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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of Stock-Based Compensation Expense | A summary of stock-based compensation expense for the years ended December 31, 2015, 2014 and 2013 is as follows:
| December 31,
| 2015 |  | 2014 |  | 2013
Stock Options | $ | 2,781,000 |  |  | $ | 2,596,000 |  |  | $ | 2,017,000 |
Restricted Stock | 252,000 |  |  | 109,000 |  |  | 28,000 |
Employee Stock Purchase Plan ("ESPP") | 509,000 |  |  | 375,000 |  |  | 562,000 |
Total pre-tax stock-based compensation expense charged against income (1) | $ | 3,542,000 |  |  | $ | 3,080,000 |  |  | $ | 2,607,000 |
(1) | Stock-based compensation expense is recorded in the selling, general and administrative caption in our consolidated statements of comprehensive income.
Summary of Stock Options Activity | Other information pertaining to activity of our stock awards during the years ended December 31, 2015, 2014 and 2013 was as follows:
| 2015 |  | 2014 |  | 2013
Total grant-date fair value of stock awards granted | $ | 4,027,000 |  |  | $ | 4,268,000 |  |  | $ | 3,412,000 |
Total fair value of stock awards vested during period | $ | 2,719,000 |  |  | $ | 2,051,000 |  |  | $ | 1,897,000 |
Total unrecognized compensation expense related to non-vested stock awards | $ | 7,108,000 |  |  | $ | 6,492,000 |  |  | $ | 4,963,000 |
A summary of our stock option activity under the 2012 Plan is as follows:
| 2015 |  | 2014 |  | 2013
| Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares
Beginning of period | $ | 19.45 |  |  | 2,362,000 |  |  | $ | 16.05 |  |  | 2,483,000 |  |  | $ | 13.18 |  |  | 2,632,000 |
Granted | 30.30 |  |  | 561,000 |  |  | 28.02 |  |  | 535,000 |  |  | 23.50 |  |  | 564,000 |
Cancelled | 26.59 |  |  | (80,000 | ) |  | 21.95 |  |  | (122,000 | ) |  | 18.18 |  |  | (88,000 | )
Exercised | 16.46 |  |  | (382,000 | ) |  | 11.66 |  |  | (534,000 | ) |  | 10.37 |  |  | (625,000 | )
End of period | $ | 22.16 |  |  | 2,461,000 |  |  | $ | 19.45 |  |  | 2,362,000 |  |  | $ | 16.05 |  |  | 2,483,000 |
Summary of Non-Vested Stock-Based Compensation | A summary of our non-vested stock-based compensation is as follows:
| 2015 |  | 2014 |  | 2013
| Weighted Average Grant Date Fair Value |  | Number of Non-vested Shares |  | Weighted Average Grant Date Fair Value |  | Number of Non-vested Shares |  | Weighted Average Grant Date Fair Value |  | Number of Non-vested Shares
Beginning of period | $ | 6.17 |  |  | 1,465,000 |  |  | $ | 4.72 |  |  | 1,559,000 |  |  | $ | 3.45 |  |  | 1,592,000 |
Granted | 30.30 |  |  | 561,000 |  |  | 8.24 |  |  | 535,000 |  |  | 6.81 |  |  | 564,000 |
Vested | 5.17 |  |  | (486,000 | ) |  | 3.90 |  |  | (517,000 | ) |  | 3.09 |  |  | (518,000 | )
Forfeited | 6.70 |  |  | (79,000 | ) |  | 6.05 |  |  | (112,000 | ) |  | 4.77 |  |  | (79,000 | )
End of period | $ | 6.65 |  |  | 1,461,000 |  |  | $ | 6.17 |  |  | 1,465,000 |  |  | $ | 4.72 |  |  | 1,559,000 |
Summarized Information of Stock Options Outstanding | The following table summarizes other information about our outstanding stock options at December 31, 2015, 2014 and 2013.
Stock Options |  | 2015 |  | 2014 |  | 2013
Range of exercise prices |  | $10.39-$30.30 |  |  | $10.39 - $28.02 |  |  | $6.07 - 23.50 |
Outstanding: |  |  |  |  |  |
Weighted average remaining contractual life (years) |  | 6.5 |  |  | 6.7 |  |  | 6.5 |
Aggregate intrinsic value |  | $ | 31,285,000 |  |  | $ | 27,118,000 |  |  | $ | 30,599,000 |
Exercisable: |  |  |  |  |  |
Number of shares |  | 1,000,000 |  |  | 895,000 |  |  | 922,000 |
Weighted average remaining contractual life (years) |  | 4.8 |  |  | 5.1 |  |  | 4.5 |
Aggregate intrinsic value |  | $ | 18,225,000 |  |  | $ | 14,457,000 |  |  | $ | 15,053,000 |
Exercised: |  |  |  |  |  |
Aggregate intrinsic value |  | $ | 6,497,000 |  |  | $ | 9,303,000 |  |  | $ | 9,139,000 |
Assumption for Fair Value of Options Granted | The fair value of stock awards granted during 2015, 2014 and 2013 was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions:
| 2015 |  | 2014 |  | 2013
Risk-free interest rate | 1.90% |  | 1.90% |  | 1.50%
Weighted average expected life in years | 5.8 years |  | 5.9 years |  | 6.0 years
Expected volatility | 27.2% |  | 36.9% |  | 38.9%
Dividend yield | 2.20% |  | 2.40% |  | 2.80%
Forfeiture rate | 3.00% |  | 3.00% |  | 3.00%
Summary of ESPP Annual Offerings | The following table summarizes information about our ESPP annual offerings for the years ended December 31, 2015, 2014 and 2013:
| ESPP Annual Offering
| 2015 |  | 2014 |  | 2013
Common shares purchased | 59,000 |  |  | 55,000 |  |  | 65,000 |
Per common share purchase price | $ | 26.29 |  |  | $ | 24.11 |  |  | $ | 19.75 |
Amount expensed under ESPP | $ | 509,000 |  |  | $ | 375,000 |  |  | $ | 562,000 |
Net proceeds from issuance | $ | 1,558,000 |  |  | $ | 1,326,000 |  |  | $ | 1,288,000 |
Common shares date of issue | Jan 6, 2016 |  |  | Jan 7, 2015 |  |  | Jan 3, 2014 |
Summary of Information Of SERP | The following table summarizes information about our SERP for the plan years ended December 31, 2015, 2014 and 2013:
| SERP Plan Year
| 2015 |  | 2014 |  | 2013
Amount of company match expensed under SERP | $ | 538,000 |  |  |  |  | $ | 497,000 |  |  |  |  | $ | 538,000 |  |  |
Treasury shares issued to fund SERP expense | 15,000 |  |  |  |  | 16,000 |  |  |  |  | 19,000 |  |  |
SERP trust account balance at December 31 | $ | 37,765,000 |  |  | (1) |  | $ | 35,310,000 |  |  | (1) |  | $ | 31,415,000 |  |  | (1)
Unrealized gain (loss) recorded in SERP liability account | $ | (62,000 | ) |  |  |  | $ | 1,211,000 |  |  |  |  | $ | 3,005,000 |  |  |
(1) | SERP trust account investments are recorded at their fair value which is based on quoted market prices. Differences between such amounts in the table above and the deferred compensation funding asset reported on our Consolidated Balance Sheets represent the value of our Common Stock held in the Plan’s participants’ trust account and reported by us as treasury stock in our Consolidated Balance Sheets.

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