XML 40 R29.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 and 2016 using a Black Scholes Model:



	Six months ended
	June 30, 2017			June 30, 2016
Director and Officers:
Expected dividend rate	$	0.26		$	0.22
Expected volatility	30.81		%	42.38		%
Risk-free interest rate	1.90		%	2.02		%
Expected life (in years)	5.0			8.0

Employees:
Expected dividend rate	$	0.26		$	0.22
Expected volatility	30.75		%	41.82		%
Risk-free interest rate	1.89		%	1.76		%
Expected life (in years)	5.0			8.0

Summary of Stock Options Outstanding

The following is a summary of stock options vested and exercisable as of June 30, 2017:



Range of Exercise Prices	Number of Shares	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Intrinsic Value (in thousands)
$4.54-$22.76	378,504	4.85	$	10.98	$	9,792
$23.57-$32.80	33,985	7.95	25.34		391
$32.85-$37.30	—	—	—		—
Total	412,489	5.10	$	12.16	$	10,183

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

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, 2016	1,450,704		$	21.33
Granted	389,660		34.42
Exercised	(154,368	)	10.19
Forfeited or Expired	(64,886	)	30.51
Outstanding at June 30, 2017	1,621,110		$	25.17
Exercisable at June 30, 2017	412,489		$	12.16

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, 2016	408,162		$	20.47
Granted	123,151		33.96
Vested	(121,956	)	21.09
Forfeited	(16,161	)	22.86
Unvested at June 30, 2017	393,196		$	24.41

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, 2017		June 30, 2016		June 30, 2017		June 30, 2016
Grant date fair value of awards during the period:	(in thousands)
Options	$	633	$	1,279	$	3,507	$	2,059
Restricted stock	1,582		1,043		4,182		2,942
Total	$	2,215	$	2,322	$	7,689	$	5,001

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	703	$	404	$	1,430	$	741
Restricted stock	1,181		691		2,099		1,302
Total	$	1,884	$	1,095	$	3,529	$	2,043

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit/(deficiency) related to share-based compensation:
Options	$	494	$	417		$	1,285	$	1,130
Restricted stock	432		(33		)	705		(1		)
Total	$	926	$	384		$	1,990	$	1,129

Schedule of Quantitative Effects on Consolidated Financial Statements

The following table displays the prior period quantitative effects on the consolidated financial statements:



	Three months ended				Six months ended
	June 30, 2016				June 30, 2016
	As Reported		As Restated		As Reported		As Restated
	(in thousands, except share and per share data)
Consolidated Statement of Income
Income tax provision	$	7,934	$	7,550	$	14,145	$	13,016
Net income	14,341		14,725		25,147		26,276
Earnings per share:
Basic	$	0.27	$	0.28	$	0.47	$	0.47
Diluted	0.27		0.27		0.47		0.47
Weighted average shares outstanding:
Diluted	53,401,238		53,574,702		53,395,361		53,563,676

Consolidated Statement of Cash Flows
Change in income taxes					$	5,162	$	4,033