Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

The fair value of options granted is estimated on the date of the grant using an option-pricing model with the following weighted-average assumptions:


December 31	2014			2013			2012
Dividend yields		2.01	%		1.98	%		2.56	%
Volatility factors of expected market price of common stock		29.54	%		29.75	%		29.47	%
Risk-free interest rates		2.66	%		2.16	%		1.84	%
Expected life of options		8 years			8 years			8 years

Summary of Status of Non-vested, Restricted and Performance Shares

A summary of the status of Horizon’s non-vested, restricted and performance shares as of December 31, 2014 is presented below:


				Weighted
				Average
				Grant Date
	Shares			Fair Value
Non-vested beginning of year		85,875		$	14.17
Vested		—
Granted		9,007			22.20
Forfeited		(10,125	)		12.88

Non-vested, end of year		84,757			15.18

Stock Options 2003 Plan [Member]

Summary of Option Activity under 2003 Plan

A summary of option activity under the 2003 Plan as of December 31, 2014, and changes during the year then ended, is presented below:


						Weighted-
						Average
				Weighted-		Remaining		Aggregate
				Average		Contractual		Intrinsic
	Shares			Exercise Price		Term		Value
Outstanding, beginning of year		91,447		$	11.29
Granted		—			—
Exercised		(11,250	)		10.84
Forfeited		(2,250	)		11.60

Outstanding, end of year		77,947			11.35		5.19	$	1,152,901

Exercisable, end of year		59,215			11.23		4.80		882,658

Stock Options 2013 Plan [Member]

Summary of Option Activity under 2003 Plan

A summary of option activity under the 2013 Plan as of December 31, 2014, and changes during the year then ended, is presented below:


						Weighted-
						Average
				Weighted-		Remaining		Aggregate
				Average		Contractual		Intrinsic
	Shares			Exercise Price		Term		Value
Outstanding, beginning of year		46,888		$	20.27
Granted		40,259			22.36
Exercised		—			—
Forfeited		(3,000	)		21.12

Outstanding, end of year		87,147			21.24		8.84	$	412,000

Exercisable, end of year		14,496			20.23		8.46		85,728