Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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

Schedule of Stock-Based Compensation Expense

A summary of stock-based compensation expense and related tax benefits for the years ended December 31, 2016, 2015 and 2014 is as follows:

	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Stock options	$	3,193	$	2,781	$	2,596
Restricted stock	550		252		109
Employee Stock Purchase Plan ("ESPP")	509		508		375
Total pre-tax stock-based compensation expense charged against income (1)	$	4,252	$	3,541	$	3,080
Total recognized tax benefit related to stock-based compensation	$	2,773	$	1,873	$	2,626

⁽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

A summary of our stock options outstanding under the Plan as of December 31, 2016 and changes during 2016 is as follows:

	Number of Shares		Weighted Average Exercise Price
	(in thousands)
Outstanding at December 31, 2015	2,461		$	22.16
Granted	569		$	34.14
Exercised	(294	)	$	20.46
Forfeited	(116	)	$	29.80
Expired	(5	)	$	23.82
Outstanding at December 31, 2016	2,615		$	24.61

Weighted Average Grant-Date Fair Values and Intrinsic Values of Options Vested

The weighted average grant-date fair values and intrinsic values of options vested during 2016, 2015 and 2014 are as follows:

	Year Ended December 31,
	2016		2015		2014
	(in thousands, except per share data)
Weighted average grant-date fair value of options granted	$	7.46	$	6.64	$	8.24
Total intrinsic value of options exercised	$	4,886	$	6,497	$	9,303

The weighted average grant-date fair values and total fair values of restricted stock vested during 2016, 2015 and 2014 are as follows:

	Year Ended December 31,
	2016		2015		2014
	(in thousands, except per share data)
Weighted average grant-date fair value of restricted stock granted	$	34.14	$	30.30	$	28.02
Total fair value of restricted stock vested	$	311	$	123	$	34

Assumption for Fair Value of Options Granted

The fair values of the stock option awards granted during 2016, 2015 and 2014 were estimated on the dates of grant using the Black-Scholes option valuation model and the following assumptions:

	Year Ended December 31,
	2016		2015		2014
Risk-free interest rate	2.0	%	1.9	%	1.9	%
Weighted average expected life (years)	5.8 years		5.8 years		5.9 years
Expected volatility	26.0	%	27.2	%	36.9	%
Dividend yield	2.0	%	2.2	%	2.4	%

Summarized Information of Stock Options Outstanding

The following table summarizes other information about our stock options at December 31, 2016:

	December 31, 2016
	(in thousands, except per share data)
Outstanding:
Number of options	2,615
Weighted average exercise price	$	24.61
Aggregate intrinsic value	$	38,072
Weighted average remaining contractual life (years)	6.2 years
Exercisable:
Number of options	1,172
Weighted average exercise price	$	18.39
Aggregate intrinsic value	$	24,350
Weighted average remaining contractual life (years)	4.4 years

Summary of Stock Options Outstanding

A summary of our restricted stock outstanding under the Plan as of December 31, 2016 and changes during 2016 is as follows:

	Number of Restricted Shares		Weighted Average Grant-Date Fair Value
	(in thousands)
Unvested at December 31, 2015	40		$	29.10
Granted	44		$	34.14
Vested	(9	)	$	28.76
Forfeited (1)	—		$	34.14
Unvested at December 31, 2016	74		$	32.09

Summary of ESPP Annual Offerings

The following table summarizes information about our ESPP annual offerings for the years ended December 31, 2016, 2015 and 2014:

	Year Ended December 31,
	2016		2015		2014
	(in thousands, except per share data)
Common shares purchased	53		59		55
Per common share purchase price	$	29.64	$	26.29	$	24.11

Summary of Information Of SERP

The following table summarizes information about our SERP for the plan years ended December 31, 2016, 2015 and 2014:

	Year Ended December 31,
	2016		2015			2014
	(in thousands)
Supplemental Executive Retirement Plan ("SERP") expense (1)	$	511	$	538		$	497
Treasury shares issued to fund SERP expense (2)	13		15			16
SERP trust account balance at December 31 (3)	$	34,599	$	37,765		$	35,310
Unrealized gain (loss) recorded in SERP liability account	$	1,495	$	(62	)	$	1,211

⁽¹⁾  Both the SERP match and the deferrals are included in the selling, general and administrative caption in our consolidated statements of comprehensive income.

⁽²⁾  Shares related to the SERP match for each year are funded at the beginning of the subsequent year.

⁽³⁾  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 participants’ trust accounts and reported by us as treasury stock in our Consolidated Balance Sheets.