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Stock Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2013
Stock Awards Vesting  
Summary of status and activity of employee and non-employee directors' nonvested stock awards

 

 

 

 

 

 

Weighted-

 

 

 

Weighted-

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

Average

 

 

 

Average

 

 

 

 

 

Grant Date

 

ROC

 

Grant Date

 

TSR

 

Grant Date

 

 

 

Restricted

 

Fair Value

 

Performance

 

Fair Value

 

Performance

 

Fair Value

 

 

 

Stock Awards

 

(per share)

 

Stock Awards (a)

 

(per share)

 

Stock Awards(a)

 

(per share)

 

Nonvested at January 1, 2013

 

197,844

 

$

14.92

 

56,588

 

$

14.35

 

67,723

 

$

17.70

 

Granted

 

126,588

 

17.11

 

34,788

 

17.09

 

27,251

 

21.92

 

Vested

 

(94,005

)

15.28

 

 

 

 

 

Forfeited

 

(7,674

)

15.54

 

(32,988

)

14.62

 

(45,460

)

19.12

 

Nonvested at December 31, 2013

 

222,753

 

$

15.99

 

58,388

 

$

15.83

 

49,514

 

$

18.72

 

 

(a)         The number of shares shown for the performance stock awards is based on the target number of share awards.

 

Employee stock options
 
Stock Awards Vesting  
Schedule of significant assumptions used to determine fair value

 

 

 

 

Year Ended December 31

 

 

 

2013

 

2012

 

2011

 

Dividend yield

 

.00%

 

.00%

 

.00%

 

Expected volatility

 

31%

 

42-44%

 

46%

 

Risk-free interest rates

 

0.78%

 

0.58-0.90%

 

2.19%

 

Expected lives of options

 

4 years

 

4 years

 

4 years

 

 

Summary of status and activity of stock options

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

Weighted-

 

Contractual

 

Aggregate

 

 

 

 

 

Average

 

Term

 

Intrinsic Value

 

 

 

Shares

 

Exercise Price

 

(in years)

 

(in thousands)

 

Outstanding at beginning of year

 

753,063

 

$

12.78

 

 

 

 

 

Granted

 

343,080

 

17.17

 

 

 

 

 

Exercised

 

(356,375

)

11.23

 

 

 

 

 

Forfeited

 

(19,751

)

15.98

 

 

 

 

 

Expired

 

(17,280

)

9.08

 

 

 

 

 

Outstanding at December 31, 2013

 

702,737

 

$

15.70

 

5.63

 

$

3,508

 

Exercisable at December 31, 2013

 

258,662

 

$

14.27

 

4.97

 

$

1,661

 

Expected to vest at December 31, 2013

 

702,737

 

$

15.70

 

5.63

 

$

3,508

 

 

Non-employee director stock options
 
Stock Awards Vesting  
Summary of status and activity of stock options

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

Weighted-

 

Contractual

 

Aggregate

 

 

 

 

 

Average

 

Term

 

Intrinsic Value

 

 

 

Shares

 

Exercise Price

 

(in years)

 

(in thousands)

 

Outstanding at beginning of year

 

74,222

 

$

6.45

 

 

 

 

 

Granted

 

 

 

 

 

 

 

Exercised

 

(12,300

)

5.08

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

Outstanding at December 31, 2013

 

61,922

 

$

6.73

 

2.29

 

$

803

 

Exercisable at December 31, 2013

 

61,922

 

$

6.73

 

2.29

 

$

803

 

 

Performance stock awards | TSR Performance Stock Award
 
Stock Awards Vesting  
Schedule of significant assumptions used to determine fair value

 

 

 

 

Year Ended December 31

 

 

 

2013

 

2012

 

2011

 

Dividend yield

 

.00%

 

.00%

 

.00%

 

Expected volatility

 

37.8%

 

43.2%

 

65.4%

 

Risk-free interest rates

 

0.34%

 

0.39%

 

1.15%

 

Performance period

 

3 years

 

3 years

 

3 years

 

 

Schedule of historical vesting of TSR performance stock awards

 

 

Year

 

TSR 
Performance

 

Payout

 

Shares

 

Vested

 

Period

 

Level

 

Issued

 

2011

 

2008-2010

 

97

%

16,781

 

2012

 

2009-2011

 

52

%

8,528

 

2013

 

2010-2012

 

0

%