Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

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

Fair Values of Options Calculated Based on Assumptions Using Black-Scholes Option-Pricing Model

The fair value of the options as of the dates of grant was calculated using the Black-Scholes option-pricing model based on the assumptions outlined below.

	Grant Date
	2014		2013		2012
Options granted		176,000		173,750		164,500
Exercise price	$	20.00	$	17.16	$	17.67
Assumptions:
Expected life in years		6		6		6
Risk-free interest rate		1.98%		1.26%		0.76%
Expected annual dividend yield		3.60%		4.20%		3.01%
Expected forfeiture rate		8.00%		5.00%		0%
Expected volatility		53.02%		52.68%		53.46%
Grant date fair value	$	7.40	$	5.82	$	6.68
Resulting stock-based compensation expense	$	1,199	$	961	$	1,099

Summary of Stock Options Outstanding and Exercisable

A summary of stock options outstanding and exercisable and activity for the year ended December 31, 2014 is as follows:

	Shares Under Options			Weighted Average Exercise Price		Remaining Contractual Life In Years		Intrinsic Value
Outstanding at January 1, 2014		1,201,753		$	24.85		6.5	$	982
Granted		176,000			20.00
Exercised		(40,084	)		14.50
Forfeited		(135,500	)		26.87
Outstanding at December 31, 2014		1,202,169		$	24.25		6.0	$	778
Exercisable at December 31, 2014		914,752		$	25.97		5.2	$	778
Vested or expected to vest at December 31, 2014		1,197,365		$	24.27		6.0	$	778