Equity-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

The following table details our compensation expense and the related income tax benefit as of December 31:



(Dollars in thousands)	2014		2013		2012
Employee equity-based compensation expense:
Performance shares	3,515		3,635		3,440
Restricted stock units	622		742		627
Total employee equity-based compensation expense	$	4,137	$	4,377	$	4,067

Deferred compensation stock equivalent units expense	$	345	$	1,265	$	2,008

Total tax benefit recognized for shared-based payment awards	$	280	$	71	$	525

Fair Value of Performance Share Awards

The following table presents the key inputs used in calculating the fair value of the performance share awards in 2014, 2013 and 2012, and the resulting fair values:



	2014			2013			2012
Shares granted	87,441			83,111			85,028
Stock price as of valuation date	$	39.76		$	45.31		$	31.11
Risk-free rate	0.72		%	0.40		%	0.40		%
Fair value of a performance share	$	45.57		$	62.78		$	34.24

Summary of Outstanding Performance Share Awards

The following table summarizes outstanding performance share awards as of December 31, 2014, 2013 and 2012, and changes during those years:



(Dollars in thousands, except per-share amounts)	2014					2013					2012
	SHARES			WEIGHTED AVG. GRANT DATE FAIR VALUE		SHARES			WEIGHTED AVG. GRANT DATE FAIR VALUE		SHARES			WEIGHTED AVG. GRANT DATE FAIR VALUE
Unvested shares outstanding at January 1	155,814			$	48.73	160,214			$	44.50	154,594			$	50.54
Granted	87,441			45.57		83,111			62.78		85,028			34.24
Vested	(76,202		)	34.24		(71,861		)	55.84		(76,812		)	45.30
Forfeited	(6,820		)	49.75		(15,650		)	47.32		(2,596		)	44.99
Unvested shares outstanding at December 31	160,233			53.86		155,814			48.73		160,214			44.50
Total grant date fair value of share awards vested during the year	$	2,609				$	4,013				$	3,480
Aggregate intrinsic value of unvested share awards at December 31	$	6,709				$	6,504				$	6,019

Summary of Outstanding RSU Awards

A summary of the status of outstanding RSU awards as of December 31, 2014, 2013 and 2012, and changes during these years is presented below:



	2014					2013					2012
	SHARES			WEIGHTED AVERAGE GRANT DATE FAIR VALUE		SHARES			WEIGHTED AVERAGE GRANT DATE FAIR VALUE		SHARES			WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Unvested shares outstanding at January 1	37,461			$	38.69	40,219			$	34.82	36,359			$	35.60
Granted	19,599			40.51		23,449			44.41		20,225			31.53
Vested	(21,333		)	34.46		(19,796		)	38.19		(14,861		)	32.41
Forfeited	(3,272		)	42.06		(6,411		)	36.91		(1,504		)	33.36
Unvested shares outstanding at December 31	32,455			42.24		37,461			38.69		40,219			34.82
Total grant date fair value of RSU awards vested during the year (in thousands)	$	735				$	756				$	482
Aggregate intrinsic value of unvested RSU awards at December 31 (in thousands)	$	1,359				$	2,511				$	1,575

Summary of Outstanding Stock Options

A summary of the status of outstanding stock options as of December 31, 2014, 2013 and 2012 and changes during those years is presented below:



	2014					2013					2012
	SHARES			WEIGHTED AVG. EXERCISE PRICE		SHARES			WEIGHTED AVG. EXERCISE PRICE		SHARES			WEIGHTED AVG. EXERCISE PRICE
Outstanding at January 1	12,859			$	30.92	83,827			$	27.46	144,684			$	23.34
Shares exercised	(12,859		)	30.92		(70,968		)	26.25		(60,857		)	17.66
Outstanding and exercisable at December 31	—					12,859			30.92		83,827			27.46
Total intrinsic value of options exercised during the year (in thousands)	$	150				$	1,423				$	938