Share Based Payments (Tables)

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of nonvested share activity

The following table sets forth information with respect to nonvested options for the nine month period ended September 30, 2017:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested options – beginning of period		401,440		$	7.14
Nonvested options granted		7,000		$	8.04
Nonvested options vested or forfeited		(18,145	)	$	7.01
Nonvested options – end of period		390,295		$	7.16

Schedule of stock options, activity

The following table summarizes stock option information as of September 30, 2017:

	Shares			Weighted Average Exercise Price
Outstanding at January 1, 2017		684,540		$	26.94
Options granted		7,000			35.72
Options forfeited		(12,080	)		29.70
Options exercised		(44,140	)		19.02
Outstanding at September 30, 2017		635,320		$	27.54
Options exercisable		245,025		$	25.13
Options available for future grants		1,086,735

Schedule of cash proceeds received from share-based payment awards

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2017 and September 30, 2016 were as follows:

(In thousands)	September 30,  2017		September 30,  2016
Cash proceeds from stock options exercised	$	839	$	1,235
Tax benefits		135		—
Intrinsic value of stock options exercised		804		947

Schedule of valuation assumptions in Black-Scholes pricing

The assumptions used in the Black-Scholes pricing model for the periods ended September 30, 2017 and 2016 are set forth in the following table:

	September 30,  2017			September 30,  2016
Weighted average expected stock-price volatility		29	%		33	%
Weighted average expected option life		5 years			5 years
Weighted average risk-free interest rate		1.9	%		1.4	%
Weighted average dividend yield		2.1	%		2.2	%