Stock Based Compensation Plans

3 Months Ended

Mar. 31, 2016

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 2016 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 2016:

Schedule of Share-based Compensation Arrangements
	Stock Option Plans
Roll-Forward of Shares Outstanding:
Outstanding at January 1, 2016	409,482
Granted	55,000
Exercised	(23,003		)
Forfeited	—
Outstanding at March 31, 2016	441,479
Exercisable at Period-End	305,124
Vested and Expected to Vest	136,355
Roll-Forward of Shares Outstanding - Weighted Average Exercise Price:
Outstanding at January 1, 2016	$	22.59
Granted	25.85
Exercised	23.72
Forfeited	—
Outstanding at March 31, 2016	22.94
Exercisable at Period-End	21.95
Vested and Expected to Vest	25.15
Grants Issued During 2016 - Weighted Average Information:
Fair Value	5.77
Fair Value Assumptions:
Dividend Yield	3.88		%
Expected Volatility	32.95		%
Risk Free Interest Rate	1.80		%
Expected Lives (in years)	7.56

The following table presents information on the amounts expensed for the periods ended March 31, 2016 and 2015:

Share-Based Compensation Expense
	For the Three Months Ended March 31,
	2016		2015
Share-Based Compensation Expense	$	74	$	82

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.