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Employee Benefits and Stock Compensation (Tables)
12 Months Ended
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The impact of share-based compensation on the Company’s financial results is presented below:
 
 
 
For the Year Ended December 31,
 
(In thousands)
 
2017
 
2016
 
2015
 
Share-based compensation expense
 
$
5,267
 
$
4,154
 
 
2,859
 
Income tax benefit
 
 
(1,966)
 
 
(1,602)
 
 
(963)
 
Schedule of Unrecognized Compensation Cost, Nonvested Awards
The total unrecognized compensation cost and the weighted-average period over which unrecognized compensation cost is expected to be recognized related to non-vested share-based compensation arrangements at December 31, 2017 is presented below:
 
(In thousands)
 
Unrecognized
Compensation
Cost
 
Weighted-
Average
Period
Remaining
(Years)
 
Restricted stock awards
 
$
2,383
 
 
1.7
 
Restricted stock units
 
 
3,403
 
 
1.7
 
Stock options
 
 
1,374
 
 
2.4
 
Total
 
$
7,160
 
 
1.8
 
Schedule of Nonvested Share Activity
A summary of the status of the Company’s non-vested RSUs as of December 31, 2017, and changes during the year then ended, is presented below:
 
(In thousands, except share and per share data)
 
Restricted
Award
Shares
 
Weighted-
Average
Grant-
Date Fair
Value
 
Non-vested at January 1, 2017
 
 
206,952
 
$
14.72
 
Granted
 
 
114,331
 
 
24.08
 
Forfeited/Cancelled
 
 
(8,733)
 
 
20.76
 
Vested
 
 
(99,574)
 
 
14.13
 
Non-vested at December 31, 2017
 
 
212,976
 
 
19.77
 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
Information regarding restricted stock awards during each of the following years:
 
(In thousands, except share and per share data)
 
Year Ended December 31,
 
 
 
2017
 
2016
 
2015
 
Shares granted
 
 
114,331
 
 
164,599
 
 
123,806
 
Weighted-average grant date fair value
 
$
24.08
 
$
16.03
 
$
15.03
 
Fair value of awards vested(1)
 
$
1,407
 
$
1,981
 
$
836
 
 
 
 
 
 
 
 
 
 
 
 
(1) Based on grant date fair value
 
 
 
 
 
 
 
 
 
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The Company estimated the fair value of each option grant on the date of grant using the Black-Scholes options-pricing model with the following weighted-average assumptions:
 
 
 
For the Year Ended December 31,
 
 
 
2017
 
2016
 
2015
 
Risk-free interest rates
 
 
1.85
%
 
1.63
%
 
1.65
%
Expected dividend yield
 
 
0
%
 
0
%
 
0
%
Expected volatility
 
 
25.4
%
 
21.9
%
 
15.5
%
Expected lives (years)
 
 
5.0
 
 
5.0
 
 
5.0
 
Schedule of Stock Options Roll Forward
A summary of the Company’s stock options as of December 31, 2017, and changes during the year then ended, are presented below:
 
 
 
Options
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term
(Years)
 
Aggregate
Intrinsic
Value
(000s)
 
Outstanding at January 1, 2017
 
 
778,778
 
$
15.86
 
 
 
 
 
 
 
Granted
 
 
297,576
 
 
28.21
 
 
 
 
 
 
 
Exercised
 
 
(91,468)
 
 
11.77
 
 
 
 
 
 
 
Forfeited
 
 
(33,537)
 
 
96.17
 
 
 
 
 
 
 
Outstanding at December 31, 2017
 
 
951,349
 
 
17.29
 
 
6.86
 
$
8,493
 
Exercisable at December 31, 2017
 
 
517,100
 
 
12.09
 
 
5.85
 
 
6,787
 
Schedule of Share-based Compensation, Stock Options, Activity
Information related to stock options during each of the following years:
 
(In thousands, except share and per share data)
 
For the Year Ended December 31,
 
 
 
2017
 
2016
 
2015
 
Options granted
 
 
297,576
 
 
243,391
 
 
63,650
 
Weighted-average grant date fair value
 
$
4.66
 
$
3.41
 
$
2.21
 
Intrinsic value of stock options exercised
 
 
1,143
 
 
80
 
 
-
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range
The following table summarizes information related to stock options as of December 31, 2017:
 
Range of Exercise Prices
 
Options
Outstanding
 
Remaining
Contractual
Life (Years)
 
Shares
Exercisable
 
Weighted
Average
Exercise
Price
 
$10.54 to $10.78
 
 
330,000
 
 
5.8
 
 
330,000
 
$
10.67
 
$10.97 to $15.99
 
 
323,773
 
 
5.8
 
 
163,538
 
 
13.42
 
$22.65 to $28.69
 
 
297,576
 
 
9.2
 
 
23,562
 
 
22.65
 
Total
 
 
951,349
 
 
6.9
 
 
517,100
 
$
12.09
 
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity
The Employee Stock Purchase Plan (“ESPP”), as amended, was approved by shareholders on April 25, 1989, and additional shares were authorized for issuance by shareholders on June 18, 2009 and May 2, 2013. Under the ESPP, the Company is authorized to issue up to 300,000 common shares of the Company’s common stock to eligible employees of the Company.  These shares may be purchased by employees at a price equal to 95% of the fair market value of the shares on the purchase date.  Purchases under the ESPP are made monthly.  Employee contributions to the ESPP are made through payroll deductions.
 
 
 
2017
 
2016
 
2015
 
ESPP shares purchased
 
 
12,434
 
 
10,483
 
 
9,083
 
Weighted-average employee purchase price
 
$
22.67
 
$
16.02
 
$
13.99
 
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Nonvested Share Activity
A summary of the status of the Company’s non-vested RSUs as of December 31, 2017, and changes during the year then ended, is presented below:
 
(In thousands, except share and per share data)
 
Restricted
Award
Shares
 
Weighted-
Average
Grant-
Date Fair
Value
 
Non-vested at January 1, 2017
 
 
322,692
 
$
12.61
 
Granted
 
 
164,268
 
 
21.61
 
Forfeited/Cancelled
 
 
(22,113)
 
 
13.79
 
Vested
 
 
(88,880)
 
 
10.54
 
Non-vested at December 31, 2017
 
 
375,967
 
 
16.96
 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
Information regarding restricted stock units during the following years:
 
(In thousands, except share and per share data)
 
For the Year Ended December 31,
 
 
 
2017
 
2016
 
2015
 
Shares granted
 
 
164,268
 
 
136,188
 
 
127,128
 
Weighted-average grant date fair value
 
$
23.94
 
$
13.53
 
$
12.63
 
Fair value of awards vested(1)
 
$
937
 
$
846
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
(1) Based on grant date fair value