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Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2015
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:

 

     2015     2014     2013  

Risk-free interest rate

      1.72 %      2.29 %      1.47 % 

Expected option life

      7 years        7 years        7 years   

Expected volatility

      28 %      29 %      29 % 

Expected dividend yield

      2.99 %      2.71 %      3.27 % 

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

    $ 3.58      $ 4.17      $ 3.01   

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

      136        131        11   
Summary of Option Activity

A summary of option activity for the years ended December 31, 2015, 2014 and 2013 follows:

 

     2015      2014      2013  
     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

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

Granted

      238,305        17.39         280,375        17.72         277,625        14.68   

Assumed in acquisition

      370,000        26.11         —        —         —        —   

Exercised

      (29,480 )      13.43         (27,634 )      12.66         (5,147 )      12.63   

Forfeited

      (8,900 )      14.56         (7,751 )      13.30         (29,916 )      13.89   

Expired

      (39,264 )      25.31         (234,300 )      22.44         (234,676 )      23.28   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Outstanding at end of year

      2,281,931      $ 17.62         1,751,270      $ 15.94         1,740,580      $ 16.47   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Options exercisable

      1,497,960           1,003,075           1,062,786     
  

 

 

       

 

 

       

 

 

    
Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2015:

 

     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

      279,561       3.9 years    $ 10.59         279,561       3.9 years    $ 10.59   

  13.83 to 14.62

      664,650       6.2      14.13         393,400       6.0      14.05   

  16.06 to 18.45

      724,860       6.8      17.37         257,055       3.2      17.07   

  20.25 to 23.48

      312,860       0.6      22.57         312,860       0.6      22.57   

  27.34

      300,000       3.4      27.34         255,084       3.3      27.34   
  

 

 

     

 

   

 

 

     

 

 

     

 

   

 

 

  
     2,281,931       5.0 years    $ 17.62         1,497,960       3.5 years    $ 17.96   
  

 

 

     

 

   

 

 

     

 

 

     

 

   

 

 

  
Summary of Granted but Unvested Stock Award Activity

A summary of the granted but unvested stock award activity for the years ended December 31, 2015, 2014 and 2013 follows:

 

     2015      2014      2013  
     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:

      81,775      $ 15.85         59,962      $ 13.84         48,733      $ 13.10   

Granted

      70,890        17.39         40,380        17.70         28,228        14.78   

Vested

      (23,587 )      14.86         (16,438 )      13.31         (14,296 )      13.21   

Forfeited

      (2,118 )      15.16         (2,129 )      14.18         (2,703 )      13.85   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Outstanding at end of year

      126,960      $ 16.90         81,775      $ 15.85         59,962      $ 13.84