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Stock Plans and Other Incentives (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Option Activity and Other Plan Data

The following table presents option activity and other plan data for the years ended December 31, 2016, 2015 and 2014:

 

    For the Years Ended December 31,  
    2016     2015     2014  
    Options     Weighted-
Average
Exercise Price		     Options     Weighted-
Average
Exercise Price		     Options     Weighted-
Average
Exercise Price		  

Outstanding at beginning of period

     547,500     $ 9.61       582,500     $ 9.52       627,724     $ 9.05  

Granted

     —       $ —         —       $ —         20,000     $ 18.52  

Exercised

     (17,500 )    $ (8.74 )      (35,000 )    $ (8.12 )      (56,362 )    $ (8.25 ) 

Cancelled through cash settlement

     —       $ —         —       $ —         (8,862 )    $ (4.09 ) 

Forfeited/cancelled/expired

     —       $ —         —       $ —         —       $ —    
 

 

 

      

 

 

      

 

 

    

Outstanding at end of period

     530,000     $ 9.64       547,500     $ 9.61       582,500     $ 9.52  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Options exercisable at end of period

     518,000     $ 9.44       531,500     $ 9.35       562,500     $ 9.21  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Options exercisable which can be settled in cash

     —       $ —         —       $ —         —       $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average fair value of options granted per year (per option)

   $ —         $ —         $ 7.64    
 

 

 

      

 

 

      

 

 

    

Weighted average remaining contractual life at end of period

     2.0 years         3.0 years         3.9 years    
Summary of Assumptions and Estimated Fair Value for Option Grants

The following table includes the assumptions that were made and the estimated fair value for option grants in 2014 (no option awards were granted during either 2016 or 2015):

 

     2014 Grant  

Stock price on grant date

    $ 18.52  

Exercise price

    $ 18.52  

Dividend yield

      2.38 % 

Risk-free interest rate

      2.20 % 

Expected life

      8.0 years  

Estimated volatility

      47.8 % 

Fair value of options granted (per option)

    $ 7.64  
Summary of Options

The following table presents additional option details at December 31, 2016 and 2015:

 

     Options Outstanding and Exercisable
at December 31, 2016		      Options Outstanding and Exercisable
at December 31, 2015		  

Range of Exercise Prices

    Outstanding      Remaining
Contractual
Life (Years)		    Weighted
Average
Exercise
Price		      Intrinsic
Value (A)		      Outstanding      Remaining
Contractual
Life (Years)		    Weighted
Average
Exercise
Price		      Intrinsic
Value (A)		  

$7.50

      10,000      0.6    $ 7.50      $ 147,500        20,000      1.6    $ 7.50      $ 324,600  

$8.03

      225,000      3.6    $ 8.03        3,200,625        225,000      4.6    $ 8.03        3,533,625  

$10.40

      275,000      0.4    $ 10.40        3,258,750        282,500      1.4    $ 10.40        3,765,725  

$18.52

      20,000      7.4    $ 18.52        74,600        20,000      8.4    $ 18.52        104,200  
  

 

 

           

 

 

     

 

 

           

 

 

  
     530,000      2.0    $ 9.64      $ 6,681,475        547,500      3.0    $ 9.61      $ 7,728,150  
  

 

 

           

 

 

     

 

 

           

 

 

  

 

(A) The intrinsic value is the amount by which the fair value of the Company’s stock price exceeds the exercise price of an option at December 31, 2016 and 2015, respectively. For purposes of this calculation, the Company’s closing stock prices were $22.25 and $23.73 per share on December 31, 2016 and 2015, respectively.
Changes in RSUs

The following table presents the changes in RSUs outstanding for the years ended December 31, 2016, 2015 and 2014:

 

     For the Years Ended December 31,  
     2016      2015      2014  

Outstanding at beginning of period

      254,041        277,973        365,686  

Granted

      124,709        83,141        105,132  

Common stock delivered (A) (B) (C)

      (85,181 )       (105,970 )       (185,224 ) 

Forfeited

      (12,249 )       (1,103 )       (7,621 ) 
  

 

 

     

 

 

     

 

 

  

Outstanding at end of period

      281,320        254,041        277,973  
  

 

 

     

 

 

     

 

 

  

Intrinsic value (D)

    $ 6,259,000      $ 6,028,000      $ 7,275,000  
  

 

 

     

 

 

     

 

 

  

 

(A) The 2016 period includes 32,760 shares which were used to settle minimum employee withholding tax obligations for 29 employees of approximately $701,000 in 2016. A net of 52,421 shares of common stock were delivered in 2016.
(B) The 2015 period includes 41,136 shares which were used to settle minimum employee withholding tax obligations for 28 employees of approximately $993,000 in 2015. A net of 64,834 shares of common stock were delivered in 2015.
(C) In the 2014 period, all of the vested RSUs were issued as shares.
(D) For purposes of this calculation, the Company’s closing stock prices were $22.25, $23.73 and $26.17 per share on December 31, 2016, 2015 and 2014, respectively.
Total Compensation Cost

For the Year Ended December 31,

    Options      RSUs      Total  

2017

    $ 31,000      $ 1,432,000      $ 1,463,000  

2018

      31,000        827,000        858,000  

2019

      12,000        65,000        77,000  

2020

      —          —          —    
  

 

 

     

 

 

     

 

 

  
   $ 74,000      $ 2,324,000      $ 2,398,000