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STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2015
STOCK-BASED COMPENSATION  
Summary of stock option activity

 

A summary of the stock option activity as of and for the year ended December 31, 2015 is presented below:

 

 

 

 

 

Weighted Average

 

 

 

Options

 

Shares

 

Exercise
Price

 

Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

 

Outstanding at beginning of period

 

2,002,203

 

$

13.73

 

 

 

Granted

 

492,957

 

18.94

 

 

 

Exercised

 

(389,905

)

10.00

 

 

 

Forfeited

 

(66,668

)

14.81

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at end of period

 

2,038,587

 

$

15.66

 

7.1 yrs.

 

$

15,080,254

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at end of period

 

798,583

 

$

14.08

 

4.8 yrs.

 

$

7,592,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of status of the Company's nonvested shares

 

Nonvested Shares

 

Shares

 

Weighted-Average
Grant Date Fair
Value

 

Nonvested at January 1, 2015

 

1,173,143

 

$

3.91

 

Granted

 

492,957

 

5.87

 

Vested

 

(359,428

)

2.90

 

Forfeited

 

(66,668

)

4.05

 

 

 

 

 

 

 

Nonvested at December 31, 2015

 

1,240,004

 

$

4.97

 

 

 

 

 

 

 

 

 

Schedule of option valuation assumptions for options granted

 

Option valuation assumptions for options granted during each year were as follows (in thousands, except per share amounts and percentages):

 

 

 

Years ended December 31,

 

 

 

2015

 

2014

 

2013

 

Expected volatility

 

39.10 

%

34.95 

%

37.03 

%

Expected dividends

 

 

 

 

Expected life (in years)

 

 

 

 

 

 

 

Directors’ plan

 

3.97 

 

3.59 

 

3.32 

 

Executives plan

 

4.28 

 

4.31 

 

4.48 

 

Employees plan

 

3.97 

 

3.59 

 

3.32 

 

Weighted average risk free rate

 

1.14 

%

1.06 

%

0.85 

%

 

 

 

 

 

 

 

 

Weighted average grant date fair value per share of options granted

 

$

5.90 

 

$

4.02 

 

$

5.38 

 

Total fair value of shares vested

 

$

1,041 

 

$

913 

 

$

1,123 

 

Total intrinsic value of options exercised

 

$

4,321 

 

$

8,921 

 

$

2,737 

 

Cash received for all stock option exercises

 

$

3,900 

 

$

12,595 

 

$

3,438 

 

Tax benefit realized from stock awards exercised

 

$

1,512 

 

$

3,122 

 

$

958 

 

 

Schedule of stock-based compensation expense

 

Reported stock-based compensation expense was classified as follows (in thousands):

 

 

 

For the years ended December 31,

 

 

 

2015

 

2014

 

2013

 

Casino

 

$

58

 

$

45

 

$

20

 

Food and beverage

 

85

 

68

 

33

 

Hotel

 

21

 

11

 

3

 

Selling, general and administrative

 

1,380

 

1,102

 

1,164

 

 

 

 

 

 

 

 

 

Total stock-based compensation, before taxes

 

1,544

 

1,226

 

1,220

 

Tax benefit

 

(540

)

(429

)

(427

)

 

 

 

 

 

 

 

 

Total stock-based compensation, net of tax

 

$

1,004

 

$

797

 

$

793