Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

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

The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the three months ended March 31, 2014 and 2013 using a Black Scholes Model:



	Three months ended
	March 31, 2014		March 31, 2013
Director and Officers:
Expected dividend yield	N/A		N/A
Expected volatility	N/A		N/A
Risk-free interest rate	N/A		N/A
Expected life (in years)	N/A		N/A

Employees:
Expected dividend yield	2.00	%	1.00	%
Expected volatility	45.73	%	45.62	%
Risk-free interest rate	2.40	%	1.23	%
Expected life (in years)	8		8

Summary of Stock Options Outstanding

The following is a summary of stock options vested and exercisable as of March 31, 2014:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.81-$10.34	298,960	3.97	$	7.29	$	6,153
$10.70-$12.25	37,450	7.17	10.87		637
$12.98-$28.69	55,208	8.15	13.03		819
Total	391,618	4.87	$	8.44	$	7,609

The following is a summary of stock options vested and exercisable as of March 31, 2013:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.81-$6.47	89,400	2.68	$	5.43	$	1,159
$6.81-$8.65	219,675	5.05	7.19		2,462
$9.13-$14.01	66,300	7.55	10.29		538
Total	375,375	4.92	$	7.31	$	4,159

Summary of Stock Option Activity

A summary of option activity under the plans is as follows:



Options	Shares		Weighted Average Exercise Price
Outstanding at December 31, 2013	932,053		$	10.84
Granted	9,000		28.42
Exercised	(34,325	)	9.89
Forfeited or Expired	(14,200	)	20.38
Outstanding at March 31, 2014	892,528		$	10.91
Exercisable at March 31, 2014	391,618		$	8.44

Summary of Unvested Restricted Stock Awards

A summary of the unvested restricted stock awards is as follows:




Restricted stock	Shares		Weighted Average Grant Date Fair Value
Unvested at December 31, 2013	157,354		$	19.16
Granted	9,855		27.39
Vested	(2,359	)	14.40
Forfeited	(205	)	25.78
Unvested at March 31, 2014	164,645		$	19.71

Summary of Grant Date Fair Value of Awards During Period

A summary of share-based compensation is as follows:



	Three months ended
	March 31, 2014		March 31, 2013
Grant date fair value of awards during the period:	(in thousands)
Options	$	120	$	151
Restricted stock	270		125
Total	$	390	$	276

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	208	$	279
Restricted stock	204		113
Total	$	412	$	392

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit related to share-based compensation:
Options	$	324	$	109
Restricted stock	32		—
Total	$	356	$	109