Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

The fair value of options granted is estimated on the date of the grant using an option-pricing model with the following weighted-average assumptions:


December 31	2013			2012			2011
Dividend yields		1.98	%		2.56	%		2.77	%
Volatility factors of expected market price of common stock		29.75	%		29.47	%		29.89	%
Risk-free interest rates		2.16	%		1.84	%		1.91	%
Expected life of options		8 years			8 years			8 years

Summary of Status of Non-vested, Restricted and Performance Shares

A summary of the status of Horizon’s non-vested, restricted and performance shares as of December 31, 2013 is presented below:


	Shares		Weighted Average Grant Date Fair Value
Non-vested beginning of year		76,003	$	13.38
Vested		—
Granted		9,872		20.24
Forfeited		—		—

Non-vested, end of year		85,875		14.17

Stock Options 2003 Plan [Member]

Summary of Option Activity under 2003 Plan

A summary of option activity under the 2003 Plan as of December 31, 2013, and changes during the year then ended, is presented below:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding, beginning of year		104,947		$	11.14
Granted		—			—
Exercised		(13,500	)		10.10
Forfeited		—			—

Outstanding, end of year		91,447			11.29		5.44	$	1,283,619

Exercisable, end of year		56,832			11.22		4.27		801,761

Stock Options 2013 Plan [Member]

Summary of Option Activity under 2003 Plan

A summary of option activity under the 2013 Plan as of December 31, 2013, and changes during the year then ended, is presented below:


	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Outstanding, beginning of year		—	$	—
Granted		46,888		20.27
Exercised		—		—

Outstanding, end of year		46,888		20.27		9.47

Exercisable, end of year		—		—		—