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Employee Benefits and Stock Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The impact of share-based compensation on the Company’s financial results is presented below:
 
(In thousands)
 
Year Ended December 31,
 
 
 
2016
 
2015
 
2014
 
Share-based compensation expense
 
$
4,154
 
$
2,859
 
 
1,299
 
Income tax benefit
 
 
(1,602)
 
 
(963)
 
 
(501)
 
Schedule of Unrecognized Compensation Cost, Nonvested Awards
The total unrecognized compensation cost and the weighted-average period over which unrecognized compensation cost is expected to be recognized related to non-vested share-based compensation arrangements at December 31, 2016 is presented below:
 
(In thousands)
 
Unrecognized Compensation Cost
 
Weighted-Average Period Remaining
(Years)
 
Restricted stock
 
$
4,341
 
 
2.2
 
Stock options
 
 
796
 
 
3.2
 
Total
 
$
5,137
 
 
2.4
 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
Information regarding restricted stock is summarized below:
 
(In thousands, except share and per share data)
 
Year Ended December 31,
 
 
 
2016
 
2015
 
2014
 
Shares granted
 
 
300,787
 
 
250,934
 
 
27,692
 
Weighted-average grant date fair value
 
$
14.90
 
$
13.42
 
$
10.19
 
Fair value of awards vested(1)
 
$
2,827
 
$
836
 
$
1,455
 
 
(1)  Based on grant date fair value          
Schedule of Nonvested Share Activity
A summary of the status of the Company’s non-vested restricted stock as of December 31, 2016, and changes during the year then ended, is presented below:
 
(In thousands, except share and per share data)
 
Shares
 
Weighted-Average Grant-Date Fair
Value
 
Non-vested at January 1, 2016
 
 
543,177
 
$
11.25
 
Granted
 
 
300,787
 
 
14.90
 
Forfeited/Cancelled
 
 
(10,631)
 
 
14.94
 
Vested
 
 
(303,689)
 
 
9.31
 
Non-vested at December 31, 2016
 
 
529,644
 
$
14.37
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The Company estimated the fair value of each option grant on the date of grant using the Black-Scholes options-pricing model with the following weighted-average assumptions:
 
 
 
Year Ended December 31,
 
 
 
2016
 
2015
 
2014
 
Risk-free interest rates
 
 
1.63
%
 
1.65
%
 
2.70
%
Expected dividend yield
 
 
0
%
 
0
%
 
0
%
Expected volatility
 
 
21.9
%
 
15.5
%
 
17.0
%
Expected lives (years)
 
 
5.0
 
 
5.0
 
 
5.0
 
Schedule of Stock Options Roll Forward
Information regarding stock options as of December 31, 2016, and changes during the year then ended, are presented below:
 
 
 
Options
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining
Contractual Term (Years)
 
Aggregate Intrinsic Value (000s)
 
Outstanding at January 1, 2016
 
 
556,647
 
$
18.02
 
 
 
 
 
 
 
Granted
 
 
243,391
 
 
14.94
 
 
 
 
 
 
 
Exercised
 
 
(12,400)
 
 
10.82
 
 
 
 
 
 
 
Forfeited
 
 
(8,860)
 
 
133.60
 
 
 
 
 
 
 
Outstanding at December 31, 2016
 
 
778,778
 
$
15.86
 
 
6.88
 
$
7,369
 
Exercisable at December 31, 2016
 
 
432,660
 
$
17.73
 
 
6.73
 
$
4,412
 
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes information related to stock options:
 
(In thousands, except share and per share data)
 
Year Ended December 31,
 
 
 
2016
 
2015
 
2014
 
Options granted
 
 
243,391
 
 
63,650
 
 
413,000
 
Weighted-average grant date fair value
 
$
3.41
 
$
2.21
 
$
2.26
 
Intrinsic value of stock options exercised
 
$
80
 
 
0
 
 
0
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range
The following table summarizes information related to stock options as of December 31, 2016:
 
Range of Exercise Prices
 
Options Outstanding
 
Remaining Contractual Life (Years)
 
Shares Exercisable
 
Weighted Average Exercise Price
 
$10.54 to $10.78
 
 
390,000
 
 
7.2
 
 
312,239
 
$
10.66
 
$10.97 to $15.99
 
 
360,241
 
 
7.0
 
 
91,884
 
 
13.88
 
$110.80 to $111.10
 
 
28,537
 
 
0.3
 
 
28,537
 
 
111.09
 
Total
 
 
778,778
 
 
6.9
 
 
432,660
 
$
17.73
 
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity
The Employee Stock Purchase Plan (“ESPP”), as amended, was approved by shareholders on April 25, 1989, and additional shares were authorized for issuance by shareholders on June 18, 2009 and May 2, 2013. Under the ESPP, the Company is authorized to issue up to 300,000 common shares of the Company’s common stock to eligible employees of the Company.  These shares may be purchased by employees at a price equal to 95% of the fair market value of the shares on the purchase date.  Purchases under the ESPP are made monthly.  Employee contributions to the ESPP are made through payroll deductions.
 
 
 
Year Ended December 31,
 
 
 
2016
 
2015
 
2014
 
ESPP shares purchased
 
 
10,483
 
 
9,083
 
 
13,294
 
Weighted-average employee purchase price
 
$
16.02
 
$
13.99
 
$
10.63