XML 64 R44.htm IDEA: XBRL DOCUMENT v3.3.1.900
EMPLOYEE STOCK PLANS (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity
The following table summarizes activity relating to stock options:
 
 
Options
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Term
 
Aggregate Intrinsic Value
Outstanding at December 31, 2012
 
307,845

 
$
13.36

 
 
 
 
Granted
 
131,280

 
15.82

 
 
 
 
Exercised
 
(6,155
)
 
11.10

 
 
 
 
Forfeited or expired
 
(328
)
 
20.88

 
 
 
 
Outstanding at December 31, 2013
 
432,642

 
$
14.13

 
 
 
 
Granted
 
17,500

 
18.99

 
 
 
 
Exercised
 
(49,560
)
 
12.97

 
 
 
 
Forfeited or expired
 
(42,509
)
 
16.24

 
 
 
 
Outstanding at December 31, 2014
 
358,073

 
$
14.28

 
 
 
 
Granted
 
5,000

 
13.17

 
 
 
 
Exercised
 
(7,655
)
 
12.97

 
 
 
 
Forfeited or expired
 
(16,042
)
 
17.73

 
 
 
 
Outstanding at December 31, 2015
 
339,376

 
$
14.13

 
6.98
 
$
—

Exercisable at December 31, 2013
 
70,457

 
$
14.81

 
 
 
 

Exercisable at December 31, 2014
 
109,691

 
13.98

 
 
 
 

Exercisable at December 31, 2015
 
162,679

 
13.81

 
6.79
 
$
—
Summary of Changes in Unvested Options
A summary of changes in unvested options for the period ended December 31, 2015 is as follows:
 
 
Number
of
Options
 
Weighted Average
Grant Date
Fair Value
Unvested options outstanding, beginning of year
 
248,382

 
$
4.93

Granted
 
5,000

 
3.17

Vested
 
(72,685
)
 
4.87

Forfeited
 
(4,000
)
 
5.59

Unvested options outstanding, end of year
 
176,697

 
$
4.89
Assumptions Made in Estimating the Fair Value of the Options
The following assumptions were made in estimating the fair value of the options granted in 2015 and 2014:
 
 
2015
 
2014
Risk free rate of interest
 
1.5
%
 
1.7
%
Expected volatility
 
37.4
%
 
39.2
%
Dividend yield
 
2.8
%
 
1.9
%
Average expected life (in years)
 
5

 
5

Weighted-average grant-date fair value
 
$
3.17

 
$
5.77
Summary of Activity Relating to Non-Vested Restricted Stock
The following table summarizes activity relating to non-vested restricted stock awards:
 
 
2015
Balance at beginning of year
 
—

Granted
 
11,250

Forfeited
 
—

Vested
 
—

Balance at end of year
 
11,250