Note 14.

Equity-Based Compensation

The Company maintains equity-based compensation plans to promote the long-term success of the Company by encouraging officers, employees, directors, and other individuals performing services for the Company to focus on critical long-range objectives. The Company’s equity-based compensation plans include the 2012 Omnibus Equity Compensation Plan (“2012 Plan”), 2004 Omnibus Stock Option Plan, 2001 Director’s Option Plan, 1999 Stock Option Plan, and various other plans obtained through acquisitions. As of December 31, 2015, the 2012 Plan was the only plan available for the issuance of future grants. All plans issued or obtained before the 2012 Plan are frozen and no new grants may be issued; however, any options or awards unexercised and outstanding under those plans remain in effect per their respective terms.

The 2012 Plan made available a total of 600,000 shares for potential grants of incentive stock options, nonqualified stock options, performance awards, restricted stock, restricted stock units, stock appreciation rights, bonus stock, and stock awards. Options granted under the 2012 Plan state the period of time the grant may be exercised, not to exceed more than ten years from the date granted. The Company’s Compensation and Retirement Committee determines the vesting period for each grant; however, if no vesting period is specified the vesting occurs in 25% increments on the first four anniversaries of the grant date.

The following table presents the pre-tax compensation expense and excess tax benefit recognized in earnings for all equity-based compensation plans in the periods indicated:


	Year Ended December 31,
(Amounts in thousands)	2015		2014		2013
Pre-tax compensation expense	$	93	$	349	$	574
Excess tax benefit		8		5		9

Stock Options

The Company uses the Black-Scholes valuation model to estimate the fair value of stock options at the grant date. The model incorporates the following assumptions: the expected volatility is based on the weekly historical volatility of the Company’s common stock price over the expected term of the option; the expected term is generally calculated using the shortcut method; the risk-free interest rate is based on the Treasury yield curve on the grant date with a term comparable to the grant; and the dividend yield is based on the Company’s dividend yield using the most recent dividend rate paid per share and trading price of the Company’s common stock. There were no stock options granted in 2015, 2014, or 2013.

The following table presents stock option activity under the equity-based compensation plans in the period indicated:


(Amounts in thousands, except share and per share data)	Option Shares		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value


Outstanding, January 1, 2015		326,022	$	20.54
Granted		—		—
Exercised		4,323		12.64
Canceled		85,295		21.98

Outstanding, December 31, 2015		236,404	$	20.17		5.5	$	707

Exercisable, December 31, 2015		236,404	$	20.17		5.5	$	707

The aggregate intrinsic value of options exercised was $20 thousand in 2015, $13 thousand in 2014, and $22 thousand in 2013. As of December 31, 2015, there was no unrecognized compensation expense related to nonvested stock options. The actual compensation cost recognized will differ from this estimate due to various items, including new grants and changes in estimated forfeitures.

Restricted Stock Awards

Restricted stock awards represent shares issued upon grant that are restricted. The fair value of restricted stock awards is calculated using the Company’s common stock price on the grant date. The following table presents restricted stock activity under the equity-based compensation plans in the period indicated:


	Shares			Weighted Average Grant-Date Fair Value
	Shares			Weighted Average Grant-Date Fair Value
Nonvested, January 1, 2015		900		$	16.24
Granted		9,654			16.90
Vested		(5,227	)		16.84
Canceled		—			—

Nonvested, December 31, 2015		5,327		$	16.85

As of December 31, 2015, unrecognized compensation cost related to nonvested restricted stock awards was $54 thousand with an expected weighted average recognition period of 0.56 years. The actual compensation cost recognized will differ from this estimate due to various items, including new awards granted and changes in estimated forfeitures.

Performance Stock Awards

Performance stock awards represent shares potentially issuable in the future. The fair values of performance stock awards are calculated using the Company’s stock price on the grant date. The following table presents performance stock activity under the 2012 Plan in the period indicated:


	Shares			Weighted Average Grant-Date Fair Value
	Shares			Weighted Average Grant-Date Fair Value
Nonvested, January 1, 2015		22,902		$	15.79
Granted		—			—
Vested		(12,906	)		15.77
Canceled		(148	)		15.56

Nonvested, December 31, 2015		9,848		$	15.83

As of December 31, 2015, there was no unrecognized compensation cost related to nonvested performance stock awards. The actual compensation cost recognized will differ from this estimate due to various items, including new awards granted, changes in estimated forfeitures, and resolution of performance contingencies.