Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Cash Dividends Declared to Stockholders

The following table details information on our cash dividends for each of the three years ended December 31, 2015. Cash dividends paid as disclosed in the statements of cash flows for the years ended December 31, 2015, 2014 and 2013 included previously declared cash dividends on vested RSUs issued to eligible employees under the 2009 Long-Term Incentive Plan ("LTIP"), 2011 LTIP and on shares of vested restricted stock issued to non-executive members of our Board of Directors. Cash dividends on the RSUs and restricted stock have been accrued and are paid when the applicable vesting conditions are met. Accrued cash dividends on forfeited RSUs and restricted stock are also forfeited.

Year	Declaration Date	Record Date	Payment Date	Per Share Amount		Total Payment(1)
						(Dollars in thousands)
2013	March 4	March 15	March 29	0.125
			April 26			1,513		(1)
	May 9	May 20	June 25	0.125
	August 1	August 19	September 10	0.125
	November 5	November 20	December 10	0.125
	Total			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
2015	March 4	March 18	March 30	$	0.125	643		(2)
	April 29	May 22	June 25	0.125
	July 29	August 19	September 10	0.125
	October 28	November 18	December 10	0.250
	Total			0.625		13,976
Total				$	1.625	$	37,114

⁽¹⁾  The payment reflects the accumulated cash dividends earned on vested RSUs associated with the 2009 LTIP.

⁽²⁾  The payment reflects the accumulated cash dividends earned on vested RSUs associated with the 2011 LTIP.

Common Stock Purchased Including Purchase of Common Stock for Tax Withholdings

Common stock purchased in 2015, 2014 and 2013 (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)
2013
March 31,	—		$	—	—	$	16,964
June 30,	108,459	(3)	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
2015
March 31,	247,797	(4)	$	17.31	27,467	$	14,536
June 30,	177,330		16.93		177,330	11,531
September 30,	502,942		16.52		502,942	3,224
December 31,	189,438		16.87		189,438	—
Total for 2015	1,117,507		$	16.82	897,177
Total	1,489,738		$	16.46	1,160,949

⁽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. On October 28, 2015, the Board of Directors extended the common stock repurchase program through December 31, 2016. In extending the common stock repurchase plan the Board of Directors reset the purchase authority of $10.0 million with the repurchase authority to begin the earlier of January 4, 2016 or the completion of the existing common stock repurchase program.

⁽³⁾  On April 23, 2013, we purchased a total of 108,459 shares of common stock from our Chief Executive Officer ("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").

(4) On March 6, 2015, we purchased a total of 220,330 shares of common stock from our CEO and other eligible employees at a price of $17.36 per share in payment of required tax withholdings for the common stock awarded under the 2011 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,
	2015		2014		2013
	(Dollars in thousands, except share and per share amounts)
Net income	$	84,235	$	20,745	$	27,530
Weighted average shares of common stock outstanding	21,120,268		21,621,466		21,648,654
Dilutive effect of restricted stock and RSUs	66,482		469,304		361,869
Weighted average shares of common stock and common stock equivalents	21,186,750		22,090,770		22,010,523
Net income per common share
Basic	$	3.99	$	0.96	$	1.27
Diluted	$	3.98	$	0.94	$	1.25

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Plan as of December 31, 2015:

	Activity
Total equity securities available at May 16, 2012	2,194,986
Add: 2011 LTIP RSUs forfeited by eligible employees	209,382
Add: 2015 LTIP RSUs forfeited by eligible employees	18,432
Add: Restricted shares of common stock ("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	(76,849	)
Less: Payments made pursuant to Short term Incentive Plan ("STIP")	(41,701	)
Less: 2015 LTIP RSUs awarded to eligible employees	(260,900	)
Total equity securities available at December 31, 2015	1,483,235

Additional Awards Under 2011 LTIP

The following table details activities with respect to outstanding RSUs under the 2015 LTIP for the year ended December 31, 2015:

	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, 2015	—		$	—
Granted	260,900		$	17.35
Vested	—		—
Forfeited	(18,432	)	17.36
Non-vested RSUs at December 31, 2015	242,468		$	17.35	$	2,708	24

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, 2015:

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, 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	)	January 1, 2015	—	3,238
March 31, 2014	April 1, 2014	18.17		5,093	(5,093	)	April 1, 2015	—	2,547
June 30, 2014	July 1, 2014	15.40		6,006	(6,006	)	July 1, 2015	—	3,003
September 30, 2014	October 1, 2014	13.01		7,110	(7,110	)	October 1, 2015	—	3,555
December 31, 2014	January 1, 2015	17.36		5,328	—			5,328	—
March 31, 2015	April 1, 2014	19.17		4,823	—			4,823	—
June 30, 2015	July 1, 2015	16.84		5,494	—			5,494	—
September 30, 2015	October 1, 2015	16.46		6,242	—			6,242	—
Total				67,505	(45,618	)		21,887	$	21,637

⁽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 of Directors.

⁽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	2015		2014		2013
	(Dollars in thousands)
Common stock	$	—	$	85	$	—
2011 LTIP	—		3,416		2,823
2015 LTIP	1,498		—		—
Board of directors compensation	370		337		222
Total stock based compensation	$	1,868	$	3,838	$	3,045