Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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	2015			2014			2013
Dividend yields		2.35	%		2.01	%		1.98	%
Volatility factors of expected market price of common stock		28.97	%		29.54	%		29.75	%
Risk-free interest rates		2.10	%		2.66	%		2.16	%
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, 2015 is presented below:


	Shares			Weighted Average Grant Date Fair Value
Non-vested beginning of year		84,757		$	15.18

Vested		(25,059	)		14.09
Granted		25,001			23.83
Forfeited		(2,316	)		16.64

Non-vested, end of year		82,383			18.19

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, 2015, 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		77,947		$	11.35
Granted		—			—
Exercised		(33,347	)		11.63
Forfeited		(600	)		16.46

Outstanding, end of year		44,000			11.07		4.02	$	743,164

Exercisable, end of year		41,750			10.85		3.90		714,286

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, 2015, 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		84,147		$	21.24
Granted		39,944			23.83
Exercised		(666	)		20.24
Forfeited		(2,334	)		22.62

Outstanding, end of year		121,091			22.08		8.28	$	712,506

Exercisable, end of year		41,412			20.90		7.71		292,263