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Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Estimated Fair Value of Option Granted Using Black-Scholes Option Pricing Model

The fair value of each option granted in 2016, 2015 and 2014 was estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions:

 

Expected Volatility

 

 

20

%

Expected Term

 

 

6.5 years

 

Expected Dividends

 

 

None

 

Weighted Average Risk Free Rate:

 

 

 

 

2016 grants

 

 

%

2015 grants

 

 

1.714

%

2014 grants

 

 

2.269

%

Weighted-Average Grant Fair Value:

 

 

 

 

2016 grants

 

$

 

2015 grants

 

 

9.88

 

2014 grants

 

 

9.04

 

 

Summary of Stock Option Activity

The following table summarizes the activities in the Plans during 2016:

 

(dollars in thousands except
per share amounts)

  

Options Granted

 

 

Weighted Average
Exercise Price per
Share

 

  

Weighted Average
Remaining
Contractual Term

 

  

Aggregate
Intrinsic Value

 

Balance: December 31, 2015

 

 

2,716,834

 

 

$

6.35

 

 

 

 

 

 

 

 

 

Options granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(690,592

)

 

 

6.17

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(53,358

)

 

 

9.18

 

 

 

 

 

 

 

 

 

Balance: December 31, 2016

 

 

1,972,884

 

 

 

6.34

 

 

 

2.45 Years

 

 

$

15,601

 

Options exercisable

 

 

1,945,032

 

 

$

6.30

 

 

 

2.39 Years

 

 

$

15,457

 

The following table summarizes the activities in the Plans during 2015:

 

(dollars in thousands except
per share amounts)

  

Options Granted

 

 

Weighted Average
Exercise Price per
Share

 

  

Weighted Average
Remaining
Contractual Term

 

  

Aggregate
Intrinsic Value

 

Balance: December 31, 2014

 

 

2,769,616

 

 

$

6.34

 

 

 

 

 

 

 

 

 

Options granted

 

 

23,000

 

 

 

9.88

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(62,614

)

 

 

6.47

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(13,168

)

 

 

8.24

 

 

 

 

 

 

 

 

 

Balance: December 31, 2015

 

 

2,716,834

 

 

 

6.35

 

 

 

3.52 Years

 

 

$

14,782

 

Options exercisable

 

 

2,599,010

 

 

$

6.23

 

 

 

3.30 Years

 

 

$

14,463

 

The following table summarizes the activities in the Plans during 2014:

 

(dollars in thousands except
per share amounts)

  

Options Granted

 

 

Weighted Average
Exercise Price per
Share

 

  

Weighted Average
Remaining
Contractual Term

 

  

Aggregate
Intrinsic Value

 

Balance: December 31, 2013

 

 

2,861,934

 

 

$

6.19

 

 

 

 

 

 

 

 

 

Options granted

 

 

142,750

 

 

 

9.04

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(169,732

)

 

 

5.60

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(65,336

)

 

 

7.64

 

 

 

 

 

 

 

 

 

Balance: December 31, 2014

 

 

2,769,616

 

 

 

6.34

 

 

 

4.50 Years

 

 

$

7,378

 

Options exercisable

 

 

2,558,184

 

 

$

6.16

 

 

 

4.15 Years

 

 

$

7,272

 

 

Summary of RSUs Issued under Equity Incentive Plan

The following table provides a summary of the RSUs issued by the Company under its equity incentive plans for the periods ended December 31:

 

 

2016

 

2015

 

2014

 

 

Shares

 

Weighted

Average Grant

Date Fair Value

 

Shares

 

Weighted

Average Grant

Date Fair Value

 

Shares

 

Weighted

Average Grant

Date Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance: January 1

 

134,728

 

 

$

9.93

 

 

8,888

 

 

$

9.00

 

 

15,332

 

 

$

8.80

 

New RSUs

 

50,568

 

 

 

11.15

 

 

147,364

 

 

 

10.00

 

 

 

 

 

 

Shares vested and issued

 

(67,988

)

 

 

10.39

 

 

(21,524

)

 

 

10.00

 

 

(6,444

)

 

 

8.53

 

RSUs forfeited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31

 

117,308

 

 

$

10.19

 

 

134,728

 

 

$

9.93

 

 

8,888

 

 

$

9.00