Share-Based Payments (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Schedule of Nonvested Share Activity [Table Text Block]

The following table sets forth information with respect to nonvested options for the nine month period ended September 30, 2016:

			Weighted Average Grant Date Fair
	Number of Shares		Value
Nonvested options – beginning of period		414,850	$	6.86
Nonvested options granted		5,000	$	6.50
Nonvested options vested or forfeited		(26,770)	$	6.82
Nonvested options – end of period		393,080	$	6.85

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes stock option information as of September 30, 2016:

	Shares		Weighted Average Exercise Price
Outstanding at January 1, 2016		709,300	$	24.34
Options granted		5,000		26.40
Options cancelled		(22,250)		27.21
Options exercised		(66,290)		18.62
Outstanding at September 30, 2016		625,760	$	24.86
Options exercisable		232,680	$	22.81
Options available for future grants		195,295

Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2016 and September 30, 2015 were as follows:

	September 30,		September 30,
(In thousands)	2016		2015
Cash proceeds from stock options exercised	$	1,235	$	451
Tax benefits		–		–
Intrinsic value of stock options exercised		947		482

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The assumptions used in the Black-Scholes pricing model for the periods ended September 30, 2016 and 2015 are set forth in the following table:

	September 30,			September 30,
	2016			2015
Weighted average expected stock-price volatility		33	%		34	%
Weighted average expected option life		5 years			5 years
Weighted average risk-free interest rate		1.42	%		1.28	%
Weighted average dividend yield		2.2	%		1.8	%