Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 18. Stockholders' Equity

Capital Stock

The Company's authorized capital stock consists of 100 million shares of common stock, par value $0.10 per share, of which 34,784,395 shares and 34,649,755 shares were outstanding at December 31, 2015 and 2014, respectively, and 1,000,000 shares of preferred stock, none of which were issued and outstanding.

Cash Dividends

Cash dividends of $7.0 million or $0.20 per common share were paid during 2015. In January 2016, a cash dividend of approximately $1.7million or $0.05 per share, was declared, payable in the first quarter of 2016.

Stock Award and Incentive Plan

At the Company’s 2015 Annual Meeting of Stockholders, the Company’s stockholders ratified the adoption of the Company’s 2015 Stock Award and Incentive Plan (the “2015 Plan”), which provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, stock awards or performance unit awards..  The 2015 Plan is substantially similar to the Company’s 2001 Stock Award and Incentive Plan (as amended and restated as of March 18, 2009, the “2001 Plan” and collectively with the 2015 Plan, the “Plans”).  The Company established the 2015 Plan to increase the total number of shares of common stock reserved and available for issuance by 880,000 shares from the number of shares remaining under the 2001 Plan.  With the ratification of the 2015 Plan by the Company’s stockholders, the 2001 Plan was discontinued as to new grants (however, all awards previously granted under the 2001 Plan remained unchanged).  The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plan have a term not in excess of ten years. The exercise price for stock options will not be less than the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years.

The following table summarizes stock option and restricted stock activity for the Plan:

				Stock Options					Restricted Shares
	Shares Available for Grant			Shares			Weighted Average Exercise Price Per Share ($)		Shares			Weighted Average Exercise Price Per Share ($)
Balance January 1, 2013		1,491,974			1,395,520		$	28.31		183,660		$	31.25
Granted		(351,995	)		239,770			41.42		112,225			41.44
Exercised/vested		-			(501,222	)		25.26		(61,981	)		28.09
Canceled		50,985			(2,653	)		37.24		(48,332	)		31.59
Balance December 31, 2013		1,190,964			1,131,415			32.42		185,572			37.65
Granted		(279,184	)		173,068			58.25		106,116			58.94
Exercised/vested		-			(323,636	)		30.57		(61,621	)		36.51
Canceled		84,806			(29,768	)		41.88		(55,038	)		38.73
Balance December 31, 2014		996,586			951,079			37.46		175,029			50.56
Authorized		880,000			-			-		-			-
Granted		(455,275	)		238,773			60.40		216,502			60.32
Exercised/vested		-			(74,839	)		33.12		(59,801	)		47.51
Canceled		71,113			(23,169	)		60.22		(47,944	)		51.43
Balance December 31, 2015		1,492,424			1,091,844			42.29		283,786			58.63