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Compensation Plan | 12 Months Ended
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Dec. 31, 2015
Compensation Plan [Abstract] |
Compensation Plan |
13. | Compensation Plans
In April 2007, the Company adopted and the shareholders approved the 2007 Stock Incentive Plan (the “2007 SIP”) under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, restricted stock units (“RSU's”), and stock appreciation rights, any of which may or may not require the achievement of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors. The Company reserved 2,550,000 shares for issuance under the 2007 SIP. At December 31, 2015, an aggregate of 543,000 shares remain available for grant under the 2007 SIP. Compensation expense related to stock options is recognized based on the grant-date fair value of the awards estimated using the Black-Scholes option pricing model. Compensation expense related to deferred stock, restricted stock, and restricted stock units is recognized based on the grant-date fair value of the Company's common stock. The total stock-based compensation cost included in the Statements of Income was $4.5 million, $5.6 million, and $5.3 million in 2015, 2014, and 2013, respectively. Stock Options There were no stock options granted in 2015, 2014 or 2013. The following table summarizes the stock option activity of the 2007 SIP:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Life (Years) |
Outstanding at December 31, 2012 |  |  | 120,460 |  |  |  | 8.58 |  |  |  | 6.76 |  |  |  | 5.7 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | (63,239 | ) |  |  | 8.51 |  |  |  | 6.86 |  |  |  | 4.4 |
Canceled |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2013 |  |  | 57,221 |  |  |  | 8.66 |  |  |  | 6.65 |  |  |  | 5.0 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | (16,244 | ) |  |  | 8.25 |  |  |  | 7.54 |  |  |  | 3.9 |
Canceled |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2014 |  |  | 40,977 |  |  |  | 8.82 |  |  |  | 6.29 |  |  |  | 4.1 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | (29,139 | ) |  |  | 8.77 |  |  |  | 6.13 |  |  |  | 3.1 |
Canceled |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2015 |  |  | 11,838 |  |  |  | 8.95 |  |  |  | 6.69 |  |  |  | 3.3 |
Exercisable Options Outstanding at December 31, 2015 |  |  | 11,838 |  |  |  | 8.95 |  |  |  | 6.69 |  |  |  | 3.3 |
Non-Vested Options Outstanding at December 31, 2015 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
At December 31, 2015, the aggregate intrinsic value of all options, including exercisable options, was $0.6 million. Deferred Stock Deferred stock awards vest based on the passage of time or the Company's attainment of performance objectives. Upon vesting, these awards convert one-for-one to common stock. In 2015, 4,000 deferred stock awards were issued to non-employee directors that will vest in April 2016 and 5,370 deferred stock awards were issued to non-employee directors that will vest in April 2018. In 2014, 3,711 deferred stock awards were issued to non-employee directors that vested in April 2015 and 7,002 deferred stock awards were issued to non-employee directors that will vest in April 2017. In 2013, 4,430 deferred stock awards were issued to non-employee directors that vested in April 2014 and 5,952 deferred stock awards were issued to non-employee directors that will vest in April 2016. Compensation expense related to these awards is amortized ratably over the vesting period. Compensation expense related to these awards was $0.6 million, $0.6 million and $0.5 million in 2015, 2014, and 2013, respectively. At December 31, 2015, there was $0.5 million of unrecognized compensation cost related to deferred stock that is expected to be recognized over a period of three years. Restricted Stock Units The Company grants restricted stock units in lieu of incentive stock options to senior employees. These RSU's have a vesting “double trigger.” The vesting of these RSU's is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors and the passage of time. During 2015, 76,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $1.9 million, of which $0.5 million was recognized in 2015. The remaining costs will be recognized ratably over the remaining periods required before the units vest, which range from 27 to 49 months. During 2014, 59,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $3.8 million, of which $1.0 million was recognized in 2014. The remaining costs are not being recognized since the required performance criteria is not expected to be attained. During 2013, 32,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $1.8 million, of which $0.6 million, $0.6 million, and $0.5 million was recognized in 2015, 2014 and 2013, respectively. The remaining costs will be recognized ratably over the remaining period required before the units vest, which is 3 months. At December 31, 2015, there was $2.9 million of unrecognized compensation cost related to restricted stock units that is expected to be recognized over a period of 4.0 years.

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 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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