Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2017

The fair value of each option award is estimated as of the grant date using the Black-Scholes option pricing model, which discounts the value of each option’s estimated future cash flow using certain assumptions outlined in the table below:



	For the Years Ended December 31,
	2017			2016			2015
Weighted average fair value per share of awards issued	$	4.97		$	4.72		$	6.20
Assumptions:
Expected volatility	28.65		%	29.41		%	52.70		%
Expected dividends	2.05		%	2.69		%	2.38		%
Risk-free rate	1.71		%	1.35		%	1.36		%
Expected term (years)	4.5			4.4			4.5
Expected forfeiture rate	—		%	—		%	5.00		%

Summary of Option Activity

A summary of stock option activity for 2017, 2016, and 2015, is presented below:



	Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value⁽¹⁾		Weighted Average Remaining Contractual Life (Years)
Outstanding at December 31, 2014	554,998		$	12.12
Granted	70,000		16.82
Exercised	(150,999	)	10.18		$	1,557
Forfeited or expired	(22,000	)	13.94
Outstanding at December 31, 2015	451,999		13.41
Granted	395,000		17.87
Exercised	(78,666	)	11.83		735
Forfeited or expired	(21,000	)	14.88
Outstanding at December 31, 2016	747,333		15.89
Granted	562,500		23.38
Exercised	(222,676	)	13.86		1,937
Forfeited or expired	(20,000	)	23.45
Outstanding at December 31, 2017	1,067,157		$	20.12	$	2,648	3.67

Exercisable at December 31, 2015	167,999		$	11.03
Exercisable at December 31, 2016	184,671		12.68
Exercisable at December 31, 2017	182,350		15.95		$	1,066	2.46

Vested and expected to vest at December 31, 2015	437,799		$	13.36
Vested and expected to vest at December 31, 2016	747,333		15.89
Vested and expected to vest at December 31, 2017	1,067,157		20.12		$	2,648	3.67

⁽¹⁾Aggregate intrinsic value is in thousands and is based on the market price as of the period ending date

Summary of Nonvested Restricted Stock Activity

A summary of the status of the Company’s restricted stock activity for 2017, 2016, and 2015 is presented below:



	Number of Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2014	278,581		$	8.13
Granted	9,599		8.82
Vested	(125,297	)	7.79
Forfeited	(5,000	)	4.44
Outstanding at December 31, 2015	157,883		8.02
Granted	318,197		16.85
Vested	(113,580	)	7.76
Forfeited	(2,500	)	6.15
Outstanding at December 31, 2016	360,000		15.92
Granted	284,948		22.98
Vested	(155,496	)	13.47
Forfeited	(10,000	)	6.15
Outstanding at December 31, 2017	479,452		21.11

Schedule of Expected Benefit Payments

The following table is an estimate of the benefits that will be paid in accordance with the SERP Agreements during the indicated time periods:



(in thousands)	Amount
2018	$	—
2019	—
2020	5,736
2021	—
2022	125
Thereafter	12,008
Total estimated benefit payments	$	17,869