Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2015

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)	June 30, 2015					June 30, 2014
Net income	$	3,661				$	4,160
Basic EPS:
Net income available to common shareholders	$	3,661	13,947	$	0.26	$	4,160	13,694	$	0.30
Effect of dilutive securities:
Stock options			220					292
Diluted EPS:
Net income available to common shareholders plus assumed conversions	$	3,661	14,167	$	0.26	$	4,160	13,986	$	0.30
	Six Months Ended					Six Months Ended
(in thousands, except per share amounts)	June 30, 2015					June 30, 2014
Net income	$	7,773				$	8,358
Basic EPS:
Net income available to common shareholders	$	7,773	13,965	$	0.56	$	8,358	13,646	$	0.61
Effect of dilutive securities:
Stock options			238					300
Diluted EPS:
Net income available to common shareholders plus assumed conversions	$	7,773	14,203	$	0.55	$	8,358	13,946	$	0.60

Schedule of Stockholders Equity

The following is a summary of the changes in shareholders’ equity for the six months ended June 30, 2015:

	Common Stock				Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Total
(in thousands)	Shares		Amount
Balance December 31, 2014	13,891		$	139	$	76,126	$	143,503	$	(8,397	)	$	211,371
Net income	—		—		—		7,773		—			7,773
Other comprehensive income (loss), net of tax	—		—		—		—		(2,782		)	(2,782		)
Exercise of stock options	135		2		1,942		—		—			1,944
Issuance of restricted common stock for services	9		—		213		—		—			213
Issuance of common stock under Employee Stock Purchase Plan	20		—		365		—		—			365
Compensation cost of stock options	—		—		921		—		—			921
Balance June 30, 2015	$	14,055	$	141	$	79,567	$	151,276	$	(11,179	)	$	219,805

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 June 30, 2015 and changes during the year to date is presented below:

	2015
	Options		Weighted Avg Exercise Price		Weighted Avg Remaining Contractual Term	Aggregate Intrinsic Value (In thousands)
Outstanding - January 1	1,244,166		$	17.49
Granted	176,125		23.28
Exercised	(135,507	)	14.34			$	1,039
Forfeited or Expired	(4,281	)	19.48
Outstanding - June 30	1,280,503		$	18.62	3.74	$	3,279
Exercisable - June 30	694,823		$	17.30	2.31	$	2,455

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 2015, the Committee approved equity compensation to the 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 $77,500, 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 six months of 2015 is presented below:

Grant date	February 27, 2015		May 29, 2015
Aggregate shares of restricted stock granted	4,974		4,530
Grant date fair value	$	116,000	$	97,000
Weighted average fair value per share	$	23.35	$	21.38

During February 2014, the Committee approved equity compensation to the 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 $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 six months of 2014 is presented below:

Grant date	February 28, 2014		May 31, 2014
Aggregate shares of restricted stock granted	4,020		4,502
Grant date fair value	$	94,000	$	105,000
Weighted average fair value per share	$	23.30	$	23.29

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 June 30, 2015, 64,839 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:

Six Months Ended June 30,	2015	2014
Shares purchased	19,737	16,428
Dividend yield	—	—
Expected life	1 year	1 year
Expected volatility	31%	27%
Risk free interest rates	0.2%	0.1%
Weighted average per share fair value	$5.08	$4.71