XML 34 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders' Equity (Tables)
3 Months Ended
Mar. 31, 2014
Stockholders' Equity Note [Abstract]  
Schedule of Earnings Per Share Reconciliation
The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for net income and net income available to common shareholders:
 
 
 
 
 
 
 
 
 
Income (Numerator)
Shares (Denominator)
Per Share
 
Income (Numerator)
Shares (Denominator)
Per Share
 
Three Months Ended
 
Three Months Ended
(in thousands, except per share amounts)
March 31, 2014
 
March 31, 2013
Net income
$
4,198

 
 
 
$
3,857

 
 
Basic EPS:
 
 
 
 
 
 
 
Net income available to common shareholders
$
4,198

13,596

$
0.31

 
$
3,857

13,355

$
0.29

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options
 
311

 
 
 
168

 
Diluted EPS:
 
 
 
 
 
 
 
Net income available to common shareholders plus assumed conversions
$
4,198

13,907

$
0.30

 
$
3,857

13,523

$
0.29

 
 
 
 
 
 
 
 
Schedule of Stockholders Equity
The following is a summary of the changes in shareholders’ equity for the three months ended March 31, 2014: 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total
(in thousands)
Shares
 
Amount
 
Balance December 31, 2013
13,577

 
$
136

 
$
69,175

 
$
127,015

 
$
(3,902
)
 
$
192,424

Net income

 

 

 
4,198

 

 
4,198

Other comprehensive income (loss), net of tax

 

 

 

 
(232
)
 
(232
)
Exercise of stock options
59

 

 
1,080

 

 

 
1,080

Issuance of restricted common stock for services
4

 

 
94

 

 

 
94

Issuance of common stock under Employee Stock Purchase Plan
9

 

 
169

 

 

 
169

Compensation cost of stock options

 

 
461

 

 

 
461

Balance March 31, 2014
13,649

 
$
136

 
$
70,979

 
$
131,213

 
$
(4,134
)
 
$
198,194

 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
A summary of the status of stock option activity under our stock-based compensation plans as of March 31, 2014 and changes during the year to date is presented below:
 
 
 
 
 
 
 
 
 
2014
 
Options    
 
Weighted Avg Exercise Price
 
Weighted Avg Remaining Contractual Term
 
Aggregate Intrinsic Value (In thousands)
Outstanding - January 1
1,317,678

 
$
16.78

 
 
 
 
Granted

 

 
 
 
 
Exercised
(59,204
)
 
18.22

 
 
 
$
285

Forfeited or Expired
(3,800
)
 
17.50

 
 
 
 
Outstanding - March 31
1,254,674

 
$
16.71

 
3.14
 
$
7,323

Exercisable - March 31
898,594

 
$
16.41

 
2.24
 
$
5,521

 
 
 
 
 
 
 
 
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity
Under the 2009 Plan, we may grant restricted stock awards to eligible employees, directors, and independent agents and consultants. Restrictions on transferability, risk of forfeiture and other restrictions are determined by the Compensation Committee of the Board of Directors, or the Committee, at the time of the award. During February 2014, the Committee approved equity compensation to the five outside members of the Board of Directors for their service on the Board of Directors. The annual compensation for each director consists of the grant of stock awards with an aggregate market value of $75,000, payable in four equal quarterly grants of common stock based on the market price of our common stock on the respective dates of grant. The summary information of the restricted stock grants for the first three months of 2014 is presented below: 
 
 
Grant date
February 28, 2014

Aggregate shares of restricted stock granted
4,020

Grant date fair value
$
94,000

Weighted average fair value per share
$
23.30

 
 

During February 2013, the Committee approved equity compensation to the five outside members of the Board of Directors for their service on the Board of Directors. The annual compensation for each director consisted of the grant of stock awards with an aggregate market value of $69,000, payable in four equal quarterly grants of common stock based on the market price of our common stock on the respective dates of grant. The summary information of the restricted stock grants for the first three months of 2013 is presented below:
 
 
Grant date
February 28, 2013

Aggregate shares of restricted stock granted
4,685

Grant date fair value
$
86,000

Weighted average fair value per share
$
18.41

 
 
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity
On February 18, 2009, our board of directors adopted the 2009 ESPP, and our shareholders approved the 2009 ESPP at our Annual Meeting of Shareholders on May 7, 2009. Under the 2009 ESPP, employees are able to purchase shares of our common stock at a fifteen percent (15%) discount via payroll deduction, up to a maximum number of shares issuable under the 2009 ESPP of 300,000. There are four offering periods during an annual period. As of March 31, 2014, 109,489 shares remained available for purchase under this 2009 ESPP. The fair value of the employees' purchase rights is estimated using the Black-Scholes model. Purchase information and fair value assumptions are presented in the following table:
 
 
 
 
Three Months Ended March 31,
2014
 
2013
Shares purchased
8,802
 
11,364
Dividend yield
 
Expected life
1 year
 
1 year
Expected volatility
41%
 
33%
Risk free interest rates
0.1%
 
0.2%
Weighted average per share fair value
$4.22
 
$3.60