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STOCK-BASED COMPENSATION PLAN (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of the nonvested restricted stock awards outstanding and the assumptions used to estimate the fair value of the awards
The following table summarizes the nonvested restricted stock awards outstanding at December 31, 2015, and the assumptions used to estimate the fair value of the awards:

 
Grants
 
Shares Outstanding
 
Fair Value Per Share
 
Expected Volatility
 
Risk-Free Interest Rate
Officers & Key Employees -
2014 - TSR
 
51,349

 
$
21.31

 
20.0
%
 
0.80
%
 
2014 - EPS
 
51,349

 
$
27.22

 
N/A

 
N/A

 
2015 - TSR
 
34,574

 
$
26.31

 
16.0
%
 
1.10
%
 
2015 - EPS, ROE, Time
 
88,919

 
$
29.47

 
N/A

 
N/A

 

 


 


 


 


 
 
 
 
 
 
 
 
 
 
Directors -
2015
 
26,338

 
$
29.21

 
N/A

 
N/A
Summary of the total stock-based compensation cost for the period
The following table summarizes the total stock-based compensation cost for the years ended December 31 (in thousands):

 
2015
 
2014
 
2013
Officers & Key Employees
$
1,128

 
$
1,260

 
$
2,236

Directors
769

 
633

 
765

Total Cost
1,897

 
1,893

 
3,001

 
 
 
 
 
 
Capitalized
(216
)
 
(147
)
 
(237
)
Net Expense
$
1,681

 
$
1,746

 
$
2,764
Summary of information regarding restricted stock award activity during the period excluding accrued dividend equivalents
The following table summarizes information regarding restricted stock award activity during 2015, excluding accrued dividend equivalents:

 
Officers & Other Key Employees
 
Directors
 
Weighted
Average
Fair Value
Nonvested Shares Outstanding, January 1, 2015
223,876

 
23,220

 
$
24.40

Granted
158,929

 
26,338

 
$
28.67

Vested*
(91,244
)
 
(23,220
)
 
$
24.57

Cancelled/Forfeited**
(65,370
)
 
—

 
$
26.56

Nonvested Shares Outstanding, December 31, 2015
226,191

 
26,338

 
$
26.89


*Based on performance information available at the filing of this Report, management does not expect to award shares associated with the 2013 grants to officers and other key employees in 2016.
** Represents shares forfeited as a result of retirements prior to the satisfaction of service conditions.