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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income:
| 2014 |  | 2013 |  | 2012
| (in thousands)
Compensation expense | $ | 5,865 |  |  | $ | 5,330 |  |  | $ | 4,834 |
Tax benefit | (1,608 | ) |  | (1,475 | ) |  | (1,253 | )
Stock-based compensation, net of tax | $ | 4,257 |  |  | $ | 3,855 |  |  | $ | 3,581 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table presents compensation expense and related tax benefits for restricted stock awards, RSUs and PSUs recognized in the consolidated statements of income, and included as a component of total stock-based compensation within the preceding table:
| 2014 |  | 2013 |  | 2012
| (in thousands)
Compensation expense | $ | 4,345 |  |  | $ | 3,705 |  |  | $ | 3,506 |
Tax benefit | (1,510 | ) |  | (1,297 | ) |  | (1,227 | )
Restricted stock compensation, net of tax | $ | 2,835 |  |  | $ | 2,408 |  |  | $ | 2,279 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides information about stock option activity for the year ended December 31, 2014:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2013 | 5,567,701 |  |  | $ | 13.25 |  |  |  |  |
Granted | 288,626 |  |  | 12.61 |  |  |  |  |
Exercised | (215,047 | ) |  | 9.62 |  |  |  |  |
Forfeited | (435,502 | ) |  | 14.73 |  |  |  |  |
Expired | (903,314 | ) |  | 14.95 |  |  |  |  |
Outstanding as of December 31, 2014 | 4,302,464 |  |  | $ | 12.89 |  |  | 4.4 years |  | $ | 4.5 |
Exercisable as of December 31, 2014 | 3,546,500 |  |  | $ | 13.13 |  |  | 3.5 years |  | $ | 4.0 |
Schedule of Nonvested Share Activity | The following table provides information about nonvested stock options, restricted stock, RSUs and PSUs granted under the Employee Option Plan and Directors' Plan for the year ended December 31, 2014:
| Nonvested Stock Options |  | Restricted Stock/RSUs/PSUs
| Options |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2013 | 1,071,266 |  |  | $ | 2.35 |  |  | 943,039 |  |  | $ | 10.90 |
Granted | 288,626 |  |  | 3.14 |  |  | 553,343 |  |  | 12.51 |
Vested | (514,734 | ) |  | 2.29 |  |  | (389,328 | ) |  | 9.83 |
Forfeited | (89,194 | ) |  | 2.49 |  |  | (43,967 | ) |  | 10.61 |
Nonvested as of December 31, 2014 | 755,964 |  |  | $ | 2.68 |  |  | 1,063,087 |  |  | $ | 11.83 |
Schedule Of Options Exercised | The following table presents information about stock options exercised:
| 2014 |  | 2013 |  | 2012
| (dollars in thousands)
Number of options exercised | 215,047 |  |  | 451,102 |  |  | 141,305 |
Total intrinsic value of options exercised | $ | 568 |  |  | $ | 1,612 |  |  | $ | 402 |
Cash received from options exercised | $ | 2,068 |  |  | $ | 3,650 |  |  | $ | 987 |
Tax deduction realized from options exercised | $ | 568 |  |  | $ | 1,416 |  |  | $ | 322 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of certain PSUs with market based performance conditions granted in 2014 under the Employee Option Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert, which is dependent upon certain assumptions, as summarized in the following table:
Risk-free interest rate | 0.91 | %
Volatility of Corporation’s stock | 29.63 | %
Expected life of options | 3 Years |
The fair value of stock option awards under the Employee Option Plan was estimated on the grant date using the Black-Scholes valuation methodology, which is dependent upon certain assumptions, as summarized in the following table:
| 2014 |  | 2013 |  | 2012
Risk-free interest rate | 2.44 | % |  | 1.27 | % |  | 1.68 | %
Volatility of Corporation’s stock | 28.05 | % |  | 27.64 | % |  | 26.60 | %
Expected dividend yield | 2.36 | % |  | 2.48 | % |  | 2.54 | %
Expected life of options | 7 Years |  |  | 7 Years |  |  | 7 Years |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes activity under the ESPP:
| 2014 |  | 2013 |  | 2012
ESPP shares purchased | 132,640 |  |  | 141,608 |  |  | 165,456 |
Average purchase price per share (85% of market value) | $ | 10.31 |  |  | $ | 10.02 |  |  | $ | 8.35 |
Compensation expense recognized (in thousands) | $ | 241 |  |  | $ | 251 |  |  | $ | 244 |

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