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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

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:

	Years Ended December 31
	2018			2017			2016
Dividend yields		1.99	%		1.75	%		2.34	%
Volatility factors of expected market price of common stock		28.60	%		28.52	%		28.60	%
Risk-free interest rates		2.85	%		2.42	%		1.83	%
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, 2018 are presented below:

	Shares			Weighted Average Grant Date Fair Value
Non-vested, beginning of year		144,791		$	13.32
Vested		(43,519	)		10.59
Granted		75,266			20.13
Non-vested, end of year		176,538			16.90

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, 2018, 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		41,175		$	4.91
Exercised		(19,875	)		4.80
Outstanding, end of year		21,300			5.03		1.77	$	229,004
Exercisable, end of year		21,300			5.03		1.77		229,004

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, 2018, 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		323,666		$	11.50
Granted		31,122			19.31
Exercised		(36,221	)		10.34
Forfeited		(11,250	)		15.60
Outstanding, end of year		307,317			12.28		6.89	$	1,077,096
Exercisable, end of year		191,410			10.67		6.19		977,748