Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

Share Based Compensation [Abstract]

Disclosure Of Compensation Related Costs Share Based Payments [Text Block]

Note 5 – Stock-Based Compensation

The Company recognized the following stock-based compensation expense in SG&A in its Condensed Consolidated Statements of Income for the three and nine months endedSeptember 30, 2016 and 2015:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Stock options	$	215	$	164	$	632	$	548
Nonvested stock awards and restricted stock units		773		668		2,366		2,179
Employee stock purchase plan		21		19		64		56
Non-elective and elective 401(k) matching contribution in stock		473		449		1,749		1,624
Director stock ownership plan		37		31		131		93
Total stock-based compensation expense	$	1,519	$	1,331	$	4,942	$	4,500

The Company’s estimated taxes payable as of September 30, 2016 and 2015, respectively, were sufficient to fully recognize$0.2 million and $0.4 million of excess tax benefits related to stock option exercises as cash inflows from financing activities in its Condensed Consolidated Statements of Cash Flows, for the nine months ended September 30, 2016 and 2015, respectively.

During the first quarter of 2016, the Company granted stock options under its LTIP plan that are subject only to time vesting over a three-year period. For the purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes option pricing model and the assumptions set forth in the table below:

	2016
Number of options granted	67,444
Dividend yield	1.49	%
Expected volatility	28.39	%
Risk-free interest rate	1.08	%
Expected term (years)	4.0

The fair value of these options is amortized on a straight-line basis over the vesting period. As of September 30, 2016, unrecognized compensation expense related to options granted was $1.3 million, to be recognized over a weighted average remaining period of 2.0 years. There were no stock options granted in the second or third quarters of 2016.

During the first nine months of 2016, the Company granted 28,471nonvested restricted shares and 2,041nonvested restricted stock units under its LTIP plan that are subject only to time vesting, generally over a three-year period. The fair value of these awards is based on the trading price of the Company’s common stock on the date of grant. The Company adjusts the grant date fair value of these awards for expected forfeitures based on historical experience. As of September 30, 2016, unrecognized compensation expense related to the nonvested shares was $3.4 million, to be recognized over a weighted average remaining period of 1.6 years, and unrecognized compensation expense related to nonvested restricted stock units was $0.2million, to be recognized over a weighted average remaining period of 1.9 years.