Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Award Activity for Stock Options Granted and Weighted Average Exercise Price Per Share

Award activity for stock options granted under the Plan and the weighted average exercise price per share are summarized as follows:

	Time-Based Options			Performance- Based  Options		Total Options			Weighted Average Exercise Price Per Share
Options outstanding at January 1, 2012		565,981			—		565,981		$	20.59
Options issued		—			—		—			—
Options forfeited		(96,238	)		—		(96,238	)	$	24.09
Options exercised		(5,000	)		—		(5,000	)	$	20.00
Options expired		—			—		—			—
Options purchased by the Company		—			—		—			—
Options outstanding at December 31, 2012		464,743			—		464,743		$	19.87
Options issued		—			—		—			—
Options forfeited		(5,000	)		—		(5,000	)	$	29.24
Options exercised		(14,292	)		—		(14,292	)	$	20.00
Options expired		(32,951	)		—		(32,951	)	$	34.00
Options purchased by the Company		—			—		—			—
Options outstanding at December 31, 2013		412,500			—		412,500		$	18.62
Options issued		325,000			—		325,000			31.74
Options forfeited		(125,000	)		—		(125,000	)		19.60
Options exercised		—			—		—			—
Options expired		—			—		—			—
Options purchased by the Company		—			—		—			—
Options outstanding at December 31, 2014		612,500			—		612,500			25.38
Options exercisable at December 31, 2014		312,500			—		312,500			18.66

Option Intrinsic values

Option intrinsic values, which are the differences between the fair value of $28.37 at December 31, 2014 and the strike price of the option, are as follows:

	Number of Shares		Weighted Average Strike Price		Intrinsic Value
Outstanding		612,500	$	25.38	$	3.2 million
Exercisable		312,500	$	18.66	$	3.2 million
Exercised		—		N/A		N/A

Options Exercisable

The options exercisable at December 31, 2014 include the following:

Option Price	Number of options exercisable
$17.87		300,000
$37.70		12,500
Options exercisable at December 31, 2014		312,500

Significant Assumptions Used to Estimate Fair Value of Stock Options Granted Using Black Scholes Option Pricing Model

The weighted average fair value of options granted under the Plan was $7.92 in 2014 using a Black-Scholes option-pricing model and the following weighted average assumptions. There were no options granted under the Plan in 2013 or 2012.

	2014
Dividend yield		0.0	%
Expected volatility		37.70	%
Risk-free interest rate		1.7	%
Expected option life		6.9 years

Summary of Range of Exercise Prices of Options Outstanding

The following tables summarize the range of exercise prices of options outstanding at December 31, 2014, 2013, and 2012:

Ranges of Exercise Prices	Outstanding at December  31, 2014			Weighted Average Per Share Exercise Price		Weighted Average Remaining Life
$17.87 – $19.99		300,000		$	17.87		6.7 years
$20.00 – $29.99		—			—		N/A
$30.00 – $37.70		312,500	(1)	$	32.59		8.8 years
Total		612,500

(1)—the weighted average per share exercise price on 300,000 of these shares outstanding is variable. See note below under Chief Executive Officer for additional information.

Ranges of Exercise Prices	Outstanding at December  31, 2013		Weighted Average Per Share Exercise Price		Weighted Average Remaining Life
$17.87 – $19.99		400,000	$	18.03		7.8 years
$30.00 – $37.70		12,500	$	37.70		1.8 years
Total		412,500

Ranges of Exercise Prices	Outstanding at December  31, 2012		Weighted Average Per Share Exercise Price		Weighted Average Remaining Life
$17.87 – $19.99		400,000	$	18.03		8.8 years
$20.00 – $29.99		19,293	$	22.39		0.9 years
$30.00 – $37.70		45,450	$	35.02		1.5 years
Total		464,743

Summary of Restricted Stock Awards Since Inception

The following table summarizes the restricted stock grants since the 2003 inception of the previous share incentive plan.

	Restricted Stock Awards
Year	Employees		Directors		Total
Inception through 2011		599,806		303,974		903,780
2012		29,675		50,885		80,560
2013		81,587		50,421		132,008
2014		95,694		36,608		132,302
		806,762		441,888		1,248,650

Summary of Non-Vested Restricted Shares Activity

The following table summarizes the non-vested restricted shares activity for the years ended December 31, 2014, 2013, and 2012:

	Number of Shares			Weighted Average Price Per Share
Non-vested Restricted Shares at January 1, 2012		26,016		$	18.29
Shares issued		80,560		$	19.67
Shares vested		(68,649	)	$	19.99
Shares forfeited		(3,423	)	$	20.87
Non-vested Restricted Shares at December 31, 2012		34,504		$	17.87
Shares issued		132,008		$	22.78
Shares vested		(67,937	)	$	22.17
Shares forfeited		(454	)	$	22.13
Non-vested Restricted Shares at December 31, 2013		98,121		$	21.48
Shares issued		132,302		$	25.67
Shares vested		(57,017	)	$	24.29
Shares forfeited		(1,131	)	$	22.13
Non-vested Restricted Shares at December 31, 2014		172,275		$	23.76