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Stock Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Options Activity

A summary of the status of the Company’s stock options at December 31, 2014, 2013 and 2012, together with changes during the periods then ended, is presented below:

 

     Number
of
options
     Weighted
average
exercise
price
 

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      

Options exercised

     (32,866      13.24   
  

 

 

    

Outstanding at December 31, 2014

     367,533      
  

 

 

    

Available for grant at December 31, 2014

     481,999      
  

 

 

    
Summary of Stock Options Exercised and Outstanding

The following tables presents information on stock options exercised and outstanding:

 

     Year Ended  
     December 31,  
(in thousands, except share data)    2014      2013  

Intrinsic value of options exercised in the period

   $ 1,025       $ 6,089   

 

($ 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, 2014

     367,533       $ 15.22         5.25       $ 4,478   

Exercisable at December 31, 2014

     221,059         14.45         4.55         2,847   
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  

Expected volatility

     65.9

Risk free interest rate

     2.9

Expected dividend yield

     2.5

Expected term

     7.3 years   

Weighted average fair value per share

   $ 9.08   
Schedule of Restricted Stock Unit Activity

The following table presents restricted stock unit activity:

 

     Units      Weighted Average
Grant Date

Fair Value
 

Non-vested at December 31, 2011

     0       $ 0.00   

Granted

     47,500         21.44   
  

 

 

    

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   
  

 

 

    

Granted

     69,371         50.47   

Vested

     (15,253      33.40   

Cancelled/Forfeited

     (7,867      34.90   
  

 

 

    

Non-vested at December 31, 2014

     126,846         44.99   
  

 

 

    
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,
 
     2014      2013      2012  

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

   $ 1,699       $ 1,016       $ 695   

Deferred income taxes

     675         404         272   
  

 

 

    

 

 

    

 

 

 

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

   $ 1,024       $ 612       $ 423   
  

 

 

    

 

 

    

 

 

 
Summary of Information about Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2014:

 

Options outstanding

   Options exercisable  

Exercise price range

   Number
of
shares
     Weighted-
average
exercise
price
     Weighted-
average
remaining
contractual
life (years)
   Exercisable
at
December 31,
2014
     Weighted-
average
exercise
price
 

$2.01 - $  2.58

     2,250       $ 2.29       Indefinite      2,250       $ 2.29   

  8.82 -  17.55

     365,283         15.29       5.3      218,809         14.57   
  

 

 

          

 

 

    
     367,533         15.22            221,059         14.45