XML 40 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1

Equity-Based Compensation Plan

12 Months Ended

Dec. 31, 2016

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 The Omnibus Plan replaced and superseded the Stock Option Plans.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, 2016, 2015 and 2014 is set forth below:

	Year Ended December 31,
	2016					2015					2014
			Weighted					Weighted					Weighted
	Number		Average			Number		Average			Number		Average
	Of		Exercise			Of		Exercise			Of		Exercise
	Options		Price			Options		Price			Options		Price
Beginning of year	951,523		$	12.45		888,571		$	14.12		908,118		$	14.46
Options granted	-			-		179,225			17.44		193,100			16.10
Options exercised	(24,752)			12.43		(112,704)			19.78		(54,397)			11.86
Options forfeited	(9,502)			16.65		(3,569)			16.09		(158,250)			19.29
End of year	917,269		$	14.08		951,523		$	12.45		888,571		$	14.12

The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2016:

		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		2.3			4,078			8.28
8.46 to 11.26			1,000			10.29		0.6			1,000			10.29
11.27 to 14.08			437,266			11.91		3.6			401,002			11.92
14.09 to 16.90			302,200			15.37		6.7			110,550			15.10
16.91 to 19.71			171,225			17.44		8.2			-			-
19.72 to 22.53			1,500			21.86		1.2			1,500			21.86
			917,269		$	14.08		5.5			518,130		$	12.60
Aggregate Intrinsic Value		$	-							$	261,189

The average fair value of each option granted was $5.77 during 2015 and 2014. 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 price 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 and 2014, since there were no options granted during the year ended December 31, 2016.

	Year Ended December 31,
	2015		2014
Weighted average assumptions:
Dividend yield	1.89%		1.87%
Expected volatility	40.93%		42.08%
Risk-free interest rate	2.41%		2.38%
Expected life (in years)	8.0		8.0

The following table summarizes the activity in restricted units under the Omnibus Plan for the years ended December 31, 2016, 2015 and 2014:

	Year Ended December 31,
	2016					2015					2014
			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	138,400		$	16.17		153,050		$	14.95		158,750		$	13.95
Restricted units granted	-			-		26,700			16.66		39,200			16.10
Restricted units lapsed	(76,903)			16.04		(39,750)			11.83		(37,342)			12.03
Restricted units forfeited	(1,697)			17.02		(1,600)			15.45		(7,558)			14.30
End of year	59,800		$	16.64		138,400		$	16.17		153,050		$	14.95

The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2016 was $1.8 million and is expected to be recognized over a weighted-average period of 2.3 years.

X

- 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

Name:	us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_ShareBasedCompensationAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration