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Share-Based Compensation (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Summary of Stock Option Assumptions |
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the nine months ended September 30, 2013 and 2012 using a Black Scholes Model: | | | | | | | | Nine months ended | | September 30, 2013 | | September 30, 2012 | Director and Officers: | | | | Expected dividend yield | 1.19 | % | | 1.23 | % | Expected volatility | 47.08 | % | | 47.54 | % | Risk-free interest rate | 1.55 | % | | 1.19 | % | Expected life (in years) | 7 |
| | 7 |
| | | | | Employees: | |
| | |
| Expected dividend yield | 1.14 | % | | 1.23 | % | Expected volatility | 45.92 | % | | 46.00 | % | Risk-free interest rate | 1.40 | % | | 1.19 | % | Expected life (in years) | 8 |
| | 8 |
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| Summary of Stock Options Outstanding |
The following is a summary of stock options vested and exercisable as of September 30, 2013: | | | | | | | | | | | | | | | Range of Exercise Prices | | Number of Shares | | Weighted Average Remaining Contractual Life (in years) | | Weighted Average Exercise Price | | Intrinsic Value (in thousands) | $4.81-$6.47 | | 74,100 |
| | 2.27 | | $ | 5.50 |
| | $ | 1,561 |
| $6.80-$8.65 | | 209,850 |
| | 4.58 | | 7.18 |
| | 4,067 |
| $9.13-$13.05 | | 192,183 |
| | 7.66 | | 11.32 |
| | 2,929 |
| Total | | 476,133 |
| | 5.46 | | $ | 8.59 |
| | $ | 8,557 |
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The following is a summary of stock options vested and exercisable as of September 30, 2012:
| | | | | | | | | | | | | | | Range of Exercise Prices | | Number of Shares | | Weighted Average Remaining Contractual Life (in years) | | Weighted Average Exercise Price | | Intrinsic Value (in thousands) | $4.81-$6.47 | | 140,025 |
| | 2.90 | | $ | 5.29 |
| | $ | 1,072 |
| $6.80-$8.65 | | 277,125 |
| | 4.93 | | 7.43 |
| | 1,527 |
| $9.13-$11.17 | | 73,650 |
| | 8.14 | | 10.28 |
| | 196 |
| $12.20-$14.38 | | 2,250 |
| | 8.18 | | 12.20 |
| | 2 |
| Total | | 493,050 |
| | 4.85 | | $ | 7.27 |
| | $ | 2,797 |
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| Summary of Stock Option Activity |
A summary of option activity under the plans is as follows:
| | | | | | | | Options | Shares | | Weighted Average Exercise Price | Outstanding at December 31, 2012 | 1,115,513 |
| | $ | 10.15 |
| Granted | 47,500 |
| | 17.70 |
| Exercised | (122,345 | ) | | 7.93 |
| Forfeited or Expired | (40,575 | ) | | 11.80 |
| Outstanding at September 30, 2013 | 1,000,093 |
| | $ | 10.70 |
| Exercisable at September 30, 2013 | 476,133 |
| | $ | 8.59 |
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| Summary of Unvested Restricted Stock Awards |
A summary of the unvested restricted stock awards is as follows: | | | | | | | | | | | | Restricted stock | Shares | | Weighted
Average
Grant Date Fair Value | Unvested at December 31, 2012 | 96,113 |
| | $ | 12.11 |
| Granted | 36,304 |
| | 19.29 |
| Vested | (35,138 | ) | | 12.17 |
| Forfeited | (900 | ) | | 8.50 |
| Unvested at September 30, 2013 | 96,379 |
| | $ | 14.83 |
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| Summary of Grant Date Fair Value of Awards During Period |
A summary of share-based compensation is as follows: | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | | September 30,
2013 | | September 30,
2012 | | September 30,
2013 | | September 30,
2012 | Grant date fair value of awards during the period: | (in thousands) | Options | $ | 110 |
| | $ | 104 |
| | $ | 382 |
| | $ | 2,541 |
| Restricted stock | 51 |
| | 353 |
| | 700 |
| | 649 |
| Total | $ | 161 |
| | $ | 457 |
| | $ | 1,082 |
| | $ | 3,190 |
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| Summary of Share-Based Compensation Expense |
| | | | | | | | | | | | | | | | | Share-based compensation expense: | | | | | | | | Options | $ | 186 |
| | $ | 175 |
| | $ | 647 |
| | $ | 384 |
| Restricted stock | 173 |
| | 86 |
| | 407 |
| | 241 |
| Total | $ | 359 |
| | $ | 261 |
| | $ | 1,054 |
| | $ | 625 |
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| Summary of Income Tax Benefit Related to Share-Based Compensation |
| | | | | | | | | | | | | | | | | Income tax benefit related to share-based compensation: | | | | | | | | Options | $ | 84 |
| | $ | 229 |
| | $ | 376 |
| | $ | 247 |
| Restricted stock | 33 |
| | 5 |
| | 126 |
| | 20 |
| Total | $ | 117 |
| | $ | 234 |
| | $ | 502 |
| | $ | 267 |
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