11.	EQUITY INSTRUMENTS

Equity Incentive Plans

The Company has three equity incentive plans: the 1999 Equity Incentive Plan, the 2000 Equity Incentive Plan and the Amended and Restated 2008 Long-Term Incentive Plan (collectively, the “Equity Incentive Plans”). The Amended and Restated 2008 Long-Term Incentive Plan is currently the only plan under which new awards may be granted. Under that plan, a variety of equity instruments can be granted to key employees and directors including incentive and nonqualified stock options to purchase shares of the Company’s common stock, restricted stock, restricted stock units or shares of common stock. The 1999 Equity Incentive Plan, the 2000 Equity Incentive Plan and the Amended and Restated 2008 Long-Term Incentive Plan authorize up to 1,000, 5,600 and 5,400 shares of common stock, respectively, for issuance. At December 31, 2016, the Amended and Restated 2008 Long-Term Incentive Plan had 1,047 shares available for grant.

Under each of the plans, the Board of Directors determines the term of each award, but no award can be exercisable more than 10 years from the date the award is granted. The stock options issued under the Equity Incentive Plans generally expire seven years from the grant date. The Board also determines the vesting provisions of all awards and the exercise price per share of stock options issued under the plans, which is the fair market value at date of grant. Awards issued to employees generally vest over terms ranging from two to four years.

The following table summarizes the Company’s stock option activity for 2014, 2015 and 2016:

	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Outstanding, January 1, 2014		794		$	8.91
Granted		179		$	14.95
Exercised		(32	)	$	9.60
Forfeited/expired		(49	)	$	11.16
Outstanding, December 31, 2014		892		$	9.97
Granted		194		$	19.82
Exercised		(335	)	$	9.50
Forfeited/expired		(25	)	$	16.54
Outstanding, December 31, 2015		726		$	12.60
Granted		140		$	20.94
Exercised		(286	)	$	9.65
Forfeited/expired		(3	)	$	20.94
Outstanding, December 31, 2016		577		$	16.04		4.70	$	10,735
Exercisable at December 31, 2016		131		$	14.50		4.34	$	2,638
Vested and expected to vest at December 31, 2016		565		$	16.05		4.71	$	10,512

In 2016, 2015 and 2014, the Company recorded compensation expense of $1,072, $647 and $426, respectively, for stock option awards. The weighted-average grant date fair value of stock options granted in 2016, 2015 and 2014 was $5.99, $5.18 and $3.88, respectively. The total intrinsic value of stock options exercised in 2016, 2015 and 2014 was $5,727, $5,520 and $219, respectively.

The fair value of each stock option was estimated on the date of grant using the Black-Scholes option pricing model and the following weighted average assumptions:

	2016			2015			2014
Expected dividend yield		3.29	%		3.48	%		4.58	%
Expected volatility		43.53	%		40.81	%		43.76	%
Risk-free interest rate		1.62	%		1.55	%		1.62	%
Expected life (in years)		4.50			4.42			4.75

In 2016, 2015 and 2014, the Company authorized the issuance of 27, 22 and 27 fully vested shares of common stock, respectively, as compensation to the Board of Directors resulting in compensation expense of $700, $509 and $455, respectively. In addition, in 2014, the Company issued 2 shares of common stock to consultants for services. No shares were issued to consultants during 2016 or 2015. Costs recognized for shares issued to non-employees for services were $30 in 2014. No expense was recognized in 2016 or 2015.

The Company has issued restricted stock to employees generally with vesting terms ranging from two to four years. The fair value is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes the restricted stock activity for 2014, 2015 and 2016:

	Number of Shares			Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value
Nonvested, January 1, 2014		686		$	12.17
Granted		116		$	14.99
Vested		(303	)	$	11.31
Forfeited		(77	)	$	12.21
Nonvested, December 31, 2014		422		$	13.56
Granted		89		$	19.72
Vested		(183	)	$	11.30
Forfeited		(52	)	$	13.51
Nonvested, December 31, 2015		276		$	17.05
Granted		84		$	21.02
Vested		(139	)	$	12.40
Forfeited		(5	)	$	19.91
Nonvested, December 31, 2016		216		$	21.51	$	7,464

Additionally, the Company grants performance-based restricted stock units. The performance-based units have performance conditions and service-based vesting conditions. Each vesting tranche is treated as an individual award and the compensation expense is recognized on a straight-line basis over the requisite service period for each tranche. The requisite service period is a combination of the performance period and the subsequent vesting period based on continued service. The level of achievement of such goals may cause the actual amount of units that ultimately vest to range from 0% to 200% of the original units granted. The Company recognizes expense ratably over the vesting period for performance-based restricted stock units when it is probable that the performance criteria specified will be achieved. The fair value is equal to the market price of the Company’s common stock on the date of grant.

The following table summarizes the restricted stock unit activity:

	Number of Restricted Stock Units			Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value
Nonvested, January 1, 2014		231		$	8.74
Granted		93		$	14.95
Performance factor adjustment		76		$	8.60
Vested		(24	)	$	14.72
Forfeited		(10	)	$	11.69
Nonvested, December 31, 2014		366		$	9.81
Granted		123		$	19.28
Performance factor adjustment		62		$	12.48
Vested		(237	)	$	8.64
Forfeited		(1	)	$	16.67
Nonvested, December 31, 2015		313		$	14.92
Granted		161		$	26.59
Vested		(190	)	$	12.54
Forfeited		(3	)	$	20.39
Nonvested, December 31, 2016		281		$	23.18	$	9,730

Included in the nonvested restricted stock units as of December 31, 2016 were 26 restricted stock units that vested on December 31, 2016 but the achievement of the performance goals will not be certified as earned by the Compensation Committee of the Board of Directors of the Company until the first quarter of 2017.

The Company recorded compensation expense of $5,198, $4,312 and $4,740 in the accompanying consolidated statements of operations for 2016, 2015 and 2014, respectively, in connection with the issuance of restricted stock and restricted stock units. As of December 31, 2016, the Company expects 207 shares of restricted stock and 274 restricted stock units to vest.

The Company recognized a decrease/(increase) in taxes payable of $2,936, $2,750 and $(68) in 2016, 2015 and 2014, respectively, from the exercise of certain stock options, the vesting of restricted stock and payment of certain dividends and recorded these amounts as increases and decreases to additional paid-in capital in the accompanying consolidated statements of stockholders’ equity.

As of December 31, 2016, there was $7,629 of total unrecognized compensation expense related to unvested share-based compensation arrangements, which is expected to be recognized over a weighted-average period of 1.0 years. The total unrecognized compensation expense will be fully charged to expense through the fourth quarter of 2019.