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Equity Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of compensation expense and tax benefits for stock-based awards and programs

We recognized the following amounts in compensation expense and tax benefits for all of our stock-based awards and programs for the applicable periods ended September 30 (in thousands):

	Three Months Ended				Nine Months Ended				Twelve Months Ended
	2015		2014		2015		2014		2015		2014
Compensation Expense	$	598	$	504	$	1,659	$	2,372	$	2,976	$	2,875

Tax Benefit Recognized	213		180		592		870		1,081		1,050

Schedule of time vested restricted stock activity

	2015				2014
			Weighted				Weighted
	Number of		Average Grant		Number of		Average Grant
	shares		Date Fair Value		shares		Date Fair Value
Outstanding at January 1,	41,000		$	21.89	24,900		$	22.68
Granted	19,000		30.40		22,600		22.40
Distributed	(1,654	)	21.92		(4,010	)	22.98
Forfeited shares	(2,746	)	25.91		(2,490	)	—

Outstanding at September 30	55,600		$	24.60	41,000		$	24.15

Schedule of non-vested performance-based restricted stock awards (based on target number) and changes during the reporting period

	2015				2014
			Weighted				Weighted
	Number of		Average Grant		Number of		Average Grant
	shares		Date Fair Value		shares		Date Fair Value
Outstanding at January 1,	63,300		$	21.74	47,200		$	21.39
Target shares granted	21,800		$	30.40	27,000		$	22.40
Shares issued in excess of target	3,653		$	30.55	—		—
Shares awarded	(13,653	)	$	30.55	—		—
Forfeited shares	(6,079	)	$	24.10	—		—
Target shares not awarded	0		$	0	(10,900	)	$	21.84

Granted, nonvested at September 30,	69,021		$	24.36	63,300		$	21.74

Schedule of employee stock purchase plan

	2015		2014
Subscriptions outstanding at September 30	59,463		57,915
Maximum subscription price(1)	$	21.43	$	21.43
Shares of stock issued	56,193		56,942
Stock issuance price	$	21.01	$	19.58

(1)

Stock will be issued on the closing date of the purchase period, which runs from June 1, 2015 to May 31, 2016.

Schedule of assumptions used in valuation of shares under employee stock purchase plan

	2015			2014
Fair value of grants at September 30	$	3.58		$	3.07
Risk-free interest rate	0.26		%	0.10		%
Expected dividend yield	4.40		%	4.30		%
Expected volatility	21.00		%	14.00		%
Expected life in months	12			12
Grant Date	6/1/15			6/2/14