XML 157 R41.htm IDEA: XBRL DOCUMENT v2.4.1.9
STOCK BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Cumulatively Granted Stock Options and Restricted Stock Awards, Net of Forfeitures
The following table presents the amount of cumulatively granted stock options and restricted stock awards, net of forfeitures, through December 31, 2014:
 
 
Authorized
Stock
Option Awards
 
Authorized
Restricted
Stock Awards
 
Total
 
Cumulative Granted, Net of
Forfeitures
 
Total
 
Authorized
but
Unissued
 
Stock
Option  Awards
 
Restricted
Stock  Awards
 
 
 
1996 Plan
300,000

 
N/A
 
300,000

 
190,000

 
N/A

 
190,000

 
(4)

 
1997 Plan
1,100,000

 
N/A
 
1,100,000

 
972,271

 
N/A

 
972,271

 
(4)

 
2005 Plan
(1)

 
(1)
 
1,650,000

 
537,941

 
551,043

 
1,088,984

 
561,016

 
2006 Plan
(2)

 
(2)
 
35,400

 
15,000

 
20,400

 
35,400

 
(4)

 
2010 Plan
(3)

 
(3)
 
314,600

 
27,000

 
67,220

 
94,220

 
220,380

 
(1)
The Company may award up to a total of 1,650,000 shares as stock options or restricted stock awards.
(2)
The Company may award up to a total of 50,000 shares as stock options or restricted stock awards. During 2010, the remaining 14,600 shares were transferred and available for issue under the 2010 Plan.
(3)
The Company may award up to a total of 314,600 shares as stock options or restricted stock awards, inclusive of 14,600 shares which were transferred from the 2006 Plan.
(4)
There are no shares available for grant under the 1996 Plan or 1997 Plan due to their expirations. These Plans have outstanding stock options exercisable despite the Plan expiration. Additionally, the 2006 Plan has outstanding stock options exercisable despite the transfer of remaining authorized shares to the 2010 Plan.
Schedule of Pre-tax Compensation Expense and Related Tax Benefits
The following table presents the pre-tax expense associated with stock option and restricted stock awards and the related tax benefits recognized for the years presented:
 
Years Ended December 31
 
2014
 
2013
 
2012
 
(Dollars in thousands)
Stock based compensation expense
 
 
 
 
 
Stock options
$
36

 
$
241

 
$
526

Restricted stock awards(1)
2,135

 
1,906

 
1,968

Directors’ fee expense
 
 
 
 
 
Stock options
14

 
27

 
19

Restricted stock awards
527

 
288

 
332

Total stock based award expense
$
2,712

 
$
2,462

 
$
2,845

Related tax benefits recognized in earnings
$
945

 
$
832

 
$
932

(1)
Inclusive of compensation expense associated with time-vested and performance-based restricted stock awards.
Schedule of Stock Options Granted
he Company made the following awards of nonqualified options to purchase shares of common stock in 2013. There were no such awards made in 2014 or 2012.
 
Year Ended December 31
 
2013
Date of grant
11/9/2013

Plan
2010

Options granted
5,000

Vesting period (1)
13 months

Expiration date
11/9/2023

Expected volatility
31.23
%
Expected life (years)
5.5

Expected dividend yield
2.64
%
Risk free interest rate
1.56
%
Fair value per option
$
8.13

 
(1)
Vesting periods begin on the grant date unless otherwise noted.
Schedule of Relevant Information Relating to Stock Options
The following table presents relevant information relating to the Company’s stock options for the periods indicated:
 
Years Ended December 31
 
2014
 
2013
 
2012
 
(Dollars in thousands)
Fair value of stock options vested based on grant date fair value
$
211

 
$
430

 
$
706

Intrinsic value of stock options exercised
1,210

 
1,051

 
609

Cash received from stock option exercises
6,285

 
2,475

 
1,242

Tax benefit realized on stock option exercises/repurchase
442

 
322

 
242

Weighted average grant date fair value of options granted (per share)
—

 
8.13

 
—

Cash paid to settle equity instruments granted under stock based compensation arrangements
—

 
—

 
134
Schedule of Stock Options
A summary of the status of the Company’s Stock Option Grants for the year ended December 31, 2014 is presented in the table below:
 
Outstanding
 
Nonvested
 
 
 
Stock Option
Awards
 
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term (years)
 
Aggregate
Intrinsic
Value (1)
 
Stock
Option
Awards
 
 
Weighted
Average
Grant Date
Fair Value
 
 
 
(Dollars in thousands, except per share data)
 
 
Balance at January 1, 2014
524,948

  
 
$
30.50

 
 
 
 
 
33,487

 
 
$
6.71

 
 
Granted
—

  
 
—

 
 
 
 
 
—

 
 
—

 
 
Exercised
(193,697
)
 
 
32.45

 
 
 
 
 
n/a

 
 
n/a

 
 
Vested
n/a

 
 
n/a

 
 
 
 
 
(31,821
)
 
 
6.64

 
 
Forfeited
—

 
 
—

 
 
 
 
 
—

 
 
—

 
 
Expired
(500
)
 
 
31.44

 
 
 
 
 
—

 
 
—

 
 
Balance at December 31, 2014
330,751

(2)
 
$
29.36

 
3.65
 
$
4,548

 
1,666

(4)
 
$
8.13

 
 
Options outstanding and expected to vest at December 31, 2014
330,750

(2)
 
$
29.36

 
3.65
 
$
4,548

 
 
 
 
 
 
 
Options exercisable at December 31, 2014
329,085

(3)
 
$
29.33

 
3.63
 
$
4,535

 
 
 
 
 
 
 
Unrecognized compensation cost, including forfeiture estimate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
—

Weighted average remaining recognition period (years)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.01

 
(1)
The aggregate intrinsic value in the preceding tables represents the total pre-tax intrinsic value, based on the average of the high price and low price at which the Company’s common stock traded on December 31, 2014 of $43.11 which would have been received by the option holders had they all exercised their options as of that date.
(2)
Inclusive of 28,999 stock options outstanding and expected to vest to Directors.
(3)
Inclusive of 27,334 vested stock options outstanding to Directors.
(4)
Inclusive of 1,666 nonvested stock options outstanding to Directors.
Schedule of Restricted Stock Granted
The Company grants both time-vested restricted stock awards as well as performance-based restricted stock awards. During the years ended December 31, 2014, 2013, and 2012 the Company has made the following restricted stock award grants:
 
Shares Granted
 
Plan
 
Fair Value (1)
 
Vesting Period
Time-vested
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
3/20/2014
65,950

 
2005
 
$
39.82

 
Ratably over 5 years from grant date
3/31/2014
3,000

 
2005
 
39.00

 
Ratably over 3 years from grant date
5/20/2014
10,920

 
2010
 
35.08

 
At the end of 5 years from grant date(2)
11/20/2014
2,000

 
2005
 
39.11

 
Ratably over 5 years from grant date
12/11/2014
2,000

 
2005
 
$
40.89

 
Ratably over 5 years from grant date
2013
 
 
 
 
 
 
 
1/16/2013
2,000

 
2005
 
30.48

 
Ratably over 3 years from grant date
2/14/2013
93,800

 
2005
 
31.51

 
Ratably over 5 years from grant date
5/21/2013
14,700

 
2010
 
33.17

 
At the end of 5 years from grant date(2)
2012
 
 
 
 
 
 
 
2/16/2012
89,800

 
2005
 
$
27.81

 
Ratably over 5 years from grant date
4/5/2012
1,000

 
2005
 
28.16

 
Ratably over 5 years from grant date
5/22/2012
1,000

 
2010
 
27.63

 
Immediate upon grant
5/22/2012
13,000

 
2010
 
27.63

 
At the end of 5 years from grant date(2)
11/10/2012
1,000

 
2010
 
28.03

 
At the end of 5 years from grant date(2)
 
 
 
 
 
 
 
 
Performance-based
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
3/20/2014
20,700

 
2005
 
$
39.82

 
On March 20, 2017, if performance conditions are met
 
(1)
The fair value of the restricted stock awards are based upon the average of the high and low prices at which the Company’s common stock traded on the date of grant. The holders of time-vested restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. The holders of performance-based restricted stock awards do not participate in the rewards of stock ownership of the Company until vested. The holders of all restricted stock awards are not required to pay any consideration to the Company for the awards.
(2)
These restricted stock grants will vest at the end of a five year period, or earlier if the director ceases to be a director for any reason other than cause, such as, for example, by retirement. If a non-employee director is removed from the Board for cause, the Company has ninety (90) days within which to exercise a right to repurchase any unvested portion of any restricted stock award from the non-employee director for the aggregate price of one dollar ($1.00).
Schedule of Fair Value of Restricted Stock Awards Vesting
The following table presents the fair value of restricted stock awards vesting during the periods presented:
 
Years Ended December 31
 
2014
 
2013
 
2012
 
(Dollars in thousands)
Fair value of restricted stock awards upon vesting
$
3,293

 
$
3,289

 
$
2,085
Schedule of Restricted Stock Awards
A summary of the status of the Company’s Restricted Stock Award Grants for the year ended December 31, 2014 is presented in the table below:
 
Outstanding Restricted Stock
Awards
 
 
Weighted Average
Grant Price ($)
 
 
 
(Dollars in thousands, except per share data)
 
 
Balance at January 1, 2014
271,927

  
 
$
28.39

 
 
Granted
104,570

  
 
39.31

 
 
Vested/released
(91,507
)
 
 
26.30

 
 
Forfeited
(8,463
)
  
 
30.21

 
 
Balance at December 31, 2014
276,527

(1)
 
$
33.15

 
 
Unrecognized compensation cost (inclusive of directors’ fees), including forfeiture estimate
 
 
 
 
 
$
6,644

Weighted average remaining recognition period (years)
 
 
 
 
 
3.15

 
(1)
Inclusive of 34,600 restricted stock awards outstanding to Directors.