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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2014
EMPLOYEE BENEFITS  
Schedule of assumptions used to determine fair value of time-based options

 

 

 

 

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Expected term (years)

 

6.5 

 

 

6.5 

 

Risk-free interest rate

 

1.07% - 2.12

%

 

1.19% - 2.10

%

Expected volatility

 

56 

%

 

35 

%

Dividend yield

 

 -

%

 

 -

%

 

Summary of changes in outstanding time-based stock options

 

 

 

 

 

 

 

 

 

 

Number of Options

 

 

Weighted- Average Exercise

Price

 

Average Remaining Contractual Term

(In Years)

 

 

 

 

 

 

 

 

Shares under option—December 31, 2013

 

1,099,264 

 

$

9.19 

 

4.6

Shares granted

 

14,042 

 

 

15.70 

 

 

Shares forfeited or expired

 

(2,366)

 

 

10.24 

 

 

Shares exercised

 

(14,166)

 

 

8.25 

 

 

Shares under option—December 31, 2014

 

1,096,774 

 

 

9.28 

 

3.7

Shares exercisable—December 31, 2014

 

1,020,743 

 

 

9.14 

 

3.4

 

 

 

 

 

 

 

 

Shares under option—December 31, 2012

 

1,082,092 

 

$

9.11 

 

5.3

Shares granted

 

43,298 

 

 

10.71 

 

 

Shares forfeited or expired

 

(3,211)

 

 

9.72 

 

 

Shares exercised

 

(22,915)

 

 

8.25 

 

 

Shares under option—December 31, 2013

 

1,099,264 

 

 

9.19 

 

4.6

Shares exercisable—December 31, 2013

 

910,793 

 

 

9.24 

 

4.0

 

Summary of the status of nonvested time-based options

 

 

 

 

 

 

Number of Options

 

 

Average Grant-Date Fair Value

 

 

 

 

 

Nonvested options—December 31, 2013

188,471 

 

$

1.87

Shares granted

14,042 

 

 

8.16

Shares forfeited

(2,028)

 

 

2.11

Shares vested

(124,454)

 

 

3.12

Nonvested options—December 31, 2014

76,031 

 

$

3.29

 

 

 

 

 

Nonvested options—December 31, 2012

263,574 

 

$

3.14

Shares granted

43,298 

 

 

1.64

Shares forfeited

(3,211)

 

 

3.21

Shares vested

(115,190)

 

 

3.11

Nonvested options—December 31, 2013

188,471 

 

$

1.87