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Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Fair Value of Stock Options Granted

The fair value of stock options granted by the Company was estimated through the use of the Black-Scholes option pricing model applying the following assumptions:

 

     2014     2013     2012  

Risk-free interest rate

      2.29 %      1.47 %      1.40 % 

Expected option life

      7 years        7 years        7 years   

Expected volatility

      29 %      29 %      29 % 

Expected dividend yield

      2.71 %      3.27 %      3.47 % 

Weighted average fair value of an option share granted during the year

    $ 4.17      $ 3.01      $ 2.69   

Intrinsic value of options exercised during the year (in thousands)

      131        11        106   
Summary of Option Activity

A summary of option activity for the years ended December 31, 2014, 2013 and 2012 follows:

 

     2014      2013      2012  
     Number
of
Shares		     Weighted
Average
Exercise
Price		      Number
Of
Shares		     Weighted
Average
Exercise
Price		      Number
Of
Shares		     Weighted
Average
Exercise
Price		  

Outstanding at beginning of year

      1,740,580      $ 16.47         1,732,694      $ 17.62         2,043,933      $ 18.21   

Granted

      280,375        17.72         277,625        14.68         270,250        13.83   

Exercised

      (27,634 )      12.66         (5,147 )      12.63         (36,218 )      11.55   

Forfeited

      (234,300 )      22.44         (29,916 )      13.89         (202,928 )      18.28   

Expired

      (7,751 )      13.30         (234,676 )      23.28         (342,343 )      17.92   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Outstanding at end of year

      1,751,270      $ 15.94         1,740,580      $ 16.47         1,732,694      $ 17.62   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Options exercisable

      1,003,075           1,062,786           1,113,185     
  

 

 

       

 

 

       

 

 

    
Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2014:

 

     Options Outstanding      Options Exercisable  

Exercise Prices

    Number
of
Options		      Weighted
Average
Remaining
Contractual
Life		    Weighted
Average
Exercise
Price		      Number
Of
Options		      Weighted
Average
Remaining
Contractual
Life		    Weighted
Average
Exercise
Price		  

$10.00 to 12.28

      296,541       4.9 years    $ 10.60         250,621       4.9 years    $ 10.70   

  13.83 to 14.62

      672,750       7.2      14.13         258,850       6.9      14.00   

  16.06 to 17.75

      454,855       7.0      17.37         166,480       3.2      16.81   

  20.25 to 22.17

      150,570       2.1      21.51         150,570       2.1      21.51   

  22.24 to 23.47

      176,554       1.1      23.42         176,554       1.1      23.42   
  

 

 

     

 

   

 

 

     

 

 

     

 

   

 

 

  
     1,751,270       5.7 years    $ 15.94         1,003,075       4.0 years    $ 16.42   
  

 

 

     

 

   

 

 

     

 

 

     

 

   

 

 

  
Summary of Granted but Unvested Stock Award Activity

A summary of the granted but unvested stock award activity for the years ended December 31, 2014, 2013 and 2012 follows:

 

     2014      2013      2012  
     Number
of
Shares		     Weighted
Average
Grant Date
Fair Value		      Number
Of
Shares		     Weighted
Average
Grant Date
Fair Value		      Number
of
Shares		     Weighted
Average
Grant Date
Fair Value		  

Outstanding at beginning of year:

      59,962      $ 13.84         48,733      $ 13.10         49,148      $ 13.25   

Granted

      40,380        17.70         28,228        14.78         19,513        13.83   

Vested

      (16,438 )      13.31         (14,296 )      13.21         (14,393 )      14.52   

Forfeited

      (2,119 )      14.18         (2,703 )      13.85         (5,535 )      13.20   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Outstanding at end of year

      81,785      $ 15.85         59,962      $ 13.84         48,733      $ 13.10