Share-Based Compensation (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2017 and 2016 using a Black Scholes Model:



	Nine months ended
	September 30, 2017			September 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	30.70		%	40.41		%
Risk-free interest rate	1.88		%	1.60		%
Expected life (in years)	5.0			7.3

Summary of Stock Options Outstanding

The following is a summary of stock options vested and exercisable as of September 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	374,792	4.61	$	10.96	$	4,209
$23.57-$32.80	41,490	7.86	25.61		18
$32.85-$37.30	—	—	—		—
Total	416,282	4.93	$	12.42	$	4,227

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-$28.27	7,764	8.31	23.61		40
Total	375,795	5.09	$	8.72	$	7,554

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	403,260		34.43
Exercised	(165,876	)	10.34
Forfeited or Expired	(85,326	)	30.63
Outstanding at September 30, 2017	1,602,762		$	25.27
Exercisable at September 30, 2017	416,282		$	12.42

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	(133,729	)	20.23
Forfeited	(20,054	)	22.09
Unvested at September 30, 2017	377,530		$	24.87

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, 2017		September 30, 2016		September 30, 2017		September 30, 2016
Grant date fair value of awards during the period:	(in thousands)
Options	$	121	$	360	$	3,628	$	2,419
Restricted stock	—		67		4,182		3,009
Total	$	121	$	427	$	7,810	$	5,428

Summary of Share-Based Compensation Expense



Share-based compensation expense:
Options	$	620	$	457	$	2,050	$	1,198
Restricted stock	811		672		2,910		1,974
Total	$	1,431	$	1,129	$	4,960	$	3,172

Summary of Income Tax Benefit Related to Share-Based Compensation



Income tax benefit/(deficiency) related to share-based compensation:
Options	$	126	$	311	$	1,411	$	1,441
Restricted stock	131		326		836		325
Total	$	257	$	637	$	2,247	$	1,766