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SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2016
SHAREHOLDERS' EQUITY [Abstract]  
SHAREHOLDERS' EQUITY
10. SHAREHOLDERS’ EQUITY

Common Stock Repurchases

In March 2016, our Board of Directors authorized a program to repurchase shares of common stock of FNHC, at such times and at prices as management determines advisable, up to an aggregate of $10.0 million through March 31, 2017. Common stock repurchases are conducted in the open market. The amount and timing of all repurchase transactions are contingent upon market conditions, applicable legal requirements and other factors. This program may be modified, suspended or terminated by us at any time without notice.
 
Pursuant to our Board of Directors authorizations, the Company repurchased 112,176 shares of its common stock at a total cost of $2.4 million, which is an average price per share of $21.13, during the six months ended June 30, 2016.  As of June 30, 2016, the remaining availability for future repurchases of our common stock was $7.6 million.

Share-based Compensation Expense

The following table provides certain information in connection with the Company’s share-based compensation arrangements for the three and six months ended June 30, 2016 and 2015, respectively:

  
Three months ended June 30,
  
Six months ended June 30,
 
  
2016
  
2015
  
2016
  
2015
 
  
(in thousands)
  
(in thousands)
 
Restricted stock
 
$
1,953
  
$
627
  
$
2,633
  
$
1,355
 
Stock options
  
-
   
5
   
-
   
29
 
Total share-based compensation expense
 
$
1,953
  
$
632
  
$
2,633
  
$
1,384
 
Intrinsic value of options exercised
 
$
1,024
  
$
5,809
  
$
1,217
  
$
8,155
 
Fair value of restricted stock vested
 
$
16,564
  
$
11,772
  
$
28,922
  
$
11,772
 

The intrinsic value of options exercised represents the difference between the stock option exercise price and the weighted average closing stock price of FNHC common stock on the exercise dates, as reported on The NASDAQ Global Market.

At June 30, 2016, there was approximately $6.8 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to Restricted Stock Awards, which is currently expected to be recognized over a weighted average period of approximately 3.02 years.

Stock Option Awards

A summary of the Company’s stock option activity for the period from January 1, 2016 to June 30, 2016 is as follows:

  
Number of Shares
  
Weighted Average Option
Exercise Price
 
Outstanding at January 1, 2016
  
174,633
  
$
3.79
 
Granted
  
-
  
$
-
 
Exercised
  
(6,933
)
 
$
3.74
 
Cancelled
  
-
  
$
-
 
Outstanding at June 30, 2016
  
167,700
  
$
3.79
 

Restricted Stock Awards

The Company recognizes share-based compensation expense for all restricted stock awards (“RSAs”) held by employees. The accounting charge is measured at the grant date as the fair value of FNHC common stock and expensed as non-cash compensation over the vesting term using the straight-line basis.
 
During the first quarter of 2016 and 2015, the Board of Directors granted 128,472 and 116,140 RSAs, respectively, vesting over three or five years, to the Company’s Directors, Executives and other key employees.
 
The following tables summarizes RSA activity during the six months ended June 30, 2016:

  
Number of Shares
  
Weighted Average Grant
Date Fair Value
 
Outstanding at January 1, 2016
  
418,807
  
$
20.14
 
Granted
  
128,472
  
$
19.16
 
Vested
  
(155,916
)
 
$
18.55
 
Cancelled
  
-
  
$
-
 
Outstanding at June 30, 2016
  
391,363
  
$
20.45
 

The weighted average grant date fair value is measured using the closing price of FNHC common stock on the grant date, as reported on The NASDAQ Global Market.

Accumulated Other Comprehensive Income

The following table presents a reconciliation of the changes in accumulated other comprehensive income during the three and six months ended June 30, 2016 and 2015:
 
  
Three Months Ended June 30,
 
  
2016
  
2015
 
  
Before Tax
  
Income Tax
  
Net
  
Before Tax
  
Income Tax
  
Net
 
  
(in thousands)
 
Accumulated other comprehensive income, beginning of period
 
$
10,195
  
$
(3,791
)
 
$
6,404
  
$
14,382
  
$
(5,457
)
 
$
8,925
 
Other comprehensive income before reclassifications
  
5,036
   
(1,828
)
  
3,208
   
(2,478
)
  
825
   
(1,653
)
Reclassification adjustment for realized gains included in net income
  
(30
)  
23
 
  
(7
)
  
(1,497
)  
584
 
  
(913
)
   
5,006
   
(1,805
)  
3,201
   
(3,975
)
  
1,409
   
(2,566
)
Accumulated other comprehensive income, end of period
 
$
15,201
  
$
(5,596
)
 
$
9,605
  
$
10,407
  
$
(4,048
)
 
$
6,359
 
 
  
Six Months Ended June 30,
 
  
2016
  
2015
 
  
Before Tax
  
Income Tax
  
Net
  
Before Tax
  
Income Tax
  
Net
 
  
(in thousands)
 
Accumulated other comprehensive income, beginning of period
 
$
6,111
  
$
(2,247
)
 
$
3,864
  
$
12,417
  
$
(4,699
)
 
$
7,718
 
Other comprehensive income before reclassifications
  
10,606
   
(3,931
)
  
6,675
   
2,239
 
  
(981
)  
1,258
 
Reclassification adjustment for realized gains included in net income
  
(1,516
)
  
582
   
(934
)
  
(4,249
)  
1,632
 
  
(2,617
)
   
9,090
   
(3,349
)  
5,741
   
(2,010
)
  
651
   
(1,359
)
Accumulated other comprehensive income, end of period
 
$
15,201
  
$
(5,596
)
 
$
9,605
  
$
10,407
  
$
(4,048
)
 
$
6,359