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Equity Plan (Tables)
 12 Months Ended
Dec. 31, 2018
Equity Plan  
Schedule of stock option activity under the equity plans

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

Weighted

    

 

 

 

 

 

 

Weighted

 

Average

 

 

 

 

 

 

 

Average

 

Remaining

 

Aggregate

 

 

 

Number

 

Exercise

 

Contractual

 

Intrinsic

 

Total Stock Options

 

of Shares

 

Price

 

Life (Years)

 

Value

 

Outstanding at January 1, 2018

 

1,602,732

 

$

9.54

 

 

 

 

 

 

Granted

 

330,500

 

$

16.66

 

 

 

 

 

 

Exercised

 

(276,844)

 

$

9.63

 

 

 

 

 

 

Forfeited or expired

 

(85,785)

 

$

14.22

 

 

 

 

 

 

Outstanding at December 31, 2018

 

1,570,603

 

$

10.76

 

6.44

 

$

3,311,870

 

Vested or expected to vest

 

1,476,367

 

 

 

 

6.44

 

$

3,113,157

 

Exercisable at December 31, 2018

 

1,058,010

 

 

 

 

5.35

 

$

3,203,117

 

 

Schedule of information related to the equity Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

2017

 

2016

 

Intrinsic value of options exercised

 

$

1,844,909

 

$

1,342,794

 

$

606,359

 

Cash received from option exercise

 

$

2,667,305

 

$

1,368,673

 

$

938,057

 

Tax benefit realized from option exercises

 

$

534,638

 

$

547,817

 

$

242,303

 

Weighted average fair value of options granted

 

$

3.03

 

$

2.66

 

$

2.12

 

 

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

 

 

 

 

 

 

 

 

 

 

December 31, 

 

 

2018

    

2017

 

2016

 

Expected life in months(1)

 

72

 

72

 

72

 

Volatility(1)

 

21

%  

24

%  

31

%  

Weighted average risk-free interest rate(2)

 

2.88

%  

1.94

%  

1.41

%  

Expected dividends(3)

 

2.64

%  

2.78

%  

3.48

%  

(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

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

Average Grant

 

 

 

Number

 

Date Fair

 

Total Restricted Stock Award

    

of Shares

    

Value

 

Nonvested shares at January 1, 2018

 

181,185

 

$

11.66

 

Granted

 

97,818

 

$

16.83

 

Vested

 

(83,265)

 

$

16.22

 

Forfeited or expired

 

(2,440)

 

$

12.65

 

Nonvested shares at December 31, 2018

 

193,298

 

$

11.04