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Equity-Based Compensation Plan | 12 Months Ended
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Dec. 31, 2015
Share Based Compensation Abstract |
Disclosure Of Share Based Compensation Arrangements By Share Based Payment Award Text Block | NOTE 19 – EQUITY-BASED COMPENSATION PLAN The Omnibus Plan provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and dividend equivalents, as well as equity-based performance awards. The Omnibus Plan replaced and superseded the Stock Option Plans. All outstanding stock options under the Stock Option Plans continue in full force and effect, subject to their original terms. The activity in outstanding options for the years ended December 31, 201 5, 2014 and 201 3 is set forth below:
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
|  |  | Weighted |  |  |  | Weighted |  |  |  | Weighted
| Number |  | Average |  | Number |  | Average |  | Number |  | Average
| Of |  | Exercise |  | Of |  | Exercise |  | Of |  | Exercise
| Options |  | Price |  | Options |  | Price |  | Options |  | Price
Beginning of year | 888,571 |  | $ | 14.12 |  | 908,118 |  | $ | 14.46 |  | 922,593 |  | $ | 14.50
Options granted | 179,225 |  |  | 17.44 |  | 193,100 |  |  | 16.10 |  | 196,000 |  |  | 14.52
Options exercised | (112,704) |  |  | 19.78 |  | (54,397) |  |  | 11.86 |  | (34,396) |  |  | 12.65
Options forfeited | (3,569) |  |  | 16.09 |  | (158,250) |  |  | 19.29 |  | (176,079) |  |  | 15.11
End of year | 951,523 |  | $ | 12.45 |  | 888,571 |  | $ | 14.12 |  | 908,118 |  | $ | 14.46
The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2015:
|  | Outstanding |  | Exercisable
|  |  |  |  |  |  |  | Weighted |  |  |  |  |  |
|  |  |  |  |  |  |  | Average |  |  |  |  |  |
|  |  |  |  | Weighted |  | Contract Life |  |  |  |  | Weighted
|  | Number of |  | Average |  | Remaining |  | Number of |  | Average
Range of Exercise Prices |  | Options |  | Exercise Price |  | (Years) |  | Options |  | Exercise Price
$5.63 to $8.45 |  |  | 4,078 |  |  | 8.28 |  | 3.3 |  |  | 4,078 |  |  | 8.28
8.46 to 11.26 |  |  | 1,000 |  |  | 10.29 |  | 1.6 |  |  | 1,000 |  |  | 10.29
11.27 to 14.08 |  |  | 461,820 |  |  | 11.93 |  | 4.4 |  |  | 373,754 |  |  | 11.95
14.09 to 16.90 |  |  | 305,300 |  |  | 15.37 |  | 7.7 |  |  | 35,100 |  |  | 14.52
16.91 to 19.71 |  |  | 177,825 |  |  | 17.44 |  | 9.2 |  |  |  |  |  |
19.72 to 22.53 |  |  | 1,500 |  |  | 21.86 |  | 2.2 |  |  | 1,500 |  |  | 21.86
|  |  | 951,523 |  | $ | 14.06 |  | 6.3 |  |  | 415,432 |  | $ | 14.22
Aggregate Intrinsic Value |  | $ | - |  |  |  |  |  |  | $ | - |  |  |
The average fair value of each option granted during 2015, 2014 and 2013 was $5.77 for 2015 and 2014 and $5.94 for 2013. The average fair value of each option granted was estimated at the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no restrictions and are fully transferable and negotiable in a free trading market. Black-Scholes does not consider the employment, transfer or vesting restrictions that are inherent in the Company’s stock options. Use of an option valuation model, as required by GAAP, includes highly subjective assumptions based on long-term predictions, including the expected stock p rice volatility and average life of each option grant. The following assumptions were used in estimating the fair value of the options granted during the years ended December 31, 2015, 2014 and 2013:
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Weighted average assumptions: |  |  |  |  |
Dividend yield | 1.89% |  | 1.87% |  | 1.66%
Expected volatility | 40.93% |  | 42.08% |  | 44.34%
Risk-free interest rate | 2.41% |  | 2.38% |  | 1.55%
Expected life (in years) | 8.0 |  | 8.0 |  | 8.0
The following table summarizes the activity in restricted units under the Omnibus Plan for the years ended December 31, 2015, 2014 and 2013:
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
|  |  | Weighted |  |  |  | Weighted |  |  |  | Weighted
|  |  | Average |  |  |  | Average |  |  |  | Average
| Restricted |  | Grant Date |  | Restricted |  | Grant Date |  | Restricted |  | Grant Date
| Units |  | Fair Value |  | Units |  | Fair Value |  | Units |  | Fair Value
Beginning of year | 153,050 |  | $ | 14.95 |  | 158,750 |  | $ | 13.95 |  | 197,500 |  | $ | 12.13
Restricted units granted | 26,700 |  |  | 16.66 |  | 39,200 |  |  | 16.10 |  | 85,700 |  |  | 15.86
Restricted units lapsed | (39,750) |  |  | 11.83 |  | (37,342) |  |  | 12.03 |  | (113,367) |  |  | 12.34
Restricted units forfeited | (1,600) |  |  | 15.45 |  | (7,558) |  |  | 14.30 |  | (11,083) |  |  | 12.87
End of year | 138,400 |  | $ | 16.17 |  | 153,050 |  | $ | 14.95 |  | 158,750 |  | $ | 13.95
The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2015 was $3.1 million and is expected to be recognized over a weighted-average period of 2.8 years.

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: 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 2: 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 + Details
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