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Equity Compensation, Employment Agreements and Other Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Compensation Related Costs [Abstract]  
Schedule of dividend equivalent rights activity
The following table presents information about the Company’s DERs at and for each of the years ended December 31, 2014, 2013 and 2012:
 
 
For the Year Ended December 31,
 
2014
 
2013
 
2012
 
Number of
DERs
 
Weighted
Average
Grant Date
Fair Value (1)
 
Number of
DERs
 
Weighted
Average
Grant Date
Fair Value (1)
 
Number of
DERs
 
Weighted
Average
Grant Date
Fair Value (1)
Outstanding at beginning of year:
851,328

 
$
5.95

 
1,280,898

 
$
7.08

 
1,655,848

 
$
7.35

Granted
630,815

 
6.64

 
40,324

 
9.14

 
21,938

 
8.17

Cancelled, forfeited or expired
(263,669
)
 
3.80

 
(469,894
)
 
9.32

 
(396,888
)
 
8.24

Outstanding at end of year
1,218,474

 
$
3.33

 
851,328

 
$
5.95

 
1,280,898

 
$
7.08


(1) The grant date fair value of DERs is based on the weighted average grant date fair value of the attached or associated equity award.
Schedule of stock options activity
The following table presents information about the Company’s Options at and for each of the years ended December 31, 2014, 2013 and 2012:
 
 
For the Year Ended December 31,
 
2014
 
2013
 
2012
 
Number
of
Options
 
Weighted
Average
Exercise Price
 
Number
of
Options
 
Weighted
Average
Exercise Price
 
Number
of
Options
 
Weighted
Average
Exercise Price
Outstanding at beginning of year:
5,000

 
$
8.40

 
427,000

 
$
10.14

 
482,000

 
$
10.12

Granted
—

 
—

 
—

 
—

 
—

 
—

Cancelled, forfeited or expired
(5,000
)
 
8.40

 
(402,000
)
 
10.25

 
(50,000
)
 
10.25

Exercised (1)
—

 
—

 
(20,000
)
 
8.40

 
(5,000
)
 
6.99

Outstanding at end of year
—

 
$
—

 
5,000

 
$
8.40

 
427,000

 
$
10.14

Options exercisable at end of year
—

 
$
—

 
5,000

 
$
8.40

 
427,000

 
$
10.14



(1) The intrinsic value of Options exercised was approximately $19,000 and $6,000 for the years ended December 31, 2013 and 2012, respectively.
Schedule of restricted stock activity
The following table presents information with respect to the Company’s restricted stock for the years ended December 31, 2014, 2013 and 2012:
 
 
For the Year Ended December 31,
 
2014
 
2013
 
2012
 
Shares of
Restricted
Stock
 
Weighted
Average
Grant Date
Fair Value (1)
 
Shares of
Restricted
Stock
 
Weighted
Average
Grant Date
Fair Value (1)
 
Shares of
Restricted
Stock
 
Weighted
Average
Grant Date
Fair Value (1)
Outstanding at beginning of year:
443,967

 
$
7.50

 
483,442

 
$
7.74

 
752,155

 
$
7.33

Granted
491,797

 
8.29

 
231,531

 
7.33

 
418,184

 
7.99

Vested (2)
(690,397
)
 
8.07

 
(270,456
)
 
7.77

 
(685,864
)
 
7.45

Cancelled/forfeited
(1,419
)
 
7.58

 
(550
)
 
7.72

 
(1,033
)
 
6.91

Outstanding at end of year
243,948

 
$
7.48

 
443,967

 
$
7.50

 
483,442

 
$
7.74


(1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.
(2) All restrictions associated with restricted stock are removed on vesting.
Schedule of restricted stock units activity
The following table presents information with respect to the Company’s RSUs during the years ended December 31, 2014, 2013 and 2012:
 
 
For the Year Ended December 31, 2014
 
RSUs With
Service
Condition
 
Weighted
Average
Grant Date
Fair Value
 
RSUs With
Market and
Service
Conditions
 
Weighted
Average
Grant Date
Fair Value
 
Total
RSUs
 
Total 
Weighted
Average 
Grant Date 
Fair Value
Outstanding at beginning of year:
490,099

 
$
7.75

 
287,719

 
$
4.32

 
777,818

 
$
6.48

Granted (1)
357,015

 
7.22

 
273,800

 
5.87

 
630,815

 
6.64

Settled
(72,873
)
 
7.28

 
(14,465
)
 
4.71

 
(87,338
)
 
6.86

Cancelled/forfeited
(5,067
)
 
7.36

 
(97,754
)
 
2.67

 
(102,821
)
 
2.90

Outstanding at end of year
769,174

 
$
7.55

 
449,300

 
$
5.61

 
1,218,474

 
$
6.84

RSUs vested but not settled at end of year
467,638

 
$
7.81

 
175,500

 
$
5.21

 
643,138

 
$
7.10

RSUs unvested at end of year
301,536

 
$
7.15

 
273,800

 
$
5.87

 
575,336

 
$
6.54

 
 
For the Year Ended December 31, 2013
 
RSUs With
Service
Condition
 
Weighted
Average
Grant Date
Fair Value
 
RSUs With
Market and
Service
Conditions
 
Weighted
Average
Grant Date
Fair Value
 
Total
RSUs
 
Total 
Weighted
Average 
Grant Date 
Fair Value
Outstanding at beginning of year:
448,141

 
$
7.61

 
279,507

 
$
4.55

 
727,648

 
$
6.43

Granted (2)
64,483

 
8.23

 
48,341

 
2.59

 
112,824

 
5.82

Settled
(21,025
)
 
6.20

 
(32,066
)
 
2.80

 
(53,091
)
 
4.15

Cancelled/forfeited
(1,500
)
 
7.77

 
(8,063
)
 
7.89

 
(9,563
)
 
7.88

Outstanding at end of year
490,099

 
$
7.75

 
287,719

 
$
4.32

 
777,818

 
$
6.48

RSUs vested but not settled at end of year
84,199

 
$
8.50

 
14,625

 
$
4.69

 
98,824

 
$
7.93

RSUs unvested at end of year
405,900

 
$
7.60

 
273,094

 
$
4.30

 
678,994

 
$
6.27

 
 
For the Year Ended December 31, 2012
 
RSUs With
Service
Condition
 
Weighted
Average
Grant Date
Fair Value
 
RSUs With
Market and
Service
Conditions
 
Weighted
Average
Grant Date
Fair Value
 
Total
RSUs
 
Total 
Weighted
Average 
Grant Date 
Fair Value
Outstanding at beginning of year:
722,132

 
$
8.04

 
256,716

 
$
4.78

 
978,848

 
$
7.18

Granted (3)
38,784

 
7.01

 
55,654

 
3.26

 
94,438

 
4.80

Settled
(297,775
)
 
8.57

 
—

 
—

 
(297,775
)
 
8.57

Cancelled/forfeited
(15,000
)
 
7.77

 
(32,863
)
 
4.17

 
(47,863
)
 
5.30

Outstanding at end of year
448,141

 
$
7.61

 
279,507

 
$
4.55

 
727,648

 
$
6.43

RSUs vested but not settled at end of year
29,250

 
$
7.77

 
14,625

 
$
4.69

 
43,875

 
$
6.74

RSUs unvested at end of year
418,891

 
$
7.60

 
264,882

 
$
4.54

 
683,773

 
$
6.41


(1)   The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs.  In determining the fair value for 547,600 of these awards granted in 2014, the Company applied:  (i) a weighted average volatility estimate of approximately 22%, which was determined considering historic volatility in the price of Company’s common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.73% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 8%.  The weighted average grant date for the remaining 83,215 awards with a service condition only was estimated based on the closing price of the Company's common stock at the grant date ranging from $7.19 to $8.16. There are no post vesting conditions on these awards.
(2)   The determination of the weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs.  In determining the fair value for awards granted in 2013, the Company applied:  (i) a weighted average volatility estimate of approximately 23%, which was determined considering historic volatility in the price of Company’s common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.65% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 13%.  There are no post vesting conditions on these awards.
(3)   The determination of the weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs.  In determining the fair value for awards granted in 2012, the Company applied:  (i) a weighted average volatility estimate of approximately 23%, which was determined considering historic volatility in the price of Company’s common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.41% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 12%.  There are no post vesting conditions on these awards.
Schedule of expenses related to equity-based compensation
The following table presents the Company’s expenses related to its equity-based compensation instruments for the years ended December 31, 2014, 2013 and 2012:
 
 
 
For the Year Ended December 31,
(In Thousands)
 
2014
 
2013
 
2012
Restricted shares of common stock
 
$
5,553

 
$
2,150

 
$
5,102

RSUs (1)
 
2,886

 
1,813

 
1,149

DERs
 
146

 
195

 
237

Total
 
$
8,585

 
$
4,158

 
$
6,488



(1) RSU expense for the year ended December 31, 2014 includes approximately $500,000 for a one-time grant to the Company’s chief executive officer.
Schedule of expenses related to deferred compensation plans
The following table presents the Company’s expenses related to its Deferred Plans for its non-employee directors and senior officers for the years ended December 31, 2014, 2013 and 2012:
 
 
 
For the Year Ended December 31,
(In Thousands)
 
2014
 
2013
 
2012
Non-employee directors
 
$
69

 
$
17

 
$
69

Total
 
$
69

 
$
17

 
$
69
Schedule of aggregate income deferred by participants and associated liability under deferred compensation plans
The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through December 31, 2014 and 2013 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2014 and 2013:
 
 
 
December 31, 2014
 
December 31, 2013
(In Thousands)
 
Undistributed
Income
Deferred (1)
 
Liability Under
Deferred Plans
 
Undistributed
Income
Deferred (1)
 
Liability Under
Deferred Plans
Non-employee directors
 
$
324

 
$
446

 
$
270

 
$
382

Total
 
$
324

 
$
446

 
$
270

 
$
382


(1)  Represents the cumulative amounts that were deferred by participants through December 31, 2014 and 2013, which had not been distributed through such date.