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Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Cash Dividends Declared to Stockholders
Year
Declaration Date
 
Record Date
 
Payment Date
 
Per Share
Amount
 
Total
Payment(1)
 
 
 
 
 
 
 
 
 
 
(Dollars in
thousands)
 
2012
February 22
 
March 16
 
March 30
 
0.250

 
 
 
 
May 3
 
May 18
 
June 24
 
0.250

 
 
 
 
July 30
 
August 17
 
September 9
 
0.125

(2) 
 
 
 
November 1
 
November 16
 
December 7
 
0.125

 
 
 
 
Total
 
 
 
 
 
0.750

 
16,512

 
2013
March 4
 
March 15
 
March 29
 
0.125

 
 
 
 
 
 
 
 
April 26
 
 
 
1,513

(3) 
 
May 9
 
May 20
 
June 25
 
0.125

 
 
 
 
August 1
 
August 19
 
September 10
 
0.125

 
 
 
 
November 5
 
November 20
 
December 10
 
0.125

 
 
 
 
 
 
 
 
 
 
0.500

 
12,312

 
2014
March 5
 
March 18
 
March 28
 
$
0.125

 
 
 
 
April 30
 
May 22
 
June 25
 
0.125

 
 
 
 
July 30
 
August 19
 
September 10
 
0.125

 
 
 
 
October 29
 
November 18
 
December 10
 
0.125

 
 
 
 
Total
 
 
 
 
 
0.500

 
$
10,826

 
Total
 
 
 
 
 
 
$
1.750

 
$
39,650

 
 
(1) 
The total payment reflects the cash dividends paid in relation to common stock, vested RSUs and vested restricted stock.
(2) 
On July 30, 2012, our Board of Directors reset the quarterly cash dividends rate to $0.125 per share of common stock from $0.25 per share of common stock.
(3) 
The payment reflects the accumulated cash dividends earned on vested RSUs associated with the 2009 LTIP.
Common Stock Purchased Including Purchase of Common Stock for Tax Withholdings
Common stock purchased in 2014, 2013 and 2012 (including the purchase of common stock for tax withholdings) was as follows:
For the Three Months Ended
Total Number
of Shares
Purchased
 
Average Price
Paid Per Share(1)
 
Total Number of
Shares Purchased
as Part of
Publicly
Announced Plans
or Programs
 
Approximate
Dollar Value of
Shares That May
Yet Be Purchased
Under the Publicly
Announced Plans
or Programs(2)
(Dollars in thousands)
2012
 
 
 
 
 
 
 
March 31,
21,657

(3) 
$
14.10

 
—

 
$
16,135

June 30,
—

 
—

 
—

 
16,135

September 30,
434,982

 
11.30

 
434,982

 
20,085

December 31,
277,191

 
11.26

 
277,191

 
16,964

Total for 2012
733,830

 
$
11.37

 
712,173

 
 
2013
 
 
 
 
 
 
 
March 31,
—

 
$
—

 
—

 
16,964

June 30,
108,459

(4) 
12.92

 
—

 
16,964

September 30,
—

 
—

 
—

 
16,964

December 31,
—

 
—

 
—

 
16,964

Total for 2013
108,459

 
$
12.92

 
—

 
 
2014
 
 
 
 
 
 
 
March 31,
—

 
$
—

 
—

 
15,000

June 30,
—

 
—

 
—

 
15,000

September 30,
—

 
—

 
—

 
15,000

December 31,
263,772

 
16.36

 
263,772

 
$
10,685

Total for 2014
263,772

 
$
16.36

 
263,772

 
 
Total
1,106,061

 
$
12.71

 
975,945

 
 

(1) 
Average price paid per share excludes commissions.
(2) 
On July 31, 2008, our Board of Directors approved a program to repurchase up to $50.0 million of our common stock in the open market during the twelve month period commencing on or about August 5, 2008. Our Board of Directors approved a supplement effective March 3, 2009 which reset the repurchase authority to $25.0 million as of January 1, 2009 and extended the purchase period through December 31, 2009. On November 30, 2009, our Board of Directors approved a further extension of the purchase period from December 31, 2009 to March 31, 2010. On March 3, 2010, our Board of Directors approved a supplement to the program to repurchase our common stock in the open market effective March 3, 2010 which reset the repurchase authority to $25.0 million as of January 1, 2010 and extended the purchase period through December 31, 2010. On December 6, 2010, our Board of Directors approved another supplement effective January 3, 2011 which reset the repurchase authority to $25.0 million as of January 3, 2011 and extended the purchase period through December 31, 2011. During the first quarter of 2011, our Board of Directors temporarily suspended the program. On July 24, 2012, our Board of Directors approved an additional supplement to the common stock repurchase program effective August 1, 2012 which reset the repurchase authority to $25.0 million as of August 1, 2012 and extended the purchase period through December 31, 2013. On December 19, 2013, our Board of Directors approved a further extension of the purchase period from December 31, 2013 to December 31, 2014 and reset the repurchase authority to $15.0 million as of January 1, 2014. On October 29, 2014, our Board of Directors approved a further extension of the purchase period from December 31, 2014 to December 31, 2015 and reset the repurchase authority to $15.0 million as of January 1, 2015.
(3) 
The total number of shares purchased were from our CEO at a price of $14.10 per share in payment of required tax withholdings for common stock issued in March 2012 under the 2011 Short-Term Incentive Plan ("STIP").
(4) 
On April 23, 2013, we purchased a total of 108,459 shares of common stock from our CEO and other eligible employees at a price of $12.92 per share in payment of required tax withholdings for the common stock awarded under the 2012 STIP and the 2009 Long-Term Incentive Plan ("LTIP").
Basic and Diluted Net Income Per Common Shares
The components of basic and diluted net income per common share were as follows for the periods stated:
 
 
For the Year Ended December 31,
 
2014
 
2013
 
2012
 
(Dollars in thousands, except share and per share amounts)
Net income
$
20,745

 
$
27,530

 
$
26,984

Weighted average shares of common stock outstanding
21,621,466

 
21,648,654

 
21,924,748

Dilutive effect of restricted stock and RSUs
469,304

 
361,869

 
472,839

Weighted average shares of common stock and common stock equivalents
22,090,770

 
22,010,523

 
22,397,587

Net income per common share
 
 
 
 
 
Basic
$
0.96

 
$
1.27

 
$
1.23

Diluted
$
0.94

 
$
1.25

 
$
1.20
Activities Under Equity Plan
The following table summarizes the activities under the 2012 Equity Plan as of December 31, 2014:
 
Activity
Total equity securities available at May 16, 2012
2,194,986

Add: 2011 LTIP RSUs forfeited by eligible employees
209,382

Add: Restricted Stock forfeited by non-executive member of the Board of Directors
3,189

Less: 2011 LTIP RSUs awarded to eligible employees
(557,484
)
Less: Common stock awarded to eligible employees
(5,820
)
Less: Restricted Stock awarded to non-executive members of the Board of Directors
(54,965
)
Less: STIP common stock awarded to an eligible employee
(41,702
)
Total equity securities available at December 31, 2014
1,747,586
Additional Awards Under 2011 LTIP
The following table details activities with respect to outstanding RSUs under the 2011 LTIP for the year ended December 31, 2014:
 
 
Shares
 
Weighted-
Average Grant
Date Fair Value
 
Total Unrecognized Compensation Cost (net of estimated forfeitures)
(In thousands)
 
Weighted-Average
Period Over Which
Cost is  Expected to
be Recognized
(In months)
Non-vested RSUs at January 1, 2014
 
617,027

 
$
12.30

 
 
 
 
Granted
 
—

 
—

 
 
 
 
Vested
 
(559,689
)
 
12.41

 
 
 
 
Forfeited
 
(57,338
)
 
11.20

 
 
 
 
Non-vested RSUs at December 31, 2014
 
—

 
$
—

 
$
—

 
0
Restricted Stock Vested by or Granted to Non-Executive Directors
The following table details information on the restricted stock awarded to our non-executive directors during the three years ended December 31, 2014:
 
Service for The Three Months Ended
Grant Date
 
Price
Per
Share(1)
 
Restricted Stock Awarded
 
Restricted Stock Vested or Forfeited(2)
 
Vesting Date
 
Restricted Stock Awarded and Outstanding(2)
 
Cash Dividends Paid(3)
December 31, 2011
January 3, 2012
 
$
13.87

 
3,785

 
(3,785
)
 
January 2, 2013
 
—

 
$
2,839

March 31, 2012
April 2, 2012
 
13.93

 
3,769

 
(3,769
)
 
April 1, 2013
 
—

 
2,356

June 30, 2012
July 2, 2012
 
12.86

 
4,084

 
(4,084
)
 
July 1, 2013
 
—

 
2,042

September 30, 2012
October 1, 2012
 
11.87

 
5,263

 
(5,263
)
 
October 1, 2013
 
—

 
2,211

December 31, 2012
January 2, 2013
 
11.68

 
5,350

 
(5,350
)
 
January 1, 2014
 
—

 
2,247

March 31, 2013
April 1, 2013
 
13.27

 
4,712

 
(4,712
)
 
April 1, 2014
 
—

 
1,979

June 30, 2013
July 1, 2013
 
13.57

 
4,606

 
(4,606
)
 
July 1, 2014
 
—

 
1,935

September 30, 2013
October 1, 2013
 
14.16

 
6,266

 
(6,266
)
 
October 1, 2014
 
—

 
3,133

December 31, 2013
January 1, 2014
 
14.28

 
6,475

 
—

 
 
 
6,475

 
—

March 31, 2014
April 1, 2014
 
18.17

 
5,093

 
—

 
 
 
5,093

 
—

June 30, 2014
July 1, 2014
 
15.40

 
6,006

 
—

 
 
 
6,006

 
—

September 30, 2014
October 1, 2014
 
13.01

 
7,110

 
—

 
 
 
7,110

 
—

Total
 
 
 
 
62,519

 
(37,835
)
 
 
 
24,684

 
$
18,742


 
(1) 
The quarterly restricted stock awarded is based on the price per share of our common stock on the last trading day prior to the quarterly award date.
(2) 
Amount includes forfeitures of 3,189 restricted stock resulting from a director's voluntary resignation from the Board.
(3) 
Amount excludes interest earned and paid upon vesting of shares of restricted stock.
Schedule of Stock Based Compensation Expense Awards under Equity Plans
The following table reflects the stock based compensation expense for the awards under the Equity Plans:
 
 
For the Year Ended December 31,
Equity Awards
2014
 
2013
 
2012
 
(Dollars in thousands)
2009 LTIP
$
—

 
$
—

 
$
897

Common stock
85

 
—

 
—

2011 LTIP
3,416

 
2,823

 
117

Board of directors compensation
337

 
222

 
210

Total stock based compensation
$
3,838

 
$
3,045

 
$
1,224