Equity Compensation (Tables)

3 Months Ended

Mar. 31, 2016

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 periods ended March 31 (in thousands):

	Three Months Ended				Twelve Months Ended
	2016		2015		2016		2015
Compensation expense	$	2,076	$	742	$	5,614	$	3,081
Tax benefit recognized	777		271		2,082		1,127

Schedule of time vested restricted stock activity

	2016				2015
			Weighted				Weighted
	Number of		Average Grant		Number of		Average Grant
	shares		Date Fair Value		shares		Date Fair Value
Outstanding at January 1,	55,600		$	24.60	41,000		$	21.89
Granted	18,400		29.53		19,000		30.40
Distributed	(18,500	)	21.36		(1,654	)	21.92
Forfeited shares	0				(2,746	)	25.91
Outstanding at March 31	55,500		$	27.31	55,600		$	24.60

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

	2016				2015
	Number of shares		Weighted Average Grant Date Price		Number of shares		Weighted Average Grant Date Price
Outstanding at January 1,	69,021		$	24.38	63,300		$	21.74
Target shares granted	22,400		$	29.53	21,800		$	30.40
Shares issued in excess of target	18,403		$	21.36	3,653		$	30.55
Shares awarded	(43,036	)	$	21.36	(13,653	)	$	30.55
Forfeited shares	—		$	—	(6,079	)	$	24.10
Target shares not awarded	—		$	—	—		$	—
Granted, nonvested at March 31,	66,788		$	27.22	69,021		$	24.38

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

	2016	2015
Shares accrued to directors’ accounts	160,124	164,085
Shares available for issuance	656,737	685,996

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

	2016	2015
Units accrued for service and dividends	23,698	25,187
Units redeemed for common stock	21,246	28,991