Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Company's Stock Option Plan Activity

A summary of the stock option activity for the three and nine months ended September 30, 2014 and 2013 is as follows (option amounts not in thousands):

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2014		280,000		$	2.91		3.9 years	$	14,166
Exercised		(50,000	)	$	2.50
Outstanding at March 31, 2014		230,000		$	3.00		3.8 years	$	7,683
Outstanding at June 30, 2014		230,000		$	3.00		3.5 years	$	8,649
Outstanding at September 30, 2014		230,000		$	3.00		3.3 years	$	7,589
Exercisable at September 30, 2014		230,000		$	3.00		3.3 years	$	7,589
Outstanding at January 1, 2013		280,000		$	2.91		4.9 years	$	5,007
Outstanding at March 31, 2013		280,000		$	2.91		4.7 years	$	6,816
Outstanding at June 30, 2013		280,000		$	2.91		4.4 years	$	7,788
Outstanding at September 30, 2013		280,000		$	2.91		4.2 years	$	10,621
Exercisable at September 30, 2013		270,000		$	2.78		4.0 years	$	10,276

Information about Options Exercised

The following table summarizes information about options exercised during the nine months ended September 30, 2014 and 2013 (option amounts not in thousands):

	Nine Months Ended September 30,
	2014		2013
Options exercised		50,000		—
Total intrinsic value of exercised options	$	1,970		—
Fair value of vested stock options	$	17	$	17
Tax benefits realized	$	603		—

Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan

Information with respect to the activity of unvested restricted stock awards during the three and nine months ended September 30, 2014 and 2013 is as follows (share amounts not in thousands):

	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2014		735,650		$	25.48
Granted		98,720		$	48.42
Vested		(21,825	)	$	21.56
Forfeited		(505	)	$	32.20
Nonvested at March 31, 2014		812,040		$	28.37
Vested		(32,000	)	$	12.95
Forfeited		(2,825	)	$	43.43
Nonvested at June 30, 2014		777,215		$	28.95
Granted		10,000		$	37.28
Vested		(2,000	)	$	37.68
Forfeited		(5,155	)	$	39.85
Nonvested at September 30, 2014		780,060		$	28.96
Nonvested at January 1, 2013		246,320		$	14.54
Forfeited		(920	)	$	21.56
Nonvested at March 31, 2013		245,400		$	14.51
Granted		544,000		$	26.58
Vested		(29,000	)	$	13.06
Forfeited		(28,160	)	$	14.68
Nonvested at June 30, 2013		732,240		$	23.53
Granted		20,000		$	32.85
Vested		(56,000	)	$	11.57
Forfeited		(180	)	$	21.56
Nonvested at September 30, 2013		696,060		$	24.75

Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock

The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards as well as their paid dividends, and the fair value of vested restricted stock for the three and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Deferred tax benefits recognized	$	875	$	748	$	2,544	$	1,313
Tax benefits realized	$	80	$	612	$	781	$	892
Fair value of vested restricted stock	$	75	$	648	$	960	$	1,027

Assumptions Used to Determine the Fair Value of the Awards with Market-Based

The following presents assumptions used in a Monte Carlo simulation model to determine the fair value of the awards with market-based conditions:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
Expected dividends per share	$1.10	$0.90	$1.10	$0.90
Expected volatility	42.1 – 42.6%	41.5 – 48.7%	42.1 – 42.6%	41.5 – 51.6%
Risk-free interest rate	0.1 – 1.5%	0.0 – 1.1%	0.1 – 1.5%	0.0 – 1.1%
Estimated cost of capital	11.5%	9.9%	11.5%	9.3 – 9.9%
Expected life (in years)	4.00	4.00	4.00	4.00 – 6.00