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Stock-Based Compensation Plans (Tables)

12 Months Ended

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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