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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value of Options Granted

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		2017				2016				2015
Dividend yields			1.75	%			2.34	%			2.35	%
Volatility factors of expected market price of common stock			28.52	%			28.60	%			28.97	%
Risk-free interest rates			2.42	%			1.83	%			2.10	%
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, 2017 are presented below:

						Weighted
						Average
						Grant Date
		Shares				Fair Value
Non-vested beginning of year			70,959			$	15.59
Vested			(6,754	)			14.80
Granted			41,786				25.49
Forfeited			(9,461	)			15.05
Non-vested, end of year			96,530				19.98

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, 2017, 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			36,635			$	7.25
Granted			—				—
Exercised			(9,185	)			6.86
Forfeited			—				—
Outstanding, end of year			27,450				7.37				2.73			$	560,691
Exercisable, end of year			27,450				7.37				2.73				560,691

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, 2017, 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			286,586			$	15.08
Granted			43,502				25.14
Exercised			(108,434	)			14.77
Forfeited			(5,871	)			15.64
Outstanding, end of year			215,783				17.25				7.69			$	2,276,823
Exercisable, end of year			88,036				14.77				6.62				1,147,538

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- Definition

Tabular disclosure of the changes in outstanding nonvested shares.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
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