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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Assumptions used in Valuation of Stock Options
The following summarizes the assumptions used in the 2014 Black Scholes model:

Risk-free interest rate
2.41
%
Expected price volatility
45.05
%
Dividend yield
2.73
%
Forfeiture rate
5.46
%
Weighted-average expected life, until exercise
7.7 years
Components of Share Based Compensation Awards
The following table summarizes the components of the Corporation's share-based compensation awards recorded as expense:


Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014

2013
 
2014
 
2013
Stock and ESPP Options
 

 
 
 

 
Pre-tax compensation expense
$
81


$
89

 
$
156


$
177

Income tax expense (benefit)
(21
)

(17
)
 
(26
)

1

Stock and ESPP option expense, net of income taxes
$
60


$
72

 
$
130


$
178

Restricted Stock Awards
 

 
 
 

 
Pre-tax compensation expense
$
471


$
386

 
$
1,455


$
1,108

Income tax benefit
(165
)

(135
)
 
(509
)

(387
)
Restricted stock awards expense, net of income taxes
$
306


$
251

 
$
946


$
721

Total Share-Based Compensation
 

 
 
 

 
Pre-tax compensation expense
$
552


$
475

 
$
1,611


$
1,285

Income tax benefit
(186
)

(152
)
 
(535
)

(386
)
Total share-based compensation expense, net of income taxes
$
366


$
323

 
$
1,076


$
899
Stock Option Activity Under Stock Option Plans
Stock option activity under the Corporation's stock option plans as of September 30, 2014 and changes during the nine months ended September 30, 2014, were as follows:

 
Number of
Shares

Weighted-Average Exercise Price

Weighted Average Remaining
Contractual Term
(in Years)

Aggregate
Intrinsic
Value
Outstanding at January 1, 2014
958,786


$
21.32


 

 
Granted
13,500


$
21.65


 

 
Exercised
(38,650
)

$
11.64


 

 
Canceled
(193,106
)

$
24.42


 

 
Outstanding September 30, 2014
740,530


$
20.99


3.32

1,929,297

Vested and Expected to Vest at September 30, 2014
740,530


$
20.99


3.32

1,929,297

Exercisable at September 30, 2014
718,030


$
21.05


3.14

1,885,287
Unvested RSAs Outstanding
The following table summarizes information on unvested RSAs outstanding as of September 30, 2014:

 
Number of Shares

Weighted-Average
Grant Date Fair Value
Unvested RSAs at January 1, 2014
429,002


$
12.51

Granted
93,715


$
20.46

Vested
(125,188
)

$
9.18

Forfeited
(8,111
)

$
16.03

Unvested RSAs at September 30, 2014
389,418


$
15.44