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Stock Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Options Activity

A summary of the status of the Company’s stock options at December 31, 2013, 2012 and 2011, together with changes during the periods then ended, is presented below:

 

     Number
of
options
    Weighted
average
exercise
price
 

Outstanding at December 31, 2010

     399,569     

Options granted at market price

     289,200      $ 16.06   

Options exercised

     (7,475     7.24   

Options cancelled

     (10,000     14.39   
  

 

 

   

Outstanding at December 31, 2011

     671,294     

Options granted at market price

     7,500        17.55   

Options exercised

     (131,997     13.98   

Options cancelled

     (8,100     13.85   
  

 

 

   

Outstanding at December 31, 2012

     538,697     

Options exercised

     (138,298     13.53   
  

 

 

   

Outstanding at December 31, 2013

     400,399     
  

 

 

   

Available for grant at December 31, 2013

     543,503     
  

 

 

   
Summary of Stock Options Outstanding

The following table presents information on stock options outstanding:

 

     Year Ended  
     December 31,  
(in thousands, except share data)    2013      2012  

Intrinsic value of options exercised in the period

   $ 6,089       $ 895   

 

($ in thousands, except share data)

   Number
of
Shares
     Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Term (Years)
     Aggregate
Intrinsic
Value
 

Stock options:

           

Outstanding December 31, 2013

     400,399       $ 15.05         6.02       $ 31,106   

Exercisable at December 31, 2013

     186,824         13.97         4.67         14,717   
Summary of Fair Value of Stock Option Awards

The fair value of stock option awards as determined under the Black-Scholes option-pricing model was estimated with the following weighted-average assumptions:

 

     2012     2011  

Expected volatility

     65.9     65.9

Risk free interest rate

     2.9     2.9

Expected dividend yield

     2.5     2.3

Expected term

     7.3 years        7.3 years   

Weighted average fair value per share

   $ 9.08      $ 7.20   
Schedule of Restricted Stock Unit Activity

The following table presents restricted stock unit activity for 2013:

 

     Units     Weighted Average
Grant Date

Fair Value
 

Non-vested at December 31, 2012

     47,500      $ 21.44   

Granted

     44,970        50.28   

Vested

     (10,302     21.44   

Cancelled/Forfeited

     (1,573     21.44   
  

 

 

   

Non-vested at December 31, 2013

     80,595        37.53   
  

 

 

   
Summary of Stock-Based Compensation Expense Related to Stock Option and Restricted Stock Unit Awards

The following table summarizes stock-based compensation expense related to stock option and restricted stock unit awards (in thousands):

 

     Year Ended
December 31,
 
     2013      2012      2011  

Stock-based compensation expense included in selling, general and administrative expenses

   $ 1,016       $ 695       $ 473   

Deferred income taxes

     404         272         188   
  

 

 

    

 

 

    

 

 

 

Stock-based compensation expense related to stock options and restricted stock units, net of tax

   $ 612       $ 423       $

 

 

285

  

  

  

 

 

    

 

 

    

 

 

 
Summary of Information about Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2013:

 

Options outstanding

   Options exercisable  

Exercise price range

   Number
of
shares
     Weighted-
average
exercise
price
     Weighted-
average
remaining
contractual
life (years)
   Exercisable
at
December
31, 2013
     Weighted-
average
exercise
price
 

$2.01 - $  2.58

     2,250       $ 2.29       Indefinite      2,250       $ 2.29   

  8.82 -  17.55

     398,149         15.13       6.1      184,574         14.11   
  

 

 

    

 

 

       

 

 

    

 

 

 
     400,399         15.05            186,824         13.97