Share-Based Compensation (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2016 and 2015 using a Black Scholes Model:



	Nine months ended
	September 30, 2016			September 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)	8.0			8.0

Employees:
Expected dividend rate	$	0.22		$	0.18
Expected volatility	40.41		%	44.13		%
Risk-free interest rate	1.60		%	2.05		%
Expected life (in years)	7.3			8.0

Summary of Stock Options Outstanding

The following is a summary of stock options vested and exercisable as of September 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	329,433	4.79	$	7.62	$	6,984
$8.70-$22.76	38,598	7.01	15.09		530
$23.57-$28.20	7,764	8.31	23.61		40
Total	375,795	5.09	$	8.72	$	7,554

The following is a summary of stock options vested and exercisable as of September 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	261,442	4.11	$	5.93	$	3,516
$7.44-$8.17	17,550	5.84	7.72		205
$8.65-$23.57	176,895	6.71	9.04		1,830
Total	455,887	5.18	$	7.20	$	5,551

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	236,210		25.03
Exercised	(227,244	)	7.39
Forfeited or Expired	(48,939	)	20.09
Outstanding at September 30, 2016	1,090,937		$	16.85
Exercisable at September 30, 2016	375,795		$	8.72

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	131,850		22.82
Vested	(92,391	)	17.73
Forfeited	(12,759	)	18.51
Unvested at September 30, 2016	436,723		$	20.23

Summary of Grant Date Fair Value of Awards During Period

A summary of share-based compensation is as follows:



	Three months ended				Nine months ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Grant date fair value of awards during the period:	(in thousands)
Options	$	360	$	—	$	2,419	$	657
Restricted stock	67		262		3,009		2,818
Total	$	427	$	262	$	5,428	$	3,475

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	457	$	203	$	1,198	$	601
Restricted stock	672		592		1,974		1,475
Total	$	1,129	$	795	$	3,172	$	2,076

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit/(deficiency) related to share-based compensation:
Options	$	311	$	(123	)	$	1,441	$	2,113
Restricted stock	326		(112		)	325		104
Total	$	637	$	(235	)	$	1,766	$	2,217