Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

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

Summary of activity for Corporation's stock options

A summary of activity for the Corporation’s stock options as of and for the six months ended June 30, 2014 is presented below:

	Non-Vested Stock Options Outstanding						Stock Options Outstanding
	Number of Options		Weighted- Average Exercise Price Per Share		Weighted- Average Grant Date Fair Value Per Share		Number of Options		Weighted- Average Exercise Price Per Share
Outstanding at January 1, 2014	414,080		$	24.29	$	7.19	1,073,990		$	26.84
Granted	190,011		29.45		9.64		190,011		29.45
Exercised	—		—		—		(64,071	)	24.97
Vested	(148,016	)	23.43		6.98		—		—
Forfeited/expired	(6,900	)	24.57		7.26		(8,287	)	26.56
Outstanding at June 30, 2014	449,175		$	26.75	$	8.30	1,191,643		$	27.36
Exercisable/vested at June 30, 2014							742,468		$	27.73

Assumptions of Black-Scholes option pricing model

The fair value of the stock options granted during the six months ended June 30, 2014 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions.

Expected dividend yield	3.00		%
Risk-free interest rate	2.16		%
Expected stock price volatility	42.2		%
Expected life of options – in years	7.0
Weighted average fair value of options granted	$	9.64

Summary of activity for restricted stock performance units

A summary of the activity for restricted stock units as of and for the six months ended June 30, 2014 is presented below:

	Number of Units		Weighted- Average Grant Date Fair Value  Per Unit
Outstanding at January 1, 2014	188,532		$	21.49
Granted	68,253		27.49
Converted into shares of common stock	(51,224	)	19.12
Forfeited/expired	(1,278	)	23.76
Outstanding at June 30, 2014	204,283		$	24.07