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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Share-Based Compensation Our non-employee directors and key employees are granted share-based awards through our SICP. We record these share-based awards as compensation costs over the respective service period for which services are received in exchange for an award of equity or equity-based compensation. The compensation cost is based primarily on the fair value of the shares awarded, using the estimated fair value of each share on the date it was granted and the number of shares to be issued at the end of the service period. The table below presents the amounts included in net income related to share-based compensation expense for the three and six months ended June 30, 2015 and 2014:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
(in thousands) |  |  |  |  |  |  |  |
Awards to non-employee directors |  | $ | 160 |  |  | $ | 132 |  |  | $ | 311 |  |  | $ | 256 |
Awards to key employees |  | 250 |  |  | 295 |  |  | 636 |  |  | 809 |
Total compensation expense |  | 410 |  |  | 427 |  |  | 947 |  |  | 1,065 |
Less: tax benefit |  | (165 | ) |  | (172 | ) |  | (381 | ) |  | (429 | )
Share-based compensation amounts included in net income |  | $ | 245 |  |  | $ | 255 |  |  | $ | 566 |  |  | $ | 636 |
Non-employee Directors Shares granted to non-employee directors are issued in advance of the directors’ service periods and are fully vested as of the date of the grant. We record a prepaid expense equal to the fair value of the shares issued and amortize the expense equally over a service period of one year. In May 2015, each of our non-employee directors received an annual retainer of 1,207 shares of common stock under the SICP for Board service through the 2016 Annual Meeting of Stockholders. A summary of the stock activity for our non-employee directors during the six months ended June 30, 2015 is presented below:
|  | Number of Shares |  | Weighted Average Fair Value
Outstanding— December 31, 2014 |  | — |  |  | $ | — |
Granted |  | 14,484 |  |  | $ | 45.54 |
Vested |  | (14,484 | ) |  | $ | 45.54 |
Outstanding— June 30, 2015 |  | — |  |  | $ | — |
At June 30, 2015, there was $550,000 of unrecognized compensation expense related to these awards. This expense will be recognized over the directors' remaining service periods ending April 30, 2016. Key Employees The table below presents the summary of the stock activity for awards to key employees for the six months ended June 30, 2015:
|  | Number of Shares |  | Weighted Average Fair Value
Outstanding— December 31, 2014 |  | 123,038 |  |  | $ | 32.60 |
Granted |  | 29,763 |  |  | $ | 48.21 |
Vested |  | (43,839 | ) |  | $ | 28.01 |
Expired |  | (2,520 | ) |  | $ | 28.83 |
Outstanding— June 30, 2015 |  | 106,442 |  |  | $ | 37.97 |
In January 2015, our Board of Directors granted awards of 29,763 shares of common stock to key employees under the SICP. The shares granted in January 2015 are multi-year awards that will vest at the end of the three-year service period ending December 31, 2017. All of these stock awards are earned based upon the successful achievement of long-term goals, growth and financial results, which comprise both market-based and performance-based conditions or targets. The fair value of each performance-based condition or target is equal to the market price of our common stock on the date each award is granted. For the market-based conditions, we used the Black-Scholes pricing model to estimate the fair value of each market-based award granted. At June 30, 2015, the aggregate intrinsic value of the SICP awards granted to key employees was $5.7 million. At June 30, 2015, there was $1.9 million of unrecognized compensation cost related to these awards, which is expected to be recognized during 2015 through 2017.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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