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Capital Transactions (Tables)

12 Months Ended

Dec. 31, 2017


	2016			2015
Expected annual dividend rate		1.08	%		1.18	%
Risk-free interest rate		1.15	%		1.62	%
Average expected life (years)		5.7			5.7
Expected volatility of common stock		0.412			0.401
Forfeiture rate		0.0	%		0.0	%
Weighted average fair value of option grants	$	5.27		$	4.75

During the year ended December 31, 2016, the Company granted 380,358 shares of restricted stock units to certain Company’s employees under the 2010 Incentive Plan. The restricted stock units granted during the year ended December 31, 2016 have a three‑year vesting period, during which the recipient must remain employed with the Company or its subsidiaries. The weighted average fair value of the restricted stock units the date of grants made during the year ended December 31, 2016 was $14.81 per share. The following table summarizes the activity of restricted stock units granted to certain Company employees as of December 31, 2016, 2015 and 2014:
			Weighted-Average
			Grant-Date Fair
	Number of Shares		Value
Non-vested shares outstanding at December 31, 2014	723,176	$	12.70
Granted	408,163		13.57
Vested	(215,856)		13.06
Cancelled	(106,184)		13.52
Non-vested shares outstanding at December 31, 2015	809,299	$	13.13
Granted	384,148		14.81
Vested	(215,146)		13.29
Cancelled	(51,370)		13.72
Non-vested shares outstanding at December 31, 2016	926,931	$	13.65
Granted	160,137		35.81
Vested	(230,903)		12.01
Cancelled	(40,575)		15.78
Non-vested shares outstanding at December 31, 2017	815,590	$	18.35


	2017							2016			2015
				Weighted
		Weighted		Average			Aggregate		Weighted			Weighted
		Average		Remaining			Intrinsic		Average			Average
	Number of	Exercise		Contractual			Value	Number of	Exercise		Number of	Exercise
	Options	Price		Term			($000)	Options	Price		Options	Price
Outstanding at beginning of year	819,981	$	13.58	4.4	years	$	18,756.9	1,064,429	$	13.64	2,888,074	$	16.46
Granted	—		—					206,021		14.90	267,433		13.63
Exercised	(356,209)		13.36					(351,296)		14.17	(544,917)		14.68
Cancelled	(5,669)		14.33					(99,173)		14.90	(1,546,161)		18.53
Outstanding at end of year	458,103		13.73	4.0	years	$	18,034.1	819,981		13.58	1,064,429		13.64
Exercisable at December 31, 2017	254,192		13.17	3.4	years	$	10,150.8
Exercisable at December 31, 2016	263,851		13.76	2.8	years	$	5,985.5

The following table summarizes the status of the Company’s non‑vested stock options as of December 31, 2017:


		Weighted-Average
	Number of	Grant-Date
	Shares	Fair Value
Non-vested shares at beginning of year	556,130	$	4.86
Granted	—		—
Vested	(346,550)		4.67
Cancelled	(5,669)		5.14
Non-vested shares at end of year	203,911	$	5.17

The following table summarizes information about the Company’s stock options outstanding at December 31, 2017:

The following table summarizes the activity of performance share units granted at target as of December 31, 2017.


			Weighted-Average
			Grant-Date Fair
	Number of Shares		Value
Non-vested shares outstanding at December 31, 2014	—	$	—
Granted	222,583		13.61
Vested	—		—
Cancelled	(19,754)		13.51
Non-vested shares outstanding at December 31, 2015	202,829	$	13.62
Granted	183,577		14.89
Vested	—		—
Cancelled	(22,413)		14.16
Non-vested shares outstanding at December 31, 2016	363,993	$	14.23
Granted	119,315		35.81
Vested	—		—
Cancelled	(14,732)		15.00
Non-vested shares outstanding at December 31, 2017	468,576	$	19.70