Note 14 - Stock Based Compensation

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

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

NOTE 14: STOCK BASED COMPENSATION

The Company’s Board of Directors has adopted various stock compensation plans.  The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, and bonus stock awards.  Pursuant to the plans, shares are reserved for future issuance by the Company upon the exercise of stock options or awarding of bonus shares granted to directors, officers and other key employees.

The table below summarizes the transactions under the Company's active stock compensation plans for the three months ended March 31, 2016:

	Stock Options Outstanding					Non-Vested Stock Awards Outstanding
	Number of Shares			Weighted Average Exercise Price		Number of Shares			Weighted Average Grant-Date Fair-Value
Balance, January 1, 2016		484,497		$	40.59		183,101		$	35.65
Granted		58,090			47.02		76,255			46.92
Stock Options Exercised		(10,305	)		23.72		--			--
Stock Awards Vested		--			--		(35,082	)		30.69
Forfeited/Expired		(3,645	)		44.40		(46,495	)		34.40
Balance, March 31, 2016		528,637		$	41.64		177,779		$	41.79
Exercisable, March 31, 2016		251,908		$	37.79

The following table summarizes information about stock options under the plans outstanding at March 31, 2016:

			Options Outstanding						Options Exercisable
Range of Exercise Prices			Number of Shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
$17.55	-	$21.51		21,997		5.06	$	20,05		15,647	$	19.89
26.19	-	26.19		21,450		0.14		26.19		21,450		26.19
28.42	-	28.42		24,800		1.12		28.42		24,800		28.42
30.31	-	30.31		28,090		2.04		30.31		28,090		30.31
40.57	-	40.57		48,690		7.41		40.57		48,690		40.57
40.72	-	40.72		1,500		8.63		40.72		300		40.72
44.40	-	44.40		62,460		7.64		44.40		34,512		44.40
45.50	-	45.50		258,255		9.36		45.50		77,161		45.50
47.02	-	47.02		58,090		9.81		47.02		--		--
48.13	-	48.13		3,305		9.46		48.13		1,258		48.13
$17.55	-	$48.13		528,637		7.70	$	41.64		251,908	$	37.79

Total stock-based compensation expense was $1,215,000 and $485,000 during the three months ended March 31, 2016 and 2015, respectively.  Stock-based compensation expense is recognized ratably over the requisite service period for all stock-based awards.  There was $1,799,000 of unrecognized stock-based compensation expense related to stock options at March 31, 2016. Unrecognized stock-based compensation expense related to non-vested stock awards was $4,885,000 at March 31, 2016.  At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 3.2 years.

The intrinsic value of stock options outstanding and stock options exercisable at March 31, 2016 was $2,050,000 and $1,870,000.  Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $45.07 as of March 31, 2016, and the exercise price multiplied by the number of options outstanding and exercisable at a price below that closing price.  The total intrinsic value of stock options exercised during the three months ended March 31, 2016 and March 31, 2015, was $220,000 and $193,000, respectively.

The fair value of the Company’s employee stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. The weighted-average fair value of stock options granted during the three months ended March 31, 2016 and March 31, 2015 was $11.64 and $8.81 per share, respectively. The Company estimated expected market price volatility and expected term of the options based on historical data and other factors. The weighted-average assumptions used to determine the fair value of options granted are detailed in the table below:

	Three Months Ended March 31, 2016			Three Months Ended March 31, 2015
Expected dividend yield		1.96	%		2.15	%
Expected stock price volatility		27.34	%		21.08	%
Risk-free interest rate		2.01	%		2.01	%
Expected life of options (in years)		7			10