Share-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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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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2016 |
|
2015 |
|
2014 |
|
(In thousands) |
Share-based compensation expense |
$ |
3,008 |
|
|
$ |
2,241 |
|
|
$ |
2,165 |
|
Related tax benefits |
$ |
1,191 |
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|
$ |
755 |
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|
$ |
516 |
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| Unrecognized Share-Based Compensation Expense |
As of December 31, 2016, 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 |
$ |
99 |
|
|
0.8 years |
Restricted stock awards |
3,836 |
|
|
2.3 years |
Total unrecognized share-based compensation expense |
$ |
3,935 |
|
|
2.2 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, |
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2015 |
|
2014 |
Weighted-average assumption |
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Dividend yield |
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1.80 |
% |
|
1.27 |
% |
Expected volatility |
|
25.00 |
% |
|
35.18 |
% |
Expected term |
|
3 years |
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|
3 years |
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Risk-free interest rate |
|
1.11 |
% |
|
0.86 |
% |
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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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2016 |
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2015 |
|
2014 |
|
(In thousands, except per share data) |
Grant date fair value of options granted |
$ |
— |
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|
$ |
78 |
|
|
$ |
583 |
|
Fair value of options vested |
$ |
2,322 |
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|
$ |
2,668 |
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$ |
2,141 |
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Total intrinsic value of options exercised (1)
|
$ |
1,862 |
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|
$ |
488 |
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$ |
353 |
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Cash received from options exercised |
$ |
1,453 |
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$ |
616 |
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|
$ |
467 |
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Weighted-average estimated fair value per share of options granted |
$ |
— |
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|
$ |
3.62 |
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$ |
4.79 |
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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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2016 |
|
2015 |
|
2014 |
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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 |
510,148 |
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|
$ |
24.38 |
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|
603,872 |
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|
$ |
23.78 |
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|
546,595 |
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$ |
28.09 |
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Options granted |
— |
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|
$ |
— |
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|
28,000 |
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|
$ |
23.47 |
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158,000 |
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|
$ |
21.30 |
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Options exercised |
(94,997 |
) |
|
$ |
15.29 |
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|
(46,516 |
) |
|
$ |
13.24 |
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|
(37,569 |
) |
|
$ |
12.42 |
|
Options forfeited |
(125 |
) |
|
$ |
144.00 |
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|
(71,608 |
) |
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$ |
20.59 |
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|
(30,917 |
) |
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$ |
14.64 |
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Options expired |
(27,125 |
) |
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$ |
154.09 |
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|
(3,600 |
) |
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$ |
136.79 |
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|
(32,237 |
) |
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$ |
106.70 |
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Options outstanding at end 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 exercisable at end of period |
341,561 |
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$ |
16.85 |
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|
333,460 |
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$ |
27.16 |
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224,766 |
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$ |
33.35 |
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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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2016 |
|
2015 |
|
2014 |
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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 |
|
Number of
Shares |
|
Weighted-
Average
Exercise
Price Per
Share |
Non-vested options outstanding at beginning of period |
176,688 |
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|
$ |
19.13 |
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|
379,106 |
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$ |
18.11 |
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|
391,625 |
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|
$ |
15.56 |
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Options granted |
— |
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|
$ |
— |
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|
28,000 |
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|
$ |
23.47 |
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158,000 |
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|
$ |
21.30 |
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Options vested |
(130,223 |
) |
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$ |
17.83 |
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(158,810 |
) |
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$ |
16.80 |
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(139,602 |
) |
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$ |
15.34 |
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Options forfeited |
(125 |
) |
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$ |
144.00 |
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(71,608 |
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$ |
20.59 |
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(30,917 |
) |
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$ |
14.64 |
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Non-vested options outstanding at end 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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| Summary of Stock Options Outstanding under Plans |
As of December 31, 2016, 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 |
|
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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$10.88 to $14.99 |
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36,901 |
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|
$ |
835 |
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$ |
12.27 |
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5.4 years |
|
36,901 |
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$ |
835 |
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$ |
12.27 |
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5.4 years |
$15.00 to $19.99 |
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265,000 |
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|
4,861 |
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|
16.55 |
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6.7 years |
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255,000 |
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|
4,710 |
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|
16.43 |
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6.7 years |
$20.00 to $24.83 |
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86,000 |
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|
1,056 |
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|
22.62 |
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7.7 years |
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49,660 |
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|
509 |
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22.39 |
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7.5 years |
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|
387,901 |
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$ |
6,752 |
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$ |
17.49 |
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6.8 years |
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341,561 |
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$ |
6,054 |
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$ |
16.85 |
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6.6 years |
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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 $34.90 as of December 31, 2016, 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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|
2016 |
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2015 |
|
2014 |
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Number of
Shares |
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number of
Shares |
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
|
Number of
Shares |
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
Restricted stock at beginning of period |
137,114 |
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|
$ |
20.74 |
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|
173,222 |
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$ |
19.58 |
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|
116,082 |
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$ |
16.43 |
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Restricted stock granted |
287,179 |
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|
$ |
15.52 |
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|
58,092 |
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$ |
22.53 |
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|
119,988 |
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|
21.56 |
|
Restricted stock vested |
(77,515 |
) |
|
$ |
19.75 |
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(68,017 |
) |
|
$ |
19.16 |
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(53,515 |
) |
|
$ |
17.61 |
|
Restricted stock forfeited |
(2,820 |
) |
|
$ |
21.58 |
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(26,183 |
) |
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$ |
21.16 |
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(9,333 |
) |
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$ |
17.05 |
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Restricted stock at end 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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