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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Remaining Stock-Based Compensation Expense

We expect this compensation to be recognized in subsequent years according to the following table, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated.



2015	$	1,864
2016	1,439
2017	1,200
2018	778
2019	90
Total	$	5,371

Analysis of Award Activity

The analysis below details the award activity for 2014 and the awards outstanding at December 31, 2014, for both of our plans and ad hoc options, which were granted prior to the adoption of the other plans:



Options	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Life (in years)	Aggregate Intrinsic Value
Outstanding at January 1, 2014	1,287,310		$	28.13
Granted	270,502		29.61
Exercised	(102,914	)	21.74
Forfeited or expired	(96,609	)	30.98
Outstanding at December 31, 2014	1,358,289		$	28.70	5.23	$	4,287
Exercisable at December 31, 2014	788,287		$	30.88	4.57	$	1,985

Schedule of Restricted Stock Units Award Activity

The analysis below details the award activity for the restricted stock awards outstanding at December 31, 2014:



Restricted stock awards	Shares		Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2014	59,849		$	22.70
Granted	16,718		27.21
Vested	(5,040	)	29.52
Non-vested at December 31, 2014	71,527		$	23.32

Weighted-average Grant-Date Fair Value Assumptions

The weighted-average grant-date fair value of the options granted under our plans has been estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:



December 31,	2014			2013			2012
Risk-free interest rate	2.19		%	1.37		%	1.37		%
Expected volatility	36.58		%	34.32		%	37.06		%
Expected option life (in years)	7			7			7
Expected dividends (in dollars)	$	0.78		$	0.69		$	0.60
Weighted-average grant-date fair value of options granted during the year (in dollars)	$	9.15		$	6.64		$	5.90

Stock Options Outstanding and Exercisable

The following table summarizes information regarding the stock options outstanding and exercisable at December 31, 2014:



				Options Outstanding				Options Exercisable
Range of Exercise Prices				Number Outstanding (in shares)	Weighted-Average Remaining Contractual Life (in years)	Weighted-Average Exercise Price		Number Exercisable (in shares)	Weighted-Average Exercise Price
$	15.01	-	21.00	268,101	6.09	$	19.97	140,111	$	19.60
21.01		-	28.00	254,578	7.49	23.39		80,818	22.89
28.01		-	35.00	564,610	5.49	31.33		296,358	32.93
35.01		-	41.00	271,000	1.71	36.86		271,000	36.86
$	15.01	-	41.00	1,358,289	5.23	$	28.70	788,287	$	30.88

Employee Stock Award Plan-2008 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Activity in Stock Award Plans

The activity in the Stock Plan is displayed in the following table:



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2014		From Inception to December 31, 2014
Beginning balance	353,649		1,900,000
Additional shares authorized	1,500,000		1,500,000
Number of awards granted	(314,013	)	(1,996,509	)
Number of awards forfeited or expired	107,311		243,456
Ending balance	1,646,947		1,646,947
Number of option awards exercised	85,795		467,563
Number of unrestricted stock awards granted	725		5,280
Number of restricted stock awards vested	—		18,576

Director Plan - 2005 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Activity in Stock Award Plans

The activity in the Director Plan is displayed in the following table:



Authorized Shares Available for Future Award Grants	Year Ended December 31, 2014		From Inception to December 31, 2014
Beginning balance	103,912		300,000
Number of awards granted	(16,718	)	(218,809	)
Number of awards forfeited or expired	—		6,003
Ending balance	87,194		87,194
Number of option awards exercised	1,519		4,675
Number of restricted stock awards vested	5,040		11,442

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-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 (or other type of equity) 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 equity-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 equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details