Equity Plan (Tables)

12 Months Ended

Dec. 31, 2015

Equity Plan

Schedule of stock option activity under the equity plans

Total Stock Options	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2015		1,726,106		$	11.23
Granted		243,000		$	9.50
Exercised		(54,406	)	$	5.79
Forfeited or expired		(139,673	)	$	18.12
Outstanding at December 31, 2015		1,775,027		$	10.62		5.8	$	6,381,061
Vested or expected to vest		1,686,276					5.8	$	6,062,008
Exercisable at December 31, 2015		1,259,434					4.7	$	4,527,179

Schedule of information related to the equity Plan

	2015		2014		2013
Intrinsic value of options exercised	$	216,681	$	258,467	$	51,000
Cash received from option exercise	$	315,076	$	262,035	$	88,000
Tax benefit realized from option exercises	$	85,411	$	102,710	$	17,245
Weighted average fair value of options granted	$	3.15	$	3.90	$	3.84

Schedule of assumptions used to estimate the fair value of each option grant on the date of grant

	2015			2014			2013
Expected life in months(1)		72			84			96
Volatility(1)		47	%		57	%		54	%
Weighted average risk-free interest rate(2)		1.57	%		2.09	%		1.49	%
Expected dividends(3)		3.37	%		2.06	%		0.12	%

(1)The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding based on historical experience. Volatility is based on the historical volatility of the stock price over the same period of the expected life of the option.

(2)Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the option granted.

(3)Each grant's dividend yield is calculated by annualizing the most recent quarterly cash dividend and dividing that amount by the market price of the Company's common stock as of the grant date.

Schedule of restricted stock activity under the equity plans

Total Restricted Stock Award	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2015		100,000		$	8.25
Granted		103,855		$	9.80
Vested		(31,250	)	$	7.81
Forfeited or expired		(5,000	)	$	8.70
Nonvested shares at December 31, 2015		167,605		$	9.28