Share-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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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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2018 |
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2017 |
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2016 |
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(in thousands) |
Share-based compensation expense |
$ |
3,515 |
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|
$ |
2,893 |
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|
$ |
3,008 |
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Related tax benefits |
$ |
984 |
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$ |
1,179 |
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$ |
1,191 |
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| Unrecognized Share-Based Compensation Expense |
As of December 31, 2018, unrecognized share-based compensation expense was as follows
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Unrecognized
Expense |
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Average Expected
Recognition
Period |
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(in thousands) |
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Restricted stock awards |
$ |
4,306 |
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1.9 years |
Total unrecognized share-based compensation expense |
$ |
4,306 |
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1.9 years |
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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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2018 |
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2017 |
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2016 |
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(in thousands, except per share data) |
Fair value of options vested |
$ |
184 |
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$ |
820 |
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$ |
2,322 |
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Total intrinsic value of options exercised (1)
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$ |
— |
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$ |
432 |
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$ |
1,862 |
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Cash received from options exercised |
$ |
— |
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$ |
288 |
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$ |
1,453 |
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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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2018 |
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2017 |
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2016 |
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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 |
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 exercised |
(25,750 |
) |
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$ |
22.06 |
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(23,813 |
) |
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$ |
12.21 |
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(94,997 |
) |
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$ |
15.29 |
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Options forfeited |
— |
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$ |
— |
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— |
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$ |
— |
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(125 |
) |
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$ |
144.00 |
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Options expired |
— |
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$ |
— |
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— |
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$ |
— |
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(27,125 |
) |
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$ |
154.09 |
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Options outstanding at end of period |
338,338 |
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$ |
17.52 |
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364,088 |
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$ |
17.86 |
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387,901 |
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$ |
17.49 |
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Options exercisable at end of period |
338,338 |
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$ |
17.52 |
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354,753 |
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$ |
17.71 |
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341,561 |
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$ |
16.85 |
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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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2018 |
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2017 |
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2016 |
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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 |
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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Options vested |
(9,335 |
) |
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$ |
23.47 |
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(37,005 |
) |
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$ |
22.16 |
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(130,223 |
) |
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$ |
17.83 |
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Options forfeited |
— |
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$ |
— |
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— |
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$ |
— |
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(125 |
) |
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$ |
144.00 |
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Non-vested options outstanding at end of period |
— |
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$ |
— |
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9,335 |
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$ |
23.47 |
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46,340 |
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$ |
22.42 |
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| Summary of Stock Options Outstanding under Plans |
As of December 31, 2018, 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 $14.99 |
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12,338 |
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$ |
90 |
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$ |
12.36 |
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3.6 years |
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12,338 |
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$ |
90 |
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$ |
12.36 |
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3.6 years |
$15.00 to $19.99 |
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265,000 |
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834 |
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16.55 |
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4.7 years |
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265,000 |
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834 |
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16.55 |
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4.7 years |
$20.00 to $24.83 |
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61,000 |
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— |
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22.73 |
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5.8 years |
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61,000 |
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— |
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22.73 |
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5.8 years |
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338,338 |
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$ |
924 |
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$ |
17.52 |
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338,338 |
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$ |
924 |
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$ |
17.52 |
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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 $19.70 as of December 31, 2018, and the exercise price, multiplied by the number of options.
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| Schedule of Restricted Stock Awards under 2013 Plan |
The table below provides information for restricted stock awards under the 2013 Plan for the periods indicated:
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2018 |
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2017 |
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2016 |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
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Number of
Shares |
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Weighted-
Average
Grant Date
Fair Value
Per Share |
Restricted stock at beginning of period |
317,783 |
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$ |
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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Restricted stock granted |
156,771 |
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$ |
25.02 |
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127,239 |
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$ |
31.06 |
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287,179 |
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$ |
15.52 |
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Restricted stock vested |
(106,674 |
) |
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$ |
27.11 |
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(139,298 |
) |
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$ |
18.73 |
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(77,515 |
) |
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$ |
19.75 |
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Restricted stock forfeited |
(63,285 |
) |
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$ |
15.38 |
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(14,116 |
) |
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$ |
24.73 |
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(2,820 |
) |
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$ |
21.58 |
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Restricted stock at end of period |
304,595 |
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$ |
21.98 |
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317,783 |
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$ |
21.09 |
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343,958 |
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$ |
16.60 |
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