Stock Based Compensation

3 Months Ended

Mar. 31, 2016

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

STOCK BASED COMPENSATION

Time Vested Restricted Stock Awards

During the three months ended March 31, 2016, the Company made the following awards of restricted stock:

Date	Shares Granted	Plan	Grant Date Fair Value Per Share		Vesting Period
2/11/2016	51,475	2005 Employee Stock Plan	$	41.96	Ratably over 5 years from grant date
3/1/2016	600	2005 Employee Stock Plan	$	44.37	Ratably over 5 years from grant date

The fair value of the restricted stock awards is based upon the average of the high and low price at which the Company’s common stock traded on the date of grant. The holders of restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights.

Performance-Based Restricted Stock Awards

On February 11, 2016, the Company granted 20,450 performance-based restricted stock awards to certain executive level employees. These performance-based restricted stock awards were issued from the 2005 Employee Stock Plan and were determined to have a grant date fair value per share of $41.96. The number of shares to be vested will be contingent upon the Company's attainment of certain performance measures outlined in the award agreement and will be measured as of the end of the three year performance period (January 1, 2016 - December 31, 2018). These awards will be accounted for as equity awards due to the nature of these awards and the fact that these shares will not be settled in cash.

The fair value of the performance-based restricted stock awards, assuming achievement at target, is based upon the average of the high and low price at which the Company’s common stock traded on the date of grant. The holders of these awards are not entitled to receive dividends or vote until the shares are vested.

Stock Options

The Company has made the following awards of nonqualified options to purchase shares of common stock during the three months ended March 31, 2016:

	Three Months Ended
	March 31, 2016
Date of grant	2/20/2016
Plan	2010
Options granted	5,000
Vesting period (1)	22 months
Expiration date	2/20/2026
Expected volatility	32.44		%
Expected life (years)	5.5
Expected dividend yield	2.28		%
Risk free interest rate	1.29		%
Fair value per option	$	10.59

(1) Vesting periods begin on the grant date unless otherwise noted.