Shareholders' Equity

6 Months Ended

Jun. 30, 2014

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 13.  Shareholders' Equity

Beginning in 2006 and again in 2011, the Company implemented five-year plans to award key members of management restricted stock units ("RSUs") each year based upon the annual financial performance of the Company and its subsidiaries. Each five-year plan allows up to 700 newly issued shares of Company stock to be granted to employees. The number of RSUs granted each year is determined based upon the performance of individual subsidiaries and consolidated annual financial performance, with additional RSUs available for cumulative five-year results. Generally, each award vests at the end of five years from the date of grant, or at the time a recipient retires after reaching age 65, if earlier.

A total of 11 RSUs vested during the three-month period ended June 30, 2014.  The Company withheld 3 shares due to statutory payroll tax withholding requirements upon the vesting of the RSUs in the second quarter of 2014 and used Company funds to remit the related required minimum withholding taxes to the various tax authorities.  No RSUs vested during the second quarter of 2013.   The vesting date fair value of the RSUs that vested during the second quarter of 2014 was $478.  Compensation expense of $264 and $151 was recorded in the three-month periods ended June 30, 2014 and 2013, respectively, to reflect the fair value of RSUs granted (or anticipated to be granted for 2014 and cumulative five-year performance) less estimated forfeitures, amortized over the portion of the vesting period occurring during the periods.

A total of 73 and 69 RSUs vested during the six-month periods ended June 30, 2014 and 2013, respectively.  The Company withheld 23 and 22 shares due to statutory payroll tax withholding requirements upon the vesting of the RSUs in the first six months of 2014 and 2013, respectively, and used Company funds to remit the related required minimum withholding taxes to the various tax authorities.  The vesting date fair value of the RSUs that vested during the first six months of 2014 and 2013 was $2,981 and $2,405, respectively.  Compensation expense of $569 and $528 was recorded in the six-month periods ended June 30, 2014 and 2013, respectively, to reflect the fair value of RSUs granted (or anticipated to be granted for 2014 and cumulative five-year performance) less estimated forfeitures, amortized over the portion of the vesting period occurring during the periods.