Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2019

Employee Benefits and Share-based Compensation, Noncash [Abstract]

Transactions Under the Company’s Stock Option Plans

Transactions under the Company’s stock option plans for the six months ended June 30, 2019 are summarized in the following table:



	Shares		Weighted average exercise price		Weighted average remaining contractual life in years	Aggregate intrinsic value
Outstanding at December 31, 2018	584,178		$	13.00	7.1	$	4,574,680
Options granted	55,000		20.61
Options exercised	(52,434	)	6.92
Options forfeited	(5,333	)	19.38
Options expired	—		—
Outstanding at June 30, 2019	581,411		$	14.21	7.1	$	4,938,420
Exercisable at June 30, 2019	342,889		$	10.32	5.8	$	4,245,536

Stock Options, Valuation Assumptions

The fair values of the options granted during the six months ended June 30, 2019 and 2018 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions. No options were granted during the three months ended June 30, 2019 and 2018:



	For the three months ended June 30,						For the six months ended June 30,
	2019			2018			2019			2018
Number of options granted	—			—			55,000			114,500
Weighted average exercise price	$	—		$	—		$	20.61		$	20.24
Weighted average fair value of options	$	—		$	—		$	6.21		$	5.97
Expected life in years (1)	0.00			0.00			8.23			6.35
Expected volatility (2)	—		%	—		%	27.08		%	26.40		%
Risk-free interest rate (3)	—		%	—		%	2.55		%	2.48		%
Dividend yield (4)	—		%	—		%	1.36		%	1.14		%

(1) The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding.

(2) The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options.

(3) The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant.

(4) The expected dividend yield is the projected annual yield based on the grant date stock price.

Schedule of Cash Proceeds Received from Share-based Payment Awards

The following table presents information about options exercised during the three and six months ended June 30, 2019 and 2018:



	For the three months ended June 30,				For the six months ended June 30,
	2019		2018		2019		2018
Number of options exercised	32,000		22,600		52,434		77,607
Total intrinsic value of options exercised	$	464,208	$	411,738	$	704,610	$	1,237,391
Cash received from options exercised	$	197,121	$	101,601	$	363,064	$	391,958
Tax deduction realized from options	$	139,657	$	115,740	$	211,982	$	347,831

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at June 30, 2019:



	Options outstanding				Options exercisable
Range of exercise prices	Options outstanding	Weighted average remaining contractual life (in years)	Weighted average exercise price		Options exercisable	Weighted average exercise price
$0.00 - $6.00	61,761	3.2	$	5.60	61,761	$	5.60
$6.01 - $12.00	198,617	5.7	8.71		198,617	8.71
$12.01 - $18.00	70,533	7.6	15.73		46,335	15.73
$18.01 - $24.00	250,500	9.1	20.26		36,176	20.27
Total	581,411	7.1	$	14.21	342,889	$	10.32

Allocation of Share-based Compensation Costs

Compensation expense related to stock options and the related income tax benefit for the three and six months ended June 30, 2019 and 2018 are detailed in the following table:



	For the three months ended June 30,				For the six months ended June 30,
	2019		2018		2019		2018
Compensation expense	$	154,247	$	118,202	$	290,603	$	241,662
Income tax benefit	44,577		33,226		83,984		67,931

Compensation expense related to restricted stock for the three and six months ended June 30, 2019 and 2018 is detailed in the following table:



	For the three months ended June 30,				For the six months ended June 30,
	2019		2018		2019		2018
Compensation expense	$	166,620	$	144,839	$	312,908	$	286,136
Income tax benefit	48,153		40,714		90,430		80,433

Summary of Nonvested Restricted Stock Activity

The following table summarizes nonvested restricted stock activity for the six months ended June 30, 2019:



	Shares		Average grant date fair value
Nonvested restricted stock at December 31, 2018	105,312		$	16.55
Granted	30,150		20.65
Cancelled	(1,350	)	17.92
Vested	(35,438	)	14.11
Nonvested restricted stock at June 30, 2019	98,674		$	18.66

Restricted Stock Grants

Restricted stock awards granted during the three and six months ended June 30, 2019 and 2018 were as follows:



	For the three months ended June 30,				For the six months ended June 30,
	2019		2018		2019		2018
Number of shares granted	—		—		30,150		38,300
Average grant date fair value	$	—	$	—	$	20.65	$	20.64

Summary of Components of Net Periodic Pension Cost of Defined Benefit Plan Recognized

The following table summarizes the components of the net periodic pension cost of the defined benefit plan recognized during the three and six months ended June 30, 2019 and 2018:



	For the three months ended June 30,				For the six months ended June 30,
(In thousands)	2019		2018		2019		2018
Service cost	$	172	$	94	$	219	$	206
Interest cost	34		18		63		31
Amortization of prior service cost	21		21		42		42
Net periodic benefit cost	$	227	$	133	$	324	$	279

Summary Of Changes In Benefit Obligations Of Defined Benefit Plan

The following table summarizes the changes in benefit obligations of the defined benefit plan during the six months ended June 30, 2019 and 2018:



	For the six months ended June 30,
(In thousands)	2019		2018
Benefit obligation, beginning of year	$	2,747	$	1,187
Service cost	219		206
Interest cost	63		31
Benefit obligation, end of period	$	3,029	$	1,424