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Note 9 - Stock-based Compensation | 9 Months Ended
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Sep. 30, 2016
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
9. |  | Stock-Based Compensation
For the three months ended September 30, 2016 and 2015, the Company’s net income, as reported, includes $1.1 million and $0.5 million, respectively, of stock-based compensation costs and $0.4 million and $0.2 million, respectively, of income tax benefits related to the stock-based compensation plans in each of the periods. For the nine months ended September 30, 2016 and 2015, the Company’s net income, as reported, includes $4.7 million and $4.2 million of stock-based compensation costs and $1.8 million and $1.6 million of income tax benefits related to the stock-based compensation plans. The Company did not issue any restricted stock units during the three months ended September 30, 2016 and 2015. During the nine months ended September 30, 2016 and 2015, the Company granted 337,175 and 318,120 restricted stock units, respectively. The Company has not granted any stock options since 2009. The Company estimated the fair value of stock options using the Black-Scholes valuation model. Key assumptions used to estimate the fair value of stock options included the exercise price of the award, the expected option term, the expected volatility of the Company’s stock price, the risk-free interest rate over the options’ expected term and the annual dividend yield. The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock unit awards. Compensation cost is recognized over the vesting period of the award using the straight line method. The following table summarizes the Company’s restricted stock unit (“RSU”) awards under the 2014 Omnibus Plan and the Prior Plans in the aggregate at or for the nine months ended September 30, 2016:
|  | Shares |  | Weighted-Average Grant-Date Fair Value
Non-vested at December 31, 2015 |  |  | 415,909 |  |  | $ | 18.10 |
Granted |  |  | 337,175 |  |  |  | 19.85 |
Vested |  |  | (235,535 | ) |  |  | 18.70 |
Forfeited |  |  | (17,010 | ) |  |  | 18.50 |
Non-vested at September 30, 2016 |  |  | 500,539 |  |  | $ | 18.98 |
Vested but unissued at September 30, 2016 |  |  | 280,450 |  |  | $ | 19.28 |
As of September 30, 2016, there was $7.4 million of total unrecognized compensation cost related to non-vested full value awards granted under the 2014 Omnibus Plan and the Prior Plans. That cost is expected to be recognized over a weighted-average period of 3.3 years. The total fair value of awards vested for the three months ended September 30, 2016 and 2015 were $4,000 and $39,000, respectively. The total fair value of awards vested for the nine months ended September 30, 2016 and 2015 was $4.8 million and $4.9 million, respectively. The vested but unissued RSU awards consist of awards made to employees and directors who are eligible for retirement. According to the terms of these awards, which provide for vesting upon retirement, these employees and directors have no risk of forfeiture. These shares will be issued at the original contractual vesting and settlement dates. The following table summarizes certain information regarding the stock option awards under the 2014 Omnibus Plan and the Prior Plans in the aggregate at or for the nine months ended September 30, 2016:
|  | Shares |  | Weighted- Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value ($000)*
Outstanding at December 31, 2015 |  |  | 109,130 |  |  | $ | 16.14 |  |  |  |  |  |  |  |  |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (41,670 | ) |  |  | 17.82 |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2016 |  |  | 67,460 |  |  | $ | 15.10 |  |  |  | 1.7 |  |  | $ | 582 |
* The intrinsic value of a stock option is the difference between the market value of the underlying stock and the exercise price of the option. Cash proceeds, fair value received, tax benefits, and intrinsic value related to stock options exercised, and the weighted average grant date fair value for options granted, during the three and nine months ended September 30, 2016 and 2015 are provided in the following table:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
(In thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Proceeds from stock options exercised |  | $ | 5 |  |  | $ | - |  |  | $ | 132 |  |  | $ | 142 |
Fair value of shares received upon exercise of stock options |  |  | 262 |  |  |  | 421 |  |  |  | 612 |  |  |  | 441 |
Tax benefit (expense) related to stock options exercised |  |  | (10 | ) |  |  | 87 |  |  |  | (12 | ) |  |  | 324 |
Intrinsic value of stock options exercised |  |  | 44 |  |  |  | 291 |  |  |  | 156 |  |  |  | 96 |
Phantom Stock Plan: The Company maintains a non-qualified phantom stock plan as a supplement to its profit sharing plan for officers who have achieved the designated level and completed one year of service. The Company adjusts its liability under this plan to the fair value of the shares at the end of each period. The following table summarizes the Phantom Stock Plan at or for the nine months ended September 30, 2016:
Phantom Stock Plan |  | Shares |  | Fair Value
Outstanding at December 31, 2015 |  |  | 79,440 |  |  | $ | 21.64 |
Granted |  |  | 11,543 |  |  |  | 20.09 |
Forfeited |  |  | - |  |  |  | - |
Distributions |  |  | (1,364 | ) |  |  | 20.28 |
Outstanding at September 30, 2016 |  |  | 89,619 |  |  | $ | 23.72 |
Vested at September 30, 2016 |  |  | 89,435 |  |  | $ | 23.72 |
The Company recorded stock-based compensation expense for the Phantom Stock Plan of $0.4 million and $0.1 million for the three months ended September 30, 2016 and 2015, respectively. There were no distributions for the three months ended September 30, 2016 and 2015. For the nine months ended September 30, 2016 and 2015, the Company recorded stock-based compensation expense for the Phantom Stock Plan of $0.2 million and $29,000, respectively. The total fair value of the distributions from the Phantom Stock Plan during the nine months ended September 30, 2016 and 2015 was $28,000 and $9,000, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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