STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

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

Summary of the activity under Employers Mutual's stock option plans

A summary of the stock option activity under Employers Mutual’s stock plans for 2014, 2013 and 2012 is as follows:

	Year ended December 31,
	2014				2013				2012
	Number of options		Weighted- average exercise price		Number of options		Weighted- average exercise price		Number of options		Weighted- average exercise price
Outstanding, beginning of year	1,135,207		$	22.17	1,588,958		$	21.89	1,437,095		$	21.92
Granted	—		—		—		—		263,162		20.98
Exercised	(200,304	)	21.36		(406,532	)	21.26		(42,619	)	17.97
Expired	(22,945	)	22.52		(47,219	)	20.35		(68,680	)	21.51
Forfeited	(10,825	)	22.94		—		—		—		—
Outstanding, end of year	901,133		$	22.34	1,135,207		$	22.17	1,588,958		$	21.89
Exercisable, end of year	642,464		$	22.41	686,863		$	22.37	894,706		$	21.96

Schedule of weighted-average assumptions fair value of each option grant using the Black-Scholes-Merton option-pricing model

Employers Mutual uses the average of the high and low trading prices of the Company's stock on the date of grant to determine the fair value of its restricted stock awards. Employers Mutual estimated the fair value of the 2012 option grant on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions:

	Year ended December 31,
	2012
Estimated dividend yield	3.81	%
Expected volatility	25.2% - 44.7%
Weighted-average volatility	35.61	%
Risk-free interest rate	0.06% - 1.51%
Expected term (years)	0.25 - 6.40

Summary of non-vested share activity

At December 31, 2014, the Company’s portion of the unrecognized compensation cost associated with restricted stock awards issued under Employers Mutual’s stock plans that are not currently vested was $690, with a 2.76 year weighted-average period over which the compensation expense is expected to be recognized.  A summary of non-vested restricted stock activity under Employers Mutual’s stock plans for 2014 and 2013 is as follows:

	Year ended December 31,
	2014				2013
	Number of awards		Weighted- average grant-date fair value		Number of awards		Weighted- average grant-date fair value
Non-vested, beginning of year	56,668		$	25.90	—		$	—
Granted	62,764		30.74		57,720		25.90
Vested	(14,117	)	25.90		—		—
Forfeited	(1,375	)	26.61		(1,052	)	25.90
Non-vested, end of year	103,940		$	28.81	56,668		$	25.90

Summary of additional information relating to options outstanding and options vested (exercisable)

The Company’s portion of the total intrinsic value of options exercised under Employers Mutual’s stock plans was $606, $844 and $54 in 2014, 2013 and 2012, respectively.  Under the terms of the pooling and quota share agreements, these amounts were paid to Employers Mutual.  The Company receives the full fair value, as of the exercise date, for all shares issued in connection with option exercises. The Company also receives the full fair value, as of the grant date, for all shares issued in connection with the grant of restricted stock awards.  The Company's portion of the total fair value of restricted stock awards that vested in 2014 was $110 (no restricted stock awards vested prior to 2014). Additional information relating to options outstanding and options vested (exercisable) at December 31, 2014 is as follows:

	December 31, 2014
	Number of options	Weighted-average exercise price		Aggregate intrinsic value		Weighted-average remaining term
Options outstanding	901,133	$	22.34	$	11,164	4.30
Options exercisable	642,464	$	22.41	$	7,912	3.61

Summary of employee stock purchase plan activity

During 2014, shares were purchased under the plan at prices ranging from $24.93 to $30.32.  Activity under the plan was as follows:

	Year ended December 31,
	2014		2013		2012
Shares available for purchase, beginning of year	339,166		370,400		407,102
Shares purchased under the plan	(24,860	)	(31,234	)	(36,702	)
Shares available for purchase, end of year	314,306		339,166		370,400

Summary of non-employee director stock option plan activity

During 2014, shares were purchased under the plan at prices ranging from $21.56 to $24.31.  Activity under the plan was as follows:

	Year ended December 31,
	2014		2013		2012
Shares available for purchase, beginning of year	196,165		149,404		155,467
Shares registered for use in the 2013 plan	—		200,000		—
Shares deregistered under the 2003 plan	—		(148,204	)	—
Shares purchased under the plan	(9,626	)	(5,035	)	(6,063	)
Shares available for purchase, end of year	186,539		196,165		149,404

Summary of dividend reinvestment plan activity

Employers Mutual did not participate in this plan in 2014, 2013 or 2012.  Activity under the plan was as follows:

	Year ended December 31,
	2014			2013			2012
Shares available for purchase, beginning of year	658,957			—			161,236
Shares registered for use in the plan	—			661,185			—
Shares deregistered under the plan	—			—			(161,185		)
Shares purchased under the plan	(4,139		)	(2,228		)	(51		)
Shares available for purchase, end of year	654,818			658,957			—
Lowest purchase price	$	28.03		$	28.11		$	21.38
Highest purchase price	$	35.39		$	31.47		$	23.22