Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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	2016			2015			2014
Dividend yields		2.34	%		2.35	%		2.01	%
Volatility factors of expected market price of common stock		28.60	%		28.97	%		29.54	%
Risk-free interest rates		1.83	%		2.10	%		2.66	%
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, 2016 is presented below:


	Shares			Weighted Average Grant Date Fair Value
Non-vested beginning of year		123,571		$	12.13

Vested		(72,563	)		9.69
Granted		19,951			15.57
Forfeited		—			—

Non-vested, end of year		70,959			15.59

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, 2016, and changes during the year then ended, is presented below:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding, beginning of year		66,000		$	7.38
Granted		—			—
Exercised		(25,990	)		7.47
Forfeited		(3,375	)		8.22

Outstanding, end of year		36,635			7.25		3.69	$	760,345

Exercisable, end of year		35,285			7.11		3.63		736,963

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, 2016, and changes during the year then ended, is presented below:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding, beginning of year		181,627		$	14.72
Granted		103,959			15.57
Exercised		(1,500	)		13.49
Forfeited		—			—
Outstanding, end of year		284,086			15.04		7.99	$	3,682,975

Exercisable, end of year		120,957			14.33		7.00		1,653,164