Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

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 six months ended June 30, 2016 and 2015 using a Black Scholes Model:



	Six months ended
	June 30, 2016			June 30, 2015
Director and Officers:
Expected dividend rate	$	0.22		$	0.18
Expected volatility	42.38		%	44.14		%
Risk-free interest rate	2.02		%	1.97		%
Expected life (in years)	8			8

Employees:
Expected dividend rate	$	0.22		$	0.18
Expected volatility	41.82		%	44.14		%
Risk-free interest rate	1.76		%	2.05		%
Expected life (in years)	8			8

Summary of Stock Options Outstanding

The following is a summary of stock options vested and exercisable as of June 30, 2016:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.54-$8.65	344,958	5.06	$	7.67	$	6,843
$8.70-$22.76	37,505	7.39	15.77		440
$23.57-$28.27	7,664	8.66	23.57		30
Total	390,127	5.35	$	8.76	$	7,313

The following is a summary of stock options vested and exercisable as of June 30, 2015:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.31-$7.18	221,842	4.08	$	5.74	$	3,722
$7.44-$8.17	15,300	5.94	7.65		227
$8.65-$23.57	181,970	6.85	8.94		2,472
Total	419,112	5.35	$	7.20	$	6,421

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, 2015	1,130,910		$	13.38
Granted	192,400		24.61
Exercised	(177,087	)	7.09
Forfeited or Expired	(36,562	)	20.43
Outstanding at June 30, 2016	1,109,661		$	16.12
Exercisable at June 30, 2016	390,127		$	8.76

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, 2015	410,023		$	18.78
Granted	129,350		22.75
Vested	(78,933	)	18.79
Forfeited	(9,159	)	19.01
Unvested at June 30, 2016	451,281		$	19.91

Summary of Grant Date Fair Value of Awards During Period

A summary of share-based compensation is as follows:



	Three months ended				Six months ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Grant date fair value of awards during the period:	(in thousands)
Options	$	1,279	$	—	$	2,059	$	657
Restricted stock	1,043		834		2,942		2,556
Total	$	2,322	$	834	$	5,001	$	3,213

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	404	$	246	$	741	$	398
Restricted stock	691		597		1,302		883
Total	$	1,095	$	843	$	2,043	$	1,281

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit/(deficiency) related to share-based compensation:
Options	$	417		$	1,160	$	1,130		$	2,236
Restricted stock	(33		)	194		(1		)	216
Total	$	384		$	1,354	$	1,129		$	2,452