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Stock-Based Incentive Plan (Tables)
 6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Status of Options Granted Under Long-Term Incentive Plan
The following is a summary of the Corporation's stock option activity and related information for the six months ended June 30, 2017:
(Dollars in thousands, except per share data)
Shares Under Option
 
Weighted Average Exercise Price Per Share
 
Weighted Average Remaining Contractual Life (Years)
 
Aggregate Intrinsic Value at June 30, 2017
Outstanding at December 31, 2016
504,908

 
$
19.06

 
 
 
 
Granted
191,297

 
28.15

 
 
 
 
Expired
(73,000
)
 
22.70

 
 
 
 
Forfeited
(6,500
)
 
23.34

 
 
 
 
Exercised
(73,870
)
 
17.97

 
 
 
 
Outstanding at June 30, 2017
542,835

 
21.84

 
7.8
 
$
4,403

Exercisable at June 30, 2017
177,025

 
17.87

 
5.9
 
2,138
Summary of Nonvested Stock Options
The following is a summary of nonvested stock options at June 30, 2017 including changes during the six months then ended:
(Dollars in thousands, except per share data)
 Nonvested Stock Options
 
 Weighted Average Grant Date Fair Value
Nonvested stock options at December 31, 2016
308,940

 
$
6.15

Granted
191,297

 
6.72

Vested
(127,927
)
 
6.08

Forfeited
(6,500
)
 
6.47

Nonvested stock options at June 30, 2017
365,810

 
6.46
Aggregated Assumptions Used to Estimate Fair Value of Options Granted
The following aggregated assumptions were used to estimate the fair value of options granted during the six months ended June 30, 2017 and 2016:
 
Six months ended June 30,
 
2017
 
2016
 
Actual
 
Range
 
Weighted Average
Expected option life in years
6.9

 
7.9
-
8.2
 
7.9

Risk free interest rate
2.30
%
 
1.81%
-
1.89%
 
1.89
%
Expected dividend yield
2.84
%
 
4.07%
-
4.19%
 
4.07
%
Expected volatility
29.75
%
 
46.13%
-
46.22%
 
46.13
%
Fair value of options
$
6.72

 
$5.98
-
$6.27
 
$
6.26
Summary of Nonvested Restricted Stock Awards
The following is a summary of nonvested restricted stock awards at June 30, 2017 including changes during the six months then ended:
(Dollars in thousands, except per share data)
 Nonvested Share Awards
 
 Weighted Average Grant Date Fair Value
Nonvested share awards at December 31, 2016
285,158

 
$
19.74

Granted
61,823

 
28.08

Vested
(48,289
)
 
18.38

Forfeited
(14,000
)
 
19.37

Nonvested share awards at June 30, 2017
284,692

 
21.80
Certain Information Regarding Restricted Stock
The fair value of restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock is summarized below for the periods indicated:
 
Six months ended June 30,
(Dollars in thousands, except per share data)
2017
 
2016
Shares granted
61,823

 
58,580

Weighted average grant date fair value
$
28.08

 
$
19.68

Intrinsic value of awards vested
$
1,367

 
$
971
Schedule of Unrecognized Compensation Cost, Nonvested Awards
The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards at June 30, 2017 is presented below:
(Dollars in thousands)
Unrecognized Compensation Cost
 
Weighted-Average Period Remaining (Years)
Stock options
$
1,807

 
2.1
Restricted stock awards
3,612

 
1.7
 
$
5,419

 
1.9
Compensation Expense Related to Stock Incentive Plans Recognized
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
 
Six months ended June 30,
(Dollars in thousands)
2017
 
2016
Stock-based compensation expense:
 
 
 
Stock options
$
454

 
$
338

Restricted stock awards
1,254

 
606

Employee stock purchase plan
32

 
33

Total
$
1,740

 
$
977

Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options
$
828

 
$
270