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Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Equity-Based Compensation Expense, the Corresponding Tax Benefit and Net Equity-Based Compensation Expense

Equity-based compensation expense, the corresponding tax benefit and net equity-based compensation expense for 2017, 2016, and 2015 are as follows:

 

 

 

2017

 

 

2016

 

 

2015

 

(amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation expense

 

$

1,059

 

 

$

1,626

 

 

$

1,317

 

Tax benefit

 

 

312

 

 

 

516

 

 

 

413

 

Net equity-based compensation expense

 

$

747

 

 

$

1,110

 

 

$

904

 

 

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Options

The fair value of the options at the date of grant was estimated using the following weighted-average assumptions for the years ended December 31, 2017, 2016, and 2015:

 

 

 

2017

 

 

2016

 

 

2015

 

Expected life (years)

 

 

3.9

 

 

 

4.2

 

 

 

4.4

 

Dividend yield

 

 

0.0

%

 

 

4.8

%

 

 

3.2

%

Risk-free interest rate

 

 

1.9

%

 

 

1.2

%

 

 

1.4

%

Expected volatility

 

 

35.8

%

 

 

36.2

%

 

 

44.2

%

 

Summary of Stock Option Activity Under the 2010 Plan and Equity Plan

A summary of stock option activity under the 2010 Plan and Equity Plan is as follows:

 

 

 

2010 Plan

Options

 

 

Weighted-

Average

Exercise

Price

 

 

Equity Plan

Options

 

 

Weighted-

Average

Exercise

Price

 

Outstanding at December 31, 2014

 

 

631,846

 

 

$

15.89

 

 

 

1,868,597

 

 

$

4.82

 

Granted

 

 

282,500

 

 

$

7.51

 

 

 

 

 

$

 

Exercised

 

 

 

 

$

 

 

 

(473,472

)

 

$

4.66

 

Canceled or forfeited

 

 

(13,500

)

 

$

17.87

 

 

 

 

 

$

 

Expired

 

 

(80,375

)

 

$

13.49

 

 

 

(38,750

)

 

$

4.13

 

Outstanding at December 31, 2015

 

 

820,471

 

 

$

13.21

 

 

 

1,356,375

 

 

$

4.89

 

Granted

 

 

180,384

 

 

$

4.95

 

 

 

 

 

$

 

Exercised

 

 

 

 

$

 

 

 

(182,500

)

 

$

4.27

 

Canceled or forfeited

 

 

 

 

$

 

 

 

 

 

$

 

Expired

 

 

 

 

$

 

 

 

(2,950

)

 

$

5.79

 

Outstanding at December 31, 2016

 

 

1,000,855

 

 

$

11.72

 

 

 

1,170,925

 

 

$

4.98

 

Granted

 

 

48,500

 

 

$

5.38

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

(232,750

)

 

$

4.09

 

Canceled or forfeited

 

 

(17,350

)

 

$

9.73

 

 

 

 

 

$

 

Expired

 

 

(144,950

)

 

$

9.73

 

 

 

(203,750

)

 

$

5.48

 

Outstanding at December 31, 2017

 

 

887,055

 

 

$

11.74

 

 

 

734,425

 

 

$

5.13

 

Options Exercisable at December 31, 2017

 

 

552,254

 

 

$

14.87

 

 

 

734,425

 

 

$

5.13

 

 

Summary of Restricted Stock Activity Under the 2010 Plan, Equity Plan and the 1991 Restricted Stock Plan

A summary of restricted stock activity under the 2010 Plan, the Equity Plan and the 1991 Restricted Stock Plan is as follows:

 

 

 

2010 Plan

Restricted

Stock

 

 

Weighted-

Average

Fair Value

 

 

Equity Plan

Restricted

Stock

 

 

Weighted-

Average

Fair Value

 

 

1991

Restricted

Stock Plan

 

 

Weighted-

Average

Fair Value

 

Outstanding at Dec. 31, 2014

 

 

11,700

 

 

$

16.93

 

 

 

141,500

 

 

$

5.04

 

 

 

173,233

 

 

$

16.70

 

Granted

 

 

68,848

 

 

$

7.36

 

 

 

 

 

$

 

 

 

116,000

 

 

$

7.50

 

Released

 

 

(2,924

)

 

$

16.93

 

 

 

 

 

$

 

 

 

(74,008

)

 

$

15.59

 

Canceled or forfeited

 

 

 

 

$

 

 

 

 

 

$

 

 

 

(25,700

)

 

$

16.92

 

Outstanding at Dec. 31, 2015

 

 

77,624

 

 

$

8.44

 

 

 

141,500

 

 

$

5.04

 

 

 

189,525

 

 

$

11.48

 

Granted

 

 

537,160

 

 

$

4.74

 

 

 

 

 

$

 

 

 

16,371

 

 

$

4.95

 

Released

 

 

(19,130

)

 

$

8.82

 

 

 

(80,000

)

 

$

4.97

 

 

 

(66,269

)

 

$

13.05

 

Canceled or forfeited

 

 

(188,736

)

 

$

4.97

 

 

 

 

 

$

 

 

 

(55,275

)

 

$

8.45

 

Outstanding at Dec. 31, 2016

 

 

406,918

 

 

$

5.14

 

 

 

61,500

 

 

$

5.13

 

 

 

84,352

 

 

$

10.96

 

Granted

 

 

292,342

 

 

$

5.66

 

 

 

 

 

 

 

 

 

57,900

 

 

$

5.75

 

Released

 

 

(101,960

)

 

$

5.39

 

 

 

(21,500

)

 

$

5.44

 

 

 

(32,823

)

 

$

14.41

 

Canceled or forfeited

 

 

(90,264

)

 

$

5.11

 

 

 

 

 

 

 

 

 

(18,975

)

 

$

9.10

 

Outstanding at Dec. 31, 2017

 

 

507,036

 

 

$

5.40

 

 

 

40,000

 

 

$

4.97

 

 

 

90,454

 

 

$

6.76

 

 

Summary of Stock Options Outstanding for the 2010 Plan and Equity Plan

A summary of stock options that were outstanding at December 31, 2017 for the 2010 Plan and the Equity Plan is as follows:

 

Range of Exercise Prices:

 

Number of

Options

Outstanding

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Life in Years

 

 

Aggregate

Intrinsic Value

 

2010 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$4.95 - $7.52

 

 

391,584

 

 

$

6.06

 

 

 

8.3

 

 

$

29,890

 

$12.16 - $13.75

 

 

242,375

 

 

$

13.37

 

 

 

7.9

 

 

 

 

$15.04 - $16.93

 

 

105,096

 

 

$

15.83

 

 

 

5.6

 

 

 

 

$20.68 - $21.41

 

 

148,000

 

 

$

21.17

 

 

 

8.7

 

 

 

 

 

 

 

887,055

 

 

$

11.74

 

 

 

7.9

 

 

$

29,890

 

Equity Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$3.25 - $4.90

 

 

458,425

 

 

$

4.31

 

 

 

3.0

 

 

$

360,384

 

$5.25 - $7.18

 

 

276,000

 

 

$

6.48

 

 

 

5.2

 

 

 

 

 

 

 

734,425

 

 

$

5.13

 

 

 

3.8

 

 

$

360,384

 

 

Summary of Stock Options that are Exercisable for the 2010 Plan and the Equity Plan

A summary of stock options that are exercisable at December 31, 2017 for the 2010 Plan and the Equity Plan is as follows:

 

Range of Exercise Prices:

 

Number of

Options

Exercisable

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual Life

in Years

 

 

Aggregate

Intrinsic Value

 

2010 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$4.95 - $7.52

 

 

71,346

 

 

$

5.88

 

 

 

8.3

 

 

$

6,764

 

$12.16 - $13.75

 

 

242,375

 

 

$

13.37

 

 

 

7.9

 

 

 

 

$15.04 - $16.93

 

 

90,533

 

 

$

15.65

 

 

 

5.5

 

 

 

 

$20.68 - $21.41

 

 

148,000

 

 

$

21.17

 

 

 

8.7

 

 

 

 

 

 

 

552,254

 

 

$

14.87

 

 

 

7.8

 

 

$

6,764

 

Equity Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$3.25 - $4.90

 

 

458,425

 

 

$

4.31

 

 

 

3.0

 

 

$

360,384

 

$5.25 - $7.18

 

 

276,000

 

 

$

6.48

 

 

 

5.2

 

 

 

 

 

 

 

734,425

 

 

$

5.13

 

 

 

3.8

 

 

$

360,384