Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

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

Stock-Based Compensation

Stock Based Compensation

The Company previously offered a stock incentive plan whereby awards were granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards were discretionary and were determined by the Compensation Committee of the Board of Directors. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Upon exercise of stock options or vesting of restricted stock, the Company will issue new common stock.

As of December 31, 2014, all stock options were vested and there were no stock options were granted or exercised in 2014, 2013 or 2012. As of December 31, 2014, 1.5 million shares remained available for issuance under the 2009 Equity Incentive Plan.

Total stock-based compensation recorded in Corporate expense, net, on the Consolidated Statements of Income for the three years ended December 31, 2014 is as follows:

	2014			2013			2012
Stock compensation expense before tax benefit	$	210		$	247		$	998
Income tax benefit	(81		)	(95		)	(384		)
	$	129		$	152		$	614

The following table sets forth the summary of option activity outstanding under the stock option program for 2014:

	Number of  Shares	Weighted  Average Exercise Price		Weighted  Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2013	99,775	$	54.15	2.9	—
Forfeited or expired	—	—		—	—
Balance at December 31, 2014	99,775	$	54.15	1.9	—
Vested or expected to vest at December 31, 2013	99,775	$	54.15	1.9	—
Exercisable at December 31, 2013	99,775	$	54.15	1.9	—

The Company had no nonvested restricted stock units outstanding as of December 31, 2014 or activity during 2014 under the restricted stock unit program during 2014. The weighted average grant date fair value of restricted stock units during 2014, 2013 and 2012 were $21.59, $20.49 and $16.30, respectively. In 2014, less than 0.1 million of vested restricted stock awards were granted to certain of the Company’s directors as fees for services rendered. The total fair values of restricted stock units and stock options which vested during 2014, 2013 and 2012 were zero, $0.5 million and $1.5 million, respectively.