Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

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 nine months ended September 30, 2015 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 December 31, 2014	432,199		$	26.75	$	8.30	1,037,311		$	25.90
Granted	244,165		30.18		8.40		244,165		30.18
Lake Michigan converted options	—		—		—		132,883		12.93
Exercised	—		—		—		(233,333	)	23.68
Vested	(150,224	)	25.57		7.80		—		—
Forfeited/expired	(38,342	)	27.98		8.49		(38,942	)	28.05
Outstanding at September 30, 2015	487,798		$	28.73	$	8.49	1,142,084		$	25.68
Exercisable/vested at September 30, 2015							654,286		$	23.41

Assumptions of Black-Scholes option pricing model

The fair value of the stock options granted during the nine months ended September 30, 2015 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions.

Expected dividend yield	3.50		%
Risk-free interest rate	1.78		%
Expected stock price volatility	39.1		%
Expected life of options – in years	7.0
Weighted average fair value of options granted	$	8.40

Summary of activity for restricted stock performance units

A summary of the activity for restricted stock units as of and for the nine months ended September 30, 2015 is presented below:

	Number of Units		Weighted- Average Grant Date Fair Value  Per Unit
Outstanding at December 31, 2014	204,319		$	24.14
Granted	85,070		28.48
Converted into shares of common stock	(69,410	)	22.44
Forfeited/expired	(11,809	)	25.61
Outstanding at September 30, 2015	208,170		$	26.40