |
$ |
11 |
|
|
0.4 years |
Restricted stock awards |
4,648 |
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|
1.7 years |
Total unrecognized share-based compensation expense |
$ |
4,659 |
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|
1.7 years |
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| Weighted-Average Assumptions Used to Estimate Fair Value Per Share of Options Granted |
The weighted-average fair value per share of options granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
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Year Ended December 31, 2015 |
Weighted-average assumption |
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Dividend yield |
1.80 |
% |
Expected volatility |
25.00 |
% |
Expected term |
3 years |
|
Risk-free interest rate |
1.11 |
% |
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| Summary of Information under Plans |
The following information under the Plans is presented for the periods indicated:
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
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(In thousands, except per share data) |
Grant date fair value of options granted |
$ |
— |
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|
$ |
— |
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|
$ |
78 |
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Fair value of options vested |
$ |
820 |
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|
$ |
2,322 |
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|
$ |
2,668 |
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Total intrinsic value of options exercised (1)
|
$ |
432 |
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|
$ |
1,862 |
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|
$ |
488 |
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Cash received from options exercised |
$ |
288 |
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|
$ |
1,453 |
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$ |
616 |
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Weighted-average estimated fair value per share of options granted |
$ |
— |
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$ |
— |
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$ |
3.62 |
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(1) |
Intrinsic value represents the difference between the closing stock price on the exercise date and the exercise price, multiplied by the number of options. |
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| Summary of Stock Option Transactions under Plans |
The following is a summary of stock option transactions under the Plans for the periods indicated:
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Year Ended December 31, |
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2017 |
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2016 |
|
2015 |
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Number of
Shares
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Weighted-
Average
Exercise
Price Per
Share
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Number of
Shares
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Weighted-
Average
Exercise
Price Per
Share
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Number of
Shares
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Weighted-
Average
Exercise
Price Per
Share
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Options outstanding at beginning of period |
387,901 |
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$ |
17.49 |
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510,148 |
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$ |
24.38 |
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603,872 |
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$ |
23.78 |
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Options granted |
— |
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$ |
— |
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— |
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$ |
— |
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28,000 |
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$ |
23.47 |
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Options exercised |
(23,813 |
) |
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$ |
12.21 |
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(94,997 |
) |
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$ |
15.29 |
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(46,516 |
) |
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$ |
13.24 |
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Options forfeited |
— |
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$ |
— |
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(125 |
) |
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$ |
144.00 |
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|
(71,608 |
) |
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$ |
20.59 |
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Options expired |
— |
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$ |
— |
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(27,125 |
) |
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$ |
154.09 |
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(3,600 |
) |
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$ |
136.79 |
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Options outstanding at end of period |
364,088 |
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$ |
17.86 |
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387,901 |
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$ |
17.49 |
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|
510,148 |
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$ |
24.38 |
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Options exercisable at end of period |
354,753 |
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$ |
17.71 |
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341,561 |
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$ |
16.85 |
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333,460 |
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$ |
27.16 |
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| Summary of Transactions for Non-Vested Stock Options |
The following is a summary of transactions for non-vested stock options under the Plans for the periods indicated:
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
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Number of
Shares |
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Weighted-
Average
Exercise
Price Per
Share |
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Number of
Shares |
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Weighted-
Average
Exercise
Price Per
Share |
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Number of
Shares |
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Weighted-
Average
Exercise
Price Per
Share |
Non-vested options outstanding at beginning of period |
46,340 |
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$ |
22.42 |
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176,688 |
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$ |
19.13 |
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379,106 |
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$ |
18.11 |
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Options granted |
— |
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$ |
— |
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— |
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$ |
— |
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28,000 |
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$ |
23.47 |
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Options vested |
(37,005 |
) |
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$ |
22.16 |
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(130,223 |
) |
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$ |
17.83 |
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(158,810 |
) |
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$ |
16.80 |
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Options forfeited |
— |
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$ |
— |
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(125 |
) |
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$ |
144.00 |
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(71,608 |
) |
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$ |
20.59 |
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Non-vested options outstanding at end of period |
9,335 |
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$ |
23.47 |
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46,340 |
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$ |
22.42 |
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176,688 |
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$ |
19.13 |
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| Summary of Stock Options Outstanding under Plans |
As of December 31, 2017, stock options outstanding under the Plans were as follows:
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Options Outstanding |
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Options Exercisable |
Range of Exercise Prices |
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Number of
Shares |
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Intrinsic
Value
(1)
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Life |
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Number of
Shares |
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Intrinsic
Value
(1)
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Life |
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(In thousands except share and per share data) |
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$10.80 to $14.99 |
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13,088 |
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$ |
235 |
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$ |
12.37 |
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4.6 years |
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13,088 |
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$ |
235 |
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$ |
12.37 |
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4.6 years |
$15.00 to $19.99 |
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255,000 |
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3,550 |
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16.43 |
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5.7 years |
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255,000 |
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3,550 |
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16.43 |
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5.7 years |
$20.00 to $24.83 |
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96,000 |
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|
763 |
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22.41 |
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6.7 years |
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86,665 |
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|
698 |
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22.29 |
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6.6 years |
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364,088 |
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$ |
4,548 |
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$ |
17.86 |
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354,753 |
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$ |
4,483 |
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$ |
17.71 |
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|
(1) |
Intrinsic value represents the difference between the closing stock price on the last trading day of the period, which was $30.35 as of December 31, 2017, and the exercise price, multiplied by the number of options.
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| Schedule of Restricted Stock Awards under 2013 Plan |
The table below provides information for restricted stock awards under the 2013 Plan for the periods indicated:
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2017 |
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2016 |
|
2015 |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number of
Shares |
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
Restricted stock at beginning of period |
343,958 |
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$ |
16.60 |
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137,114 |
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$ |
20.74 |
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173,222 |
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$ |
19.58 |
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Restricted stock granted |
127,239 |
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$ |
31.06 |
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|
287,179 |
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$ |
15.52 |
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|
58,092 |
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|
22.53 |
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Restricted stock vested |
(139,298 |
) |
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$ |
18.73 |
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(77,515 |
) |
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$ |
19.75 |
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(68,017 |
) |
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$ |
19.16 |
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Restricted stock forfeited |
(14,116 |
) |
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$ |
24.73 |
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(2,820 |
) |
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$ |
21.58 |
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(26,183 |
) |
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$ |
21.16 |
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Restricted stock at end of period |
317,783 |
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$ |
21.09 |
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343,958 |
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$ |
16.60 |
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137,114 |
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$ |
20.74 |
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