XML 43 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
Equity Compensation and Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Equity Compensation Expense and Related Income Tax Benefit Recognized
The following table summarizes the equity compensation expense and related income tax benefit recognized in the Consolidated Statements of Income (in thousands):
 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
Stock options:
 
 
 
 
 
 
Pre-tax compensation expense
 
$
30

 
$
116

 
$
84

Tax benefit
 
11

 
46

 
31

Stock option expense, net of tax
 
$
19

 
$
70

 
$
53

Restricted awards:
 
 
 
 
 
 
Pre-tax compensation expense
 
$
1,875

 
$
4,134

 
$
4,727

Tax benefit
 
722

 
1,622

 
1,831

Restricted stock expense, net of tax
 
$
1,153

 
$
2,512

 
$
2,896

Performance awards:
 
 
 
 
 
 
Pre-tax compensation expense
 
$
2,514

 
$
1,859

 
$

Tax benefit
 
968

 
724

 

Restricted stock expense, net of tax
 
$
1,546

 
$
1,135

 
$

Schedule of Equity Compensation Stock Options Activity
The following table summarizes stock option activity for the year ended December 31, 2015:
 
Number of
Options
(in thousands)
 
Weighted
Average
Exercise
Price ($)
 
Weighted
Average
Remaining
Contractual
Term
(Years)
 
Aggregate
Intrinsic Value
(in thousands)
Outstanding at beginning of period
248

 
$
18.18

 

 

Granted

 

 

 

Exercised
(48
)
 
17.46

 

 

Forfeited
(8
)
 
19.96

 

 

Expired

 

 

 

Outstanding at end of period
192

 
18.29

 
2.89
 
$
980

Exercisable at end of period
182

 
18.06

 
2.72
 
$
969

Intrinsic Value of Stock Options Exercised
The total intrinsic value of stock options exercised was as follows (in thousands):
2015
$
655

2014
3,687

2013
896

Schedule of Equity Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes restricted award activity for the year ended December 31, 2015:
 
Number of
Restricted
Awards (in
thousands)
 
Weighted
Average Grant
Date Fair
Value ($)
Nonvested at beginning of period
643

 
$
22.92

Granted
126

 
26.30

Vested
(164
)
 
22.03

Forfeited
(160
)
 
22.58

Nonvested at end of period
445

 
24.32

Schedule of Equity Compensation Award Restricted Stock Valuation Assumptions
The following table summarizes the number of restricted awards granted (in thousands) and the weighted-average assumptions used to calculate the present value of estimated future dividends:
 
 
 
 
Years Ended December 31,
 
 
 
 
2015
 
2014
 
2013
Number of shares granted
 
 
 
126

 
140

 
115

Dividends per share (quarterly amounts)
 
 
 
$
0.06

 
$
0.05

 
$
0.05

Risk-free interest rate
 
 
 
1.6
%
 
1.6
%
 
1.4
%
Schedule of Equity Compensation Performance Award Activity
The following table summarizes performance award activity for the year ended December 31, 2015:
 
Number of
Performance Awards (in
thousands)
 
Weighted
Average Grant
Date Fair
Value ($)
Nonvested at beginning of period
183

 
$
25.06

Granted
202

 
28.79

Vested
(37
)
 
25.06

Forfeited
(90
)
 
27.19

Nonvested at end of period
258

 
27.23

Schedule of Equity Compensation Performance Award Valuation Assumptions
The following table summarizes the number of performance awards granted (in thousands) and the assumptions used to calculate the present value of estimated future dividends:
 
Years Ended December 31,
 
2015
 
2014
Number of shares granted
202

 
183

Dividends per share (quarterly amounts)
$
0.06

 
$
0.05

Risk-free interest rate
1.6
%
 
1.5
%
Contributions for Employee Stock Purchase Plan
Our contributions for the Purchase Plan were as follows (in thousands):
2015
$
182

2014
188

2013
210

Contributions and Administrative Expenses Under 401(k) Retirement Savings Plan
Salaries, wages and benefits expense in the accompanying Consolidated Statements of Income includes our 401(k) Plan contributions and administrative expenses, which were as follows (in thousands): 
2015
$
2,041

2014
1,812

2013
1,722

Deferred Compensation Assets and Liabilities
The accumulated benefit obligation and aggregate market value of the life insurance policies were as follows (in thousands):
 
December 31,
 
2015
 
2014
Accumulated benefit obligation
$
7,068

 
$
6,785

Aggregate market value
6,216

 
6,055