Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

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 six months ended June 30, 2015 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 December 31, 2014	432,199		$	26.75	$	8.30	1,037,311		$	25.90
Granted	244,165		30.18		8.40		244,165		30.18
Lake Michigan converted options	—		—		—		132,883		12.93
Exercised	—		—		—		(216,690	)	23.99
Vested	(150,224	)	25.57		7.80		—		—
Forfeited/expired	(9,175	)	28.21		8.52		(9,175	)	28.21
Outstanding at June 30, 2015	516,965		$	28.69	$	8.49	1,188,494		$	25.66
Exercisable/vested at June 30, 2015							671,529		$	23.32

Assumptions of Black-Scholes option pricing model

The fair value of the stock options granted during the six months ended June 30, 2015 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions.

Expected dividend yield	3.50		%
Risk-free interest rate	1.78		%
Expected stock price volatility	39.1		%
Expected life of options – in years	7.0
Weighted average fair value of options granted	$	8.40

Summary of activity for restricted stock performance units

A summary of the activity for restricted stock units as of and for the six months ended June 30, 2015 is presented below:

	Number of Units		Weighted- Average Grant Date Fair Value  Per Unit
Outstanding at December 31, 2014	204,319		$	24.14
Granted	79,202		28.25
Converted into shares of common stock	(67,489	)	22.32
Forfeited/expired	(1,427	)	25.13
Outstanding at June 30, 2015	214,605		$	26.23