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Equity | 12 Months Ended
--- | ---
Dec. 31, 2015
Equity [Abstract] |
Stockholders' Equity Note Disclosure [Text Block] |
(12) | Equity
Share-Based Payments: The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year term and vest over a four to five-year period. The fair value of shares vested in 2015 and 2014 aggregated $0.8 million and $0.7 million, respectively. Compensation cost, net of estimated forfeitures, is recognized on a straight-line basis over the requisite service period for the entire award. Forfeitures are estimated based on historic trends. It is generally the Company’s policy to issue new shares upon exercise of stock options. The following table sets forth information with respect to nonvested options for 2015:
|  | Number of Shares Grant Date |  | Weighted Average Grant Date Fair Value Grant Date |
Nonvested options – beginning of year |  |  | 385,505 |  | $ | 7.14 |
Nonvested options granted |  |  | 158,300 |  | $ | 5.99 |
Nonvested options vested or forfeited |  |  | (128,955) |  | $ | 6.65 |
Nonvested options – end of year |  |  | 414,850 |  | $ | 6.86 |
The effect of share-based payment expenses decreased income statement line items as follows:
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Income before income taxes |  | $ | 800 |  | $ | 900 |  | $ | 800 |
Net income attributable to Inter Parfums, Inc. |  |  | 500 |  |  | 500 |  |  | 500 |
Diluted earnings per share attributable to Inter Parfums, Inc. |  |  | 0.01 |  |  | 0.01 |  |  | 0.01 |
The following table summarizes stock option activity and related information for the years ended December 31, 2015, 2014 and 2013:
|  | Year ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
|  | Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price |
Shares under option - beginning of year |  |  | 639,495 |  | $ | 23.19 |  |  | 643,595 |  | $ | 19.58 |  |  | 716,235 |  | $ | 14.41 |
Options granted |  |  | 158,300 |  |  | 23.79 |  |  | 139,250 |  |  | 27.93 |  |  | 136,350 |  |  | 34.84 |
Options exercised |  |  | (80,685) |  |  | 13.82 |  |  | (136,640) |  |  | 11.19 |  |  | (204,240) |  |  | 11.68 |
Options forfeited |  |  | (7,810) |  |  | 27.77 |  |  | (6,710) |  |  | 19.37 |  |  | (4,750) |  |  | 17.47 |
Shares under option - end of year |  |  | 709,300 |  |  | 24.34 |  |  | 639,495 |  |  | 23.19 |  |  | 643,595 |  |  | 19.58 |
At December 31, 2015, options for 178,045 shares were available for future grant under the plans. The aggregate intrinsic value of options outstanding is $1.7 million as of December 31, 2015 and unrecognized compensation cost related to stock options outstanding aggregated $2.7 million, which will be recognized over the next five years. The weighted average fair values of options granted by Inter Parfums, Inc. during 2015, 2014 and 2013 were $5.99, $7.42 and $9.20 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value. The assumptions used in the Black-Scholes pricing model are set forth in the following table:
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Weighted-average expected stock-price volatility |  |  | 33 | % |  | 34 | % |  | 37 | %
Weighted-average expected option life |  |  | 5.0 years |  |  | 5.0 years |  |  | 5.0 years |
Weighted-average risk-free interest rate |  |  | 1.7 | % |  | 1.7 | % |  | 1.7 | %
Weighted-average dividend yield |  |  | 2.1 | % |  | 1.8 | % |  | 2.7 | %
Expected volatility is estimated based on historic volatility of the Company’s common stock. The expected term of the option is estimated based on historic data. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would maintain its current payout ratio as a percentage of earnings. Proceeds, tax benefits and intrinsic value related to stock options exercised were as follows:
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Proceeds from stock options exercised, excluding cashless exercise of $0.5 million, $0.6 million and $0.7 million in 2015, 2014 and 2013, respectively |  | $ | 653 |  | $ | 953 |  | $ | 1,668 |
Tax benefits |  | $ | 260 |  | $ | 670 |  | $ | 700 |
Intrinsic value of stock options exercised |  | $ | 1,137 |  | $ | 2,733 |  | $ | 4,088 |
The following table summarizes additional stock option information as of December 31, 2015:
|  |  |  | Options outstanding |  |  |
|  | Number |  | weighted average remaining |  | Options |
Exercise prices |  | outstanding |  | contractual life |  | exercisable |
$15.59 |  |  | 92,880 |  | 2.00 years |  |  | 71,380 |
$17.07 |  |  | 2,000 |  | 1.08 years |  |  | 1,125 |
$19.03 - $19.33 |  |  | 189,370 |  | 2.14 years |  |  | 142,290 |
$21.76 |  |  | 3,000 |  | 2.09 years |  |  | 1,000 |
$22.20 |  |  | 4,000 |  | 3.09 years |  |  | 1,600 |
$23.61 |  |  | 144,300 |  | 6.00 years |  |  | — |
$25.82 |  |  | 14,000 |  | 4.80 years |  |  | — |
$27.80 |  |  | 130,100 |  | 5.00 years |  |  | 26,020 |
$29.36 |  |  | 2,000 |  | 3.69 years |  |  | 500 |
$32.12 |  |  | 3,500 |  | 3.09 years |  |  | 875 |
$35.75 |  |  | 124,150 |  | 4.00 years |  |  | 49,660 |
Totals |  |  | 709,300 |  | 3.82 years |  |  | 294,450 |
As of December 31, 2015, the weighted average exercise price of options exercisable was $21.93 and the weighted average remaining contractual life of options exercisable is 2.54 years. The aggregate intrinsic value of options exercisable at December 31, 2015 is $1.3 million. The Chief Executive Officer and the President each exercised 19,000, 32,875 and 28,500 outstanding stock options of the Company’s common stock in 2015, 2014 and 2013, respectively. The aggregate exercise prices of $0.5 million in 2015, $0.6 million in 2014 and $0.7 million in 2013 were paid by them tendering to the Company in 2015, 2014 and 2013, an aggregate of 18,764, 19,656 and 18,880 shares, respectively, of the Company’s common stock, previously owned by them, valued at fair market value on the dates of exercise. All shares issued pursuant to these option exercises were issued from treasury stock of the Company. In addition, the Chief Executive Officer tendered in 2015, 2014 and 2013 an additional 1,299, 3,112 and 2,573 shares, respectively, for payment of certain withholding taxes resulting from his option exercises. Dividends The quarterly dividend of $4.0 million ($0.13 per share) declared in December 2015 was paid in January 2016. Furthermore, in January 2016, the Board of Directors of the Company authorized a 15% increase in the annual dividend to $0.60 per share. The next quarterly dividend of $0.15 per share will be paid on April 15, 2016 to shareholders of record on March 31, 2016.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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