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Stock Options (Tables)

12 Months Ended

Dec. 31, 2014

Stock Options

Schedule of Black-Scholes-Merton option valuation model assumptions

		2014			2013
Expected Life (Years)			7.63			7.63
Dividend yield			2.01	%		2.33	%
Interest rate			2.28	%		2.86	%
Volatility			47.36	%		47.28	%

Summary of option activity under stock option plans

Number of options

Weighted average exercise price

Weighted average remaining contractual term (years)

Aggregate intrinsic value ($)

(in Thousands)

Options outstanding at December 31, 2013

515,143

$

15.98

Plus: Options granted

564,750

21.48

Less:

Options exercised

40,385

13.75

Options expired

15,125

27.02

Options forfeited

30,494

18.84

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Options outstanding at December 31, 2014

993,889

18.94

6.62

$

7,567

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Options fully vested and exercisable at December 31, 2014

250,487

$

16.76

2.28

$

2,461

Schedule of other information pertaining to option activity

		Twelve Months Ended December 31,
		2014			2013			2012
Weighted average grant date fair value of stock options granted		$	9.07		$	9.05		$	8.71
Total fair value of stock options vested		$	376,000		$	480,000		$	524,000
Total intrinsic value of stock options exercised		$	468,000		$	171,000		$	41,000

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Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (d)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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