Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2018

Employee Benefits and Share-based Compensation, Noncash [Abstract]

Transactions Under the Company’s Stock Option Plans

Transactions under the Company’s stock option plans for the six months ended June 30, 2018 are summarized in the following table:



	Shares		Weighted average exercise price		Weighted average remaining contractual life in years	Aggregate intrinsic value
Outstanding at December 31, 2017	504,573		$	8.31	5.7	$	5,772,843
Options granted	114,500		20.24
Options exercised	(77,607	)	5.05
Options forfeited	(7,433	)	15.47
Options expired	—		—
Outstanding at June 30, 2018	534,033		$	11.24	6.7	$	6,146,335
Exercisable at June 30, 2018	335,072		$	7.72	5.3	$	5,035,701

Stock Options, Valuation Assumptions

The fair values of the options granted during the six months ended June 30, 2018 and 2017 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions. No options were granted during the three months ended June 30, 2018 and 2017:



	For the three months ended June 30,						For the six months ended June 30,
	2018			2017			2018			2017
Number of options granted	—			—			114,500			47,100
Weighted average exercise price	$	—		$	—		$	20.24		$	16.37
Weighted average fair value of options	$	—		$	—		$	5.97		$	4.64
Expected life in years (1)	0.00			0.00			6.35			6.57
Expected volatility (2)	—		%	—		%	26.40		%	28.12		%
Risk-free interest rate (3)	—		%	—		%	2.48		%	2.18		%
Dividend yield (4)	—		%	—		%	1.14		%	1.15		%

(1) The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding.

(2) The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options.

(3) The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant.

(4) The expected dividend yield is the projected annual yield based on the grant date stock price.

Schedule of Cash Proceeds Received from Share-based Payment Awards

The following table presents information about options exercised during the three and six months ended June 30, 2018 and 2017:



	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
Number of options exercised	22,600		29,618		77,607		46,682
Total intrinsic value of options exercised	$	411,738	$	337,230	$	1,237,391	$	484,920
Cash received from options exercised	101,601		135,837		391,958		270,792
Tax deduction realized from options	$	115,740	$	137,758	$	347,831	$	198,089

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at June 30, 2018:



		Options outstanding				Options exercisable
Range of exercise prices		Options outstanding	Weighted average remaining contractual life (in years)	Weighted average exercise price		Options exercisable	Weighted average exercise price
$	0.00 - 4.00	28,000	0.7	$	3.56	28,000	$	3.56
	4.01 - 8.00	166,100	4.3	6.20		166,100	6.20
	8.01 - 12.00	154,367	7.3	9.41		116,963	9.24
	12.01 - 16.00	44,066	8.5	14.96		14,007	14.93
	16.01 - 20.00	101,500	9.3	18.86		10,002	16.75
	20.01 - 24.00	40,000	9.7	21.15		—	—
	Total	534,033	6.7	$	11.24	335,072	$	7.72

Allocation of Share-based Compensation Costs

Compensation expense related to restricted stock for the three and six months ended June 30, 2018 and 2017 is detailed in the following table:



	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
Compensation expense	$	144,839	$	107,773	$	286,136	$	249,577
Income tax benefit	40,714		44,025		80,433		101,952

Compensation expense related to stock options and the related income tax benefit for the three and six months ended June 30, 2018 and 2017 are detailed in the following table:



	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
Compensation expense	$	118,202	$	71,023	$	241,662	$	140,839
Income tax benefit	33,226		29,013		67,931		57,533

Summary of Nonvested Restricted Stock Activity

The following table summarizes nonvested restricted stock activity for the six months ended June 30, 2018:



	Shares		Average grant date fair value
Nonvested restricted stock at December 31, 2017	94,003		$	12.53
Granted	38,300		20.64
Cancelled	(1,624	)	17.00
Vested	(29,142	)	11.30
Nonvested restricted stock at June 30, 2018	101,537		$	15.87

Restricted Stock Grants

Restricted stock awards granted during the three and six months ended June 30, 2018 and 2017 were as follows:



	For the three months ended June 30,				For the six months ended June 30,
	2018		2017		2018		2017
Number of shares granted	—		—		38,300		38,400
Average grant date fair value	$	—	$	—	$	20.64	$	16.36

Summary of Components of Net Periodic Pension Cost of Defined Benefit Plan Recognized

The following table summarizes the components of the net periodic pension cost of the defined benefit plan recognized during the three and six months ended June 30, 2018 and 2017:



	For the three months ended June 30,				For the six months ended June 30,
(In thousands)	2018		2017		2018		2017
Service cost	$	94	$	35	$	206	$	51
Interest cost	18		11		31		21
Amortization of prior service cost	21		21		42		42
Net periodic benefit cost	$	133	$	67	$	279	$	114

Summary Of Changes In Benefit Obligations Of Defined Benefit Plan

The following table summarizes the changes in benefit obligations of the defined benefit plan during the six months ended June 30, 2018 and 2017:



	For the six months ended June 30,
(In thousands)	2018		2017
Benefit obligation, beginning of year	$	1,187	$	1,023
Service cost	206		51
Interest cost	31		21
Benefit obligation, end of period	$	1,424	$	1,095