Share-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2015 |
|
2014 |
|
2013 |
|
(In thousands) |
Share-based compensation expense |
$ |
2,241 |
|
|
$ |
2,165 |
|
|
$ |
705 |
|
Related tax benefits |
$ |
755 |
|
|
$ |
516 |
|
|
$ |
32 |
|
|
| Unrecognized Share-Based Compensation Expense |
As of December 31, 2015, unrecognized share-based compensation expense was as follows
|
|
|
|
|
|
|
|
Unrecognized
Expense |
|
Average Expected
Recognition
Period |
|
(In thousands) |
Stock option awards |
$ |
525 |
|
|
1.2 years |
Restricted stock awards |
1,999 |
|
|
1.7 years |
Total unrecognized share-based compensation expense |
$ |
2,524 |
|
|
1.6 years |
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2015 |
|
2014 |
|
2013 |
Weighted-average assumption |
|
|
|
|
|
Dividend yield |
1.80 |
% |
|
1.27 |
% |
|
1.61 |
% |
Expected volatility |
25.00 |
% |
|
35.18 |
% |
|
43.67 |
% |
Expected term |
3 years |
|
|
3 years |
|
|
3 years |
|
Risk-free interest rate |
1.11 |
% |
|
0.86 |
% |
|
0.79 |
% |
|
| Summary of Information under Plans |
The following information under the Plans is presented for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2015 |
|
2014 |
|
2013 |
|
(In thousands, except per share data) |
Grant date fair value of options granted |
$ |
78 |
|
|
$ |
583 |
|
|
$ |
1,053 |
|
Fair value of options vested |
$ |
2,668 |
|
|
$ |
2,141 |
|
|
$ |
920 |
|
Total intrinsic value of options exercised (1)
|
$ |
488 |
|
|
$ |
353 |
|
|
$ |
485 |
|
Cash received from options exercised |
$ |
616 |
|
|
$ |
467 |
|
|
$ |
525 |
|
Weighted-average estimated fair value per share of options granted |
$ |
3.62 |
|
|
$ |
4.79 |
|
|
$ |
4.48 |
|
|
|
(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. |
|
| Summary of Stock Option Transactions under Plans |
The following is a summary of stock option transactions under the Plans for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2015 |
|
2014 |
|
2013 |
|
Number of
Shares
|
|
Weighted-
Average
Exercise
Price Per
Share
|
|
Number of
Shares
|
|
Weighted-
Average
Exercise
Price Per
Share
|
|
Number of
Shares
|
|
Weighted-
Average
Exercise
Price Per
Share
|
Options outstanding at beginning of period |
603,872 |
|
|
$ |
23.78 |
|
|
546,595 |
|
|
$ |
28.09 |
|
|
342,950 |
|
|
$ |
37.44 |
|
Options granted |
28,000 |
|
|
$ |
23.47 |
|
|
158,000 |
|
|
$ |
21.30 |
|
|
305,000 |
|
|
$ |
16.43 |
|
Options exercised |
(46,516 |
) |
|
$ |
13.24 |
|
|
(37,569 |
) |
|
$ |
12.42 |
|
|
(46,113 |
) |
|
$ |
11 |
|
Options forfeited |
(71,608 |
) |
|
$ |
20.59 |
|
|
(30,917 |
) |
|
$ |
14.64 |
|
|
(36,566 |
) |
|
$ |
12.50 |
|
Options expired |
(3,600 |
) |
|
$ |
136.79 |
|
|
(32,237 |
) |
|
$ |
106.70 |
|
|
(18,676 |
) |
|
$ |
81.20 |
|
Options outstanding at end of period |
510,148 |
|
|
$ |
24.38 |
|
|
603,872 |
|
|
$ |
23.78 |
|
|
546,595 |
|
|
$ |
28.09 |
|
Options exercisable at end of period |
333,460 |
|
|
$ |
27.16 |
|
|
224,766 |
|
|
$ |
33.35 |
|
|
154,970 |
|
|
$ |
59.77 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2015 |
|
2014 |
|
2013 |
|
Number of
Shares |
|
Weighted-
Average
Exercise
Price Per
Share |
|
Number of
Shares |
|
Weighted-
Average
Exercise
Price Per
Share |
|
Number of
Shares |
|
Weighted-
Average
Exercise
Price Per
Share |
Non-vested options outstanding at beginning of period |
379,106 |
|
|
$ |
18.11 |
|
|
391,625 |
|
|
$ |
15.56 |
|
|
183,188 |
|
|
$ |
12.37 |
|
Options granted |
28,000 |
|
|
$ |
23.47 |
|
|
158,000 |
|
|
$ |
21.30 |
|
|
305,000 |
|
|
$ |
16.43 |
|
Options vested |
(158,810 |
) |
|
$ |
16.80 |
|
|
(139,602 |
) |
|
$ |
15.34 |
|
|
(59,997 |
) |
|
$ |
12.14 |
|
Options forfeited |
(71,608 |
) |
|
$ |
20.59 |
|
|
(30,917 |
) |
|
$ |
14.64 |
|
|
(36,566 |
) |
|
$ |
12.50 |
|
Non-vested options outstanding at end of period |
176,688 |
|
|
$ |
19.13 |
|
|
379,106 |
|
|
$ |
18.11 |
|
|
391,625 |
|
|
$ |
15.56 |
|
|
| Summary of Stock Options Outstanding under Plans |
As of December 31, 2015, stock options outstanding under the Plans were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
Options Exercisable |
|
Number of
Shares |
|
Intrinsic
Value
(1)
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
Weighted-
Average
Remaining
Contractual
Life |
|
Number of
Shares |
|
Intrinsic
Value
(1)
|
|
Weighted-
Average
Exercise
Price Per
Share |
|
Weighted-
Average
Remaining
Contractual
Life |
|
|
|
|
|
(In thousands except share and per share data) |
|
|
$10.80 to $49.99 |
482,898 |
|
|
$ |
3,219 |
|
|
$ |
17.06 |
|
|
7.7 years |
|
306,210 |
|
|
$ |
2,398 |
|
|
$ |
15.87 |
|
|
7.4 years |
$50.00 to $99.99 |
— |
|
|
— |
|
|
— |
|
|
0.0 years |
|
— |
|
|
— |
|
|
— |
|
|
0.0 years |
$100.00 to $149.99 |
16,000 |
|
|
— |
|
|
143.63 |
|
|
0.3 years |
|
16,000 |
|
|
— |
|
|
143.63 |
|
|
0.3 years |
$150.00 to $173.04 |
11,250 |
|
|
— |
|
|
168.86 |
|
|
0.8 years |
|
11,250 |
|
|
— |
|
|
168.86 |
|
|
0.8 years |
|
510,148 |
|
|
$ |
3,219 |
|
|
$ |
24.38 |
|
|
7.3 years |
|
333,460 |
|
|
$ |
2,398 |
|
|
$ |
27.16 |
|
|
6.9 years |
|
|
(1) |
Intrinsic value represents the difference between the closing stock price on the last trading day of the period, which was $23.72 as of December 31, 2015, and the exercise price, multiplied by the number of options.
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
2013 |
|
Number of
Shares |
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
|
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 |
173,222 |
|
|
$ |
19.58 |
|
|
116,082 |
|
|
$ |
16.43 |
|
|
10,500 |
|
|
$ |
10.83 |
|
Restricted stock granted |
58,092 |
|
|
$ |
22.53 |
|
|
119,988 |
|
|
$ |
21.56 |
|
|
116,332 |
|
|
16.55 |
|
Restricted stock vested |
(68,017 |
) |
|
$ |
19.16 |
|
|
(53,515 |
) |
|
$ |
17.61 |
|
|
(7,000 |
) |
|
$ |
10.75 |
|
Restricted stock forfeited |
(26,183 |
) |
|
$ |
21.16 |
|
|
(9,333 |
) |
|
$ |
17.05 |
|
|
(3,750 |
) |
|
$ |
15.30 |
|
Restricted stock at end of period |
137,114 |
|
|
$ |
20.74 |
|
|
173,222 |
|
|
$ |
19.58 |
|
|
116,082 |
|
|
$ |
16.43 |
|
|