Share Based Payments (Tables)

9 Months Ended

Sep. 30, 2018

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

Schedule of nonvested share activity

The following table sets forth information with respect to nonvested options for the nine month period ended September 30, 2018:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested options – beginning of period		431,235		$	8.22
Nonvested options granted		14,000		$	10.73
Nonvested options vested or forfeited		(13,845	)	$	7.94
Nonvested options – end of period		431,390		$	8.31

Schedule of stock options, activity

The following table summarizes stock option information as of September 30, 2018:

	Shares			Weighted Average Exercise Price
Outstanding at January 1, 2018		730,980		$	31.92
Options granted		14,000			46.44
Options forfeited		(7,440	)		37.63
Options exercised		(92,294	)		25.81
Outstanding at September 30, 2018		645,246		$	33.05
Options exercisable		213,856		$	28.16
Options available for future grants		923,425

Schedule of cash proceeds received from share-based payment awards

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2018 and September 30, 2017 were as follows:

(In thousands)	September 30, 2018		September 30, 2017
Cash proceeds from stock options exercised	$	2,384	$	839
Tax benefits		417		135
Intrinsic value of stock options exercised		2,307		804

Schedule of valuation assumptions in Black-Scholes pricing

The assumptions used in the Black-Scholes pricing model for the periods ended September 30, 2018 and 2017 are set forth in the following table:

	September 30, 2018			September 30, 2017
Weighted average expected stock-price volatility		28	%		29	%
Weighted average expected option life		5 years			5 years
Weighted average risk-free interest rate		2.5	%		1.9	%
Weighted average dividend yield		2.0	%		2.1	%