Stock Based Compensation Plans

6 Months Ended

Jun. 30, 2015

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

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

STOCK BASED COMPENSATION PLANS

Under our 2013 Long-Term Incentive Plan, we granted options in the first quarter of 2015 to purchase shares of our common stock. The fair values of the options were estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of our grants is expensed over the four year vesting period.

The following table presents a roll-forward of our stock option plans and grants issued during 2015:

Schedule of Share-based Compensation Arrangements
	Stock Option Plans
Roll-Forward of Shares Outstanding:
Outstanding at January 1, 2015	401,442
Granted	54,500
Exercised	(3,027		)
Forfeited	—
Outstanding at June 30, 2015	452,915
Exercisable at Period-End	319,815
Vested and Expected to Vest	133,100
Roll-Forward of Shares Outstanding - Weighted Average Exercise Price:
Outstanding at January 1, 2015	$	22.66
Granted	25.86
Exercised	22.78
Forfeited	—
Outstanding at June 30, 2015	23.04
Exercisable at Period-End	22.11
Vested and Expected to Vest	25.28
Grants Issued During 2015 - Weighted Average Information:
Fair Value	5.78
Fair Value Assumptions:
Dividend Yield	3.90		%
Expected Volatility	33.55		%
Risk Free Interest Rate	1.57		%
Expected Lives (in years)	7.66

The following table presents information on the amounts expensed for the periods ended June 30, 2015 and 2014:

Share-Based Compensation Expense
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2015		2014		2015		2014
Share-Based Compensation Expense	$	75	$	90	$	157	$	180

Arrow also sponsors an Employee Stock Purchase Plan under which employees purchase Arrow's common stock at a 5% discount below market price. Under current accounting guidance, a stock purchase plan with a discount of 5% or less is not considered a compensatory plan.