Capital Stock and Dividend Restrictions

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Capital Stock and Dividend Restrictions

CAPITAL STOCK AND DIVIDEND RESTRICTIONS

The Company's authorized common stock consists of 200,000,000 shares, of which, 100,000,000 shares are designated as Class A common stock and 100,000,000 are designated as Class B common stock. The Class A common stock has one vote per share. The Class B common stock has five votes per share and is convertible to Class A common stock on a share-for-share basis at any time.

The Company had 21,698,594 shares of Class A common stock and 23,729,631 shares of Class B common stock outstanding as of December 31, 2015. The Company had 21,928,932 shares of Class A common stock and 23,859,483 shares of Class B common stock outstanding as of December 31, 2014.

During 2015, the Company issued 21,414 shares of its Class A common stock with an aggregate value of $591 to directors for their service on the Company's board of directors during 2015. During 2014, the Company issued 24,581 shares of its Class A common stock with an aggregate value of $620 to directors for their service on the Company's board of directors during 2014. In addition, on July 31, 2014, the Company issued 1,378,230 shares of its Class A common stock with an aggregate value of $35,972 as partial consideration for the acquisition of MWFC.

During 2015, the Company repurchased and retired 765,875 shares of its Class A common stock in a combination of open market and privately negotiated transactions at an aggregate purchase price of $19,921, or a weighted average price of $26.01 per share. The repurchases were made pursuant to a stock repurchase program approved by the Company's board of directors. All other stock repurchases during 2015 and 2014 were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants of the Company's 2006 Equity Compensation Plan.

On April 3, 2015, the Company filed a Registration Statement on Form S-8 to register 2,000,000 shares of Class A common stock to be issued pursuant to the Company's 2015 Equity and Incentive Plan.

On January 24, 2014, the Company filed a Registration Statement on Form S-8 to register 1,500,000 shares of Class A common stock to be issued pursuant to the Company's 2006 Equity Compensation Plan, as amended and restated. All shares of common stock available for future grant under the 2006 Equity Compensation Plan, as amended and restated, were transferred into the 2015 Equity and Incentive Plan in April 2015.

The payment of dividends by subsidiary banks is subject to various federal and state regulatory limitations. In general, a bank is limited, without the prior consent of its regulators, to paying dividends that do not exceed current year net profits together with retained earnings from the two preceding calendar years. The Company’s debt instruments also include limitations on the payment of dividends.