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Share-Based Payments | 3 Months Ended
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Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Payments | Share-Based Payments The Company’s general practice has been to make a single annual grant of share-based compensation to key employees and to make other employee grants only in connection with new employment or promotions. Forms of share-based compensation granted to employees by the Company include stock options, non-vested shares of common stock (“non-vested share”), and performance shares. The Company also typically makes a single annual grant of non-vested shares to non-employee directors in conjunction with the annual election of non-employee directors to the Board of Directors. Share-based compensation is based on the grant date fair value of the instrument and is recognized, net of estimated forfeitures, ratably over the requisite service period, or vesting period. The Company estimates forfeitures based upon historical experience. All share-based compensation expense is recognized in salaries, wages and employee benefits. Employee Activity - Stock Options Stock option grants to employees generally expire seven years from the grant date and typically vest ratably over a three-year period. The Company used the Black-Scholes option-pricing model to estimate the grant-date fair value of options granted. The weighted-average fair value of options granted and assumptions used to calculate their fair value during the three months ended March 31, 2015 and 2014 were as follows:
| Three months ended
| March 31, 2015 |  | March 31, 2014
Expected dividend yield | 1.0 | % |  | 1.2 | %
Expected stock price volatility | 33.9 | % |  | 40.6 | %
Weighted average risk-free interest rate | 1.6 | % |  | 1.6 | %
Expected life of options (years) | 6.1 |  |  | 5.4 |
Weighted average grant date fair value | $ | 16 |  |  | $ | 15 |
The following tables summarize the Company’s employee stock option activity and related information:
| Three months ended March 31, 2015
|  |  |  |  |  |  | Weighted-
|  |  | Weighted- |  | Aggregate |  | Average
|  |  | Average |  | Intrinsic |  | Remaining
| Options |  | Exercise |  | Value |  | Contractual
| (000) |  | Price |  | (000) |  | Term
Outstanding at December 31, 2014 | 1,363 |  |  | $ | 28 |  |  |  |  |
Granted | 82 |  |  | 51 |  |  |  |  |
Exercised | (481 | ) |  | 27 |  |  |  |  |
Forfeited | (14 | ) |  | 29 |  |  |  |  |
Outstanding at March 31, 2015 | 950 |  |  | $ | 30 |  |  | $ | 19,625 |  |  | 3.1
Exercisable at March 31, 2015 | 757 |  |  | $ | 27 |  |  | $ | 18,515 |  |  | 2.3
| Three months ended
| March 31, 2015 |  | March 31, 2014
Shared-based compensation for options | $ | 336 |  |  | $ | 314 |
Tax benefit for option compensation | $ | 129 |  |  | $ | 120 |
Unrecognized compensation cost for options, net of estimated forfeitures | $ | 2,609 |  |  | $ | 2,561 |
Employee Activity - Non-vested Shares Non-vested share grants to employees vest ratably over a three-year period. The non-vested shares’ fair values were estimated using closing market prices on the day of grant. The following tables summarize the Company’s employee non-vested share activity and related information:
| Three months ended March 31, 2015
|  |  | Weighted- |  | Aggregate
| Non-vested |  | Average |  | Grant Date
| Shares |  | Grant Date |  | Fair Value
| (000) |  | Fair Value |  | (000)
Outstanding and non-vested at December 31, 2014 | 190 |  |  | $ | 40 |  |  |
Granted | 100 |  |  | 51 |  |  |
Vested | (92 | ) |  | 39 |  |  |
Forfeited | (1 | ) |  | 38 |  |  |
Outstanding and non-vested at March 31, 2015 | 197 |  |  | $ | 46 |  |  | $ | 9,017 |
| Three months ended
| March 31, 2015 |  | March 31, 2014
Shared-based compensation for non-vested shares | $ | 988 |  |  | $ | 925 |
Tax benefit for non-vested share compensation | $ | 380 |  |  | $ | 352 |
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 8,398 |  |  | $ | 6,982 |
Employee Activity - Performance Shares The Company annually grants performance shares to key employees. Under the terms of the performance share agreements, on the third anniversary of the grant date, the Company will issue to the employees a calculated number of common stock shares based on the three year performance of the Company’s common stock share price as compared to the share price performance of a selected peer group. No shares may be issued if the Company share price performance outperforms 30% or less of the peer group, but the number of shares issued may be doubled if the Company share price performs better than 90% of the peer group. The fair value of the performance shares was estimated using a Monte Carlo simulation. The weighted average assumptions used in the Monte Carlo calculation were as follows:
| Three months ended
| March 31, 2015 |  | March 31, 2014
Expected stock price volatility | 23.5 | % |  | 32.5 | %
Weighted average risk-free interest rate | 1.0 | % |  | 0.7 | %
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information:
| Three months ended March 31, 2015
|  |  | Weighted- |  | Aggregate
| Performance |  | Average |  | Grant Date
| Shares |  | Grant Date |  | Fair Value
| (000) |  | Fair Value |  | (000)
Outstanding and non-vested at December 31, 2014 | 74 |  |  | $ | 44 |  |  |
Granted | 27 |  |  | 67 |  |  |
Additional shares awarded based on performance | — |  |  | — |  |  |
Vested | (24 | ) |  | 45 |  |  |
Outstanding and non-vested at March 31, 2015 | 77 |  |  | $ | 52 |  |  | $ | 4,016 |
| Three months ended
| March 31, 2015 |  | March 31, 2014
Shared-based compensation for performance shares | $ | 302 |  |  | $ | 275 |
Tax benefit for performance share compensation | $ | 116 |  |  | $ | 105 |
Unrecognized compensation cost for performance shares, net of estimated forfeitures | $ | 2,733 |  |  | $ | 2,048 |
Non-employee Director Activity - Non-vested Shares Grants of non-vested shares to non-employee directors vest ratably over the elected term to the Board of Directors, or approximately one year. The following tables summarize the Company’s non-employee non-vested share activity and related information:
| Three months ended March 31, 2015
|  |  | Weighted- |  | Aggregate
| Non-vested |  | Average |  | Grant Date
| Shares |  | Grant Date |  | Fair Value
| (000) |  | Fair Value |  | (000)
Outstanding and non-vested at December 31, 2014 | 15 |  |  | $ | 44 |  |  |
Granted | — |  |  | — |  |  |
Vested | — |  |  | — |  |  |
Outstanding and non-vested at March 31, 2015 | 15 |  |  | $ | 44 |  |  | $ | 650 |
| Three months ended
| March 31, 2015 |  | March 31, 2014
Shared-based compensation for non-vested shares | $ | 160 |  |  | $ | 138 |
Tax benefit for non-vested share compensation | $ | 61 |  |  | $ | 53 |
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 96 |  |  | $ | 57 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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