XML 90 R34.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

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

Schedule of Stock-Based Compensation Expense

A summary of stock-based compensation expense for the years ended December 31, 2014, 2013 and 2012 is as follows:



	December 31,
	2014		2013		2012
Stock Options	$	2,596,000	$	2,017,000	$	1,897,000
Restricted Stock	109,000		28,000		—
Employee Stock Purchase Plan ("ESPP")	375,000		562,000		641,000
Total pre-tax stock-based compensation expense charged against income (1)	$	3,080,000	$	2,607,000	$	2,538,000


(1)	Stock-based compensation expense is recorded in the selling, general and administrative caption in our consolidated statements of comprehensive income.

Summary of Stock Options Activity

Other information pertaining to activity of our stock awards during the years ended December 31, 2014, 2013 and 2012 was as follows:



	2014		2013		2012
Total grant-date fair value of stock awards granted	$	4,268,000	$	3,412,000	$	2,438,000
Total fair value of stock awards vested during period	$	2,051,000	$	1,897,000	$	1,409,000
Total unrecognized compensation expense related to non-vested stock awards	$	6,492,000	$	4,963,000	$	3,999,000

A summary of our stock option activity under the 2012 Plan is as follows:



	2014				2013				2012
	Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price		Number of Shares
Beginning of period	$	16.05	2,483,000		$	13.18	2,632,000		$	10.97	2,912,000
Granted	28.02		535,000		23.50		564,000		17.50		601,000
Cancelled	21.95		(122,000	)	18.18		(88,000	)	14.53		(134,000	)
Exercised	11.66		(534,000	)	10.37		(625,000	)	7.81		(747,000	)
End of period	$	19.45	2,362,000		$	16.05	2,483,000		$	13.18	2,632,000

Summary of Non-Vested Stock-Based Compensation

A summary of our non-vested stock-based compensation is as follows:



	2014				2013				2012
	Weighted Average Grant Date Fair Value		Number of Non-vested Shares		Weighted Average Grant Date Fair Value		Number of Non-vested Shares		Weighted Average Grant Date Fair Value		Number of Non-vested Shares
Beginning of period	$	4.72	1,559,000		$	3.45	1,592,000		$	2.69	1,489,000
Granted	8.24		535,000		6.81		564,000		4.74		601,000
Vested	3.90		(517,000	)	3.09		(518,000	)	2.61		(423,000	)
Forfeited	6.05		(112,000	)	4.77		(79,000	)	2.92		(75,000	)
End of period	$	6.17	1,465,000		$	4.72	1,559,000		$	3.45	1,592,000

Summarized Information of Stock Options Outstanding

The following table summarizes other information about our outstanding stock options at December 31, 2014, 2013 and 2012.



Stock Options	2014		2013		2012
Range of exercise prices	$10.39 - $28.02		$6.07 - 23.50		$3.68 - 17.50
Outstanding:
Weighted average remaining contractual life (years)	6.7		6.5		6.3
Aggregate intrinsic value	$	27,118,000	$	30,599,000	$	26,472,000
Exercisable:
Number of shares	895,000		922,000		1,040,000
Weighted average remaining contractual life (years)	5.1		4.5		4.2
Aggregate intrinsic value	$	14,457,000	$	15,053,000	$	13,934,000
Exercised:
Aggregate intrinsic value	$	9,303,000	$	9,139,000	$	10,465,000

Assumption for Fair Value of Options Granted

The fair value of stock awards granted during 2014, 2013 and 2012 was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions:



	2014	2013	2012
Risk-free interest rate	1.90%	1.50%	1.30%
Weighted average expected life in years	5.9 years	6.0 years	6.8 years
Expected volatility	36.9%	38.9%	39.2%
Dividend yield	2.40%	2.80%	3.60%
Forfeiture rate	3.00%	3.00%	2.90%

Summary of ESPP Annual Offerings

The following table summarizes information about our ESPP annual offerings for the years ended December 31, 2014, 2013 and 2012:



	ESPP Annual Offering
	2014		2013		2012
Common shares purchased	55,000		65,000		79,000
Per common share purchase price	$	24.11	$	19.75	$	15.04
Amount expensed under ESPP	$	375,000	$	562,000	$	641,000
Net proceeds from issuance	$	1,326,000	$	1,288,000	$	1,192,000
Common shares date of issue	Jan 7, 2015		Jan 3, 2014		Jan 4, 2013

Summary of Information Of SERP

The following table summarizes information about our SERP for the plan years ended December 31, 2014, 2013 and 2012:



	SERP Plan Year
	2014			2013			2012
Amount of company match expensed under SERP	$	497,000		$	538,000		$	560,000
Treasury shares issued to fund SERP expense	16,000			19,000			24,000
SERP trust account balance at December 31	$	35,310,000	⁽¹⁾	$	31,415,000	⁽¹⁾	$	24,997,000	⁽¹⁾
Unrealized gain (loss) recorded in SERP liability account	$	1,211,000		$	3,005,000		$	1,718,000

(1)

SERP trust account investments are recorded at their fair value which is based on quoted market prices. Differences between such amounts in the table above and the deferred compensation funding asset reported on our Consolidated Balance Sheets represent the value of our Common Stock held in the Plan’s participants’ trust account and reported by us as treasury stock in our Consolidated Balance Sheets.

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

+ References+ Details