Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of activity for Corporation's stock options

A summary of activity for the Corporation’s stock options as of and for the nine months ended September 30, 2014 is presented below:

	Non-Vested Stock Options Outstanding						Stock Options Outstanding
	Number of Options		Weighted- Average Exercise Price Per Share		Weighted- Average Grant Date Fair Value Per Share		Number of Options		Weighted- Average Exercise Price Per Share
Outstanding at January 1, 2014	414,080		$	24.29	$	7.19	1,073,990		$	26.84
Granted	190,011		29.45		9.64		190,011		29.45
Exercised	—		—		—		(66,130	)	24.91
Vested	(148,016	)	23.43		6.98		—		—
Forfeited/expired	(14,869	)	25.69		7.80		(16,256	)	26.62
Outstanding at September 30, 2014	441,206		$	26.75	$	8.30	1,181,615		$	27.37
Exercisable/vested at September 30, 2014							740,409		$	27.75

Assumptions of Black-Scholes option pricing model

The fair value of the stock options granted during the nine months ended September 30, 2014 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions.

Expected dividend yield	3.00		%
Risk-free interest rate	2.16		%
Expected stock price volatility	42.2		%
Expected life of options – in years	7.0
Weighted average fair value of options granted	$	9.64

Summary of activity for restricted stock performance units

A summary of the activity for restricted stock units as of and for the nine months ended September 30, 2014 is presented below:

	Number of Units		Weighted- Average Grant Date Fair Value  Per Unit
Outstanding at January 1, 2014	188,532		$	21.49
Granted	68,619		27.49
Converted into shares of common stock	(51,895	)	19.21
Forfeited/expired	(4,813	)	23.84
Outstanding at September 30, 2014	200,443		$	24.08