EQUITY COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

EQUITY COMPENSATION

Schedule of compensation expense and tax benefits for stock-based awards and programs

We recognized the following amounts in compensation expense and tax benefits for all of our stock-based awards and programs for the applicable years ended December 31 (in thousands):

	2014		2013		2012
Compensation expense	$	3,688	$	2,577	$	1,863
Tax benefit recognized		1,359		929		649

Schedule of fair value measurements for each grant year

	Fair Value of Grants Outstanding at December 31
	2014	2013
Total unrecognized compensation cost (in millions)	$0.4	$0.2
Recognition period	1.1 years to 2.1 years	0.1 years to 2.1 years
Fair value	$26.82	$19.88

Schedule of time vested restricted stock activity

	2014					2013				2012
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number Of Shares			Weighted Average Grant Date Fair Value
Outstanding at January 1,		24,900		$	21.42		3,300	$	21.84		3,433		$	21.84
Granted		22,600		$	22.40		21,600	$	21.36		—			—
Distributed		(4,010	)	$	21.77		—		—		(133	)	$	20.13
Forfeited		(2,490	)	$	21.99		—		—		—			—
Outstanding at December 31,		41,000		$	21.89		24,900	$	21.42		3,300		$	21.84
Vested during the year		6,500		$	21.86		—		—		—			—

Schedule of assumptions used in valuation of performance-based restricted stock awards

	Fair Value of Grants Outstanding at December 31,
	2014	2013	2012
Risk-free interest rate	0.25% to 0.67%	0.13% to 0.38%	0.16% to 0.25%
Expected volatility of Empire stock	14.5%	20.2%	20.6%
Expected volatility of peer group stock	12.4% to 24.8%	12.3% to 27.5%	12.4% to 29.2%
Expected dividend yield on Empire stock	3.5%	4.5%	4.9%
Expected forfeiture rates	3%	3%	3%
Plan cycle	3 years	3 years	3 years
Fair value percentage	140.0% to 157.0%	0.0% to 108.0%	18.0% to 96.0%
Weighted average fair value per share	$43.80	$18.47	$10.94

Schedule of non-vested performance-based restricted stock awards (based on target number) and changes during the reporting period

	2014					2013					2012
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value		Number Of Shares			Weighted Average Grant Date Fair Value
Outstanding at January 1,		47,200		$	21.39		33,900		$	20.25		37,400		$	19.28
Granted		27,000		$	22.40		26,300		$	21.36		10,000		$	20.97
Awarded		—			—		(4,460	)	$	18.36		(7,823	)	$	18.12
Not awarded		(10,900	)	$	21.84		(8,540	)	$	18.36		(5,677	)	$	18.12
Nonvested at December 31,		63,300		$	21.74		47,200		$	21.39		33,900		$	20.25

Schedule of assumptions used in the valuations of stock options

	Fair Value of Grants Outstanding at December 31,
	2014	2013	2012
Risk-free interest rate	—	0.10% to 0.38%	0.11% to 0.44%
Dividend yield	—	4.5%	4.9%
Expected volatility	—	24.0%	24.0%
Expected life in months	—	6.5 to 24.5	78
Market value	—	$22.69	$20.38
Weighted average fair value per option	—	$1.57	$1.34

Schedule of stock options activity

	2014				2013					2012
	Options		Weighted Average Exercise Price		Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price
Outstanding at January 1,		112,500	$	23.27		163,300		$	22.13		190,300		$	21.56
Granted		—		—				$	—		0		$	—
Exercised		112,500	$	24.58		(50,800	)	$	21.78		(27,000	)	$	18.12
Outstanding at December 31,		—				112,500		$	23.27		163,300		$	22.13
Exercisable, end of year		—				112,500		$	23.27		128,500		$	23.15

Schedule of aggregate intrinsic values of stock options

	2014	2013	2012
Aggregate intrinsic value (in millions)	—	Less than $0.1	$0.1
Weighted-average remaining contractual life of outstanding options	—	2.1 years	3.2 years
Range of exercise prices	—	$21.92 to $23.81	$18.36 to $23.81
Total unrecognized compensation expense (in millions) related to non-vested options and related dividend equivalents granted under the plan	—	—	Less than $0.1
Recognition period	—	—	1 month

Schedule of shares accrued to directors' accounts and shares available for issuance under Stock Unit Plan for directors

	2014		2013
Shares accrued to directors' accounts		164,085		154,402
Shares available for issuance		714,978		236,056

Schedule of units accrued and redeemed under Stock Unit Plan for directors

	2014		2013		2012
Units accrued for service and dividends		30,765		34,252		30,426
Units redeemed for common stock		21,083		22,908		21,324