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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2015
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:
| 2015 |  | 2014 |  | 2013
| (in thousands)
Compensation expense | $ | 5,938 |  |  | $ | 5,865 |  |  | $ | 5,330 |
Tax benefit | (2,011 | ) |  | (1,608 | ) |  | (1,475 | )
Stock-based compensation, net of tax | $ | 3,927 |  |  | $ | 4,257 |  |  | $ | 3,855 |
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 in the preceding table:
| 2015 |  | 2014 |  | 2013
| (in thousands)
Compensation expense | $ | 4,646 |  |  | $ | 4,345 |  |  | $ | 3,705 |
Tax benefit | (1,626 | ) |  | (1,510 | ) |  | (1,297 | )
Restricted stock compensation, net of tax | $ | 3,020 |  |  | $ | 2,835 |  |  | $ | 2,408 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides information about stock option activity for the year ended December 31, 2015:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2014 | 4,302,464 |  |  | $ | 12.89 |  |  |  |  |
Exercised | (490,151 | ) |  | 10.21 |  |  |  |  |
Forfeited | (83,878 | ) |  | 14.09 |  |  |  |  |
Expired | (748,348 | ) |  | 16.80 |  |  |  |  |
Outstanding as of December 31, 2015 | 2,980,087 |  |  | $ | 12.31 |  |  | 4.1 years |  | $ | 4.6 |
Exercisable as of December 31, 2015 | 2,630,235 |  |  | $ | 12.34 |  |  | 3.6 years |  | $ | 4.3 |
Schedule of Nonvested Share Activity | The following table provides information about nonvested stock options, restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2015:
| 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, 2014 | 755,964 |  |  | $ | 2.68 |  |  | 1,063,087 |  |  | $ | 11.83 |
Granted | — |  |  | — |  |  | 581,719 |  |  | 12.04 |
Vested | (393,862 | ) |  | 2.56 |  |  | (250,807 | ) |  | 10.48 |
Forfeited | (12,250 | ) |  | 2.77 |  |  | (5,610 | ) |  | 12.05 |
Nonvested as of December 31, 2015 | 349,852 |  |  | $ | 2.82 |  |  | 1,388,389 |  |  | $ | 12.16 |
Schedule Of Options Exercised | The following table presents information about stock options exercised:
| 2015 |  | 2014 |  | 2013
| (dollars in thousands)
Number of options exercised | 490,151 |  |  | 215,047 |  |  | 451,102 |
Total intrinsic value of options exercised | $ | 1,442 |  |  | $ | 568 |  |  | $ | 1,612 |
Cash received from options exercised | $ | 4,936 |  |  | $ | 2,068 |  |  | $ | 3,650 |
Tax deduction realized from options exercised | $ | 1,389 |  |  | $ | 530 |  |  | $ | 1,416 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of certain PSUs with market-based performance conditions granted in 2015 under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table:
Risk-free interest rate | 0.86 | %
Volatility of Corporation’s stock | 20.08 | %
Expected life of PSUs | 3 Years |
The fair value of stock option awards under the Employee Equity Plan was estimated on the grant date using the Black-Scholes valuation methodology, which is dependent upon certain assumptions, as summarized in the table below. No options were granted in 2015 under the Employee Equity Plan.
|  | 2014 |  | 2013
Risk-free interest rate |  | 2.44 | % |  | 1.27 | %
Volatility of Corporation’s stock |  | 28.05 | % |  | 27.64 | %
Expected dividend yield |  | 2.36 | % |  | 2.48 | %
Expected life of options |  | 7 Years |  |  | 7 Years |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes activity under the ESPP:
| 2015 |  | 2014 |  | 2013
ESPP shares purchased | 121,890 |  |  | 132,640 |  |  | 141,608 |
Average purchase price per share (85% of market value) | $ | 10.86 |  |  | $ | 10.31 |  |  | $ | 10.02 |
Compensation expense recognized (in thousands) | $ | 234 |  |  | $ | 241 |  |  | $ | 251 |

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