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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

Note 8 – Stock-Based Compensation

The Amended and Restated Omnibus Stock and Performance Compensation Plan (the “Omnibus Plan”) permits the issuance of up to 1,500,000 shares of the Company’s common stock in the form of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units and performance awards. The Company issues shares out of treasury stock for these awards. During the nine months ended September 30, 2016, 35,330 restricted shares and 0 SARs were granted under the Omnibus Plan.

Restricted Stock
Restricted shares granted prior to April 16, 2013 are amortized to expense over a three-year vesting period. Beginning on April 16, 2013, restricted shares granted to Company employees are amortized to expense over a three-year vesting period whereas restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. As of September 30, 2016, the total unrecognized compensation expense related to non-vested restricted shares was $2,120,000, and the related weighted-average period over which it is expected to be recognized is approximately .8 years.

Following is a summary of the activity of the restricted stock:

      Nine Months Ended
  September 30, 2016
  Shares        Fair Value
Balance at December 31, 2015 69,041   $        51.33
Granted 35,330 $ 50.02
Vested      (29,268 ) $ 50.89
Forfeited (765 ) $ 51.87
Balance at September 30, 2016 74,338 $ 50.87

SARs

SARs vest over a three-year period, with one-third of the shares vesting and becoming exercisable each year on the anniversary date of the grant, and they expire 10 years from the original grant date. As of September 30, 2016, the total unrecognized compensation expense was $74,000, and the related weighted-average period over which it is expected to be recognized is 0.3 years. Following is a summary of the activity of the Company’s SARs program for the nine-month period ended September 30, 2016:

          Weighted-      Average      Aggregate
Average Remaining Intrinsic
Exercise Contractual Value
Shares Price Term Years (In thousands)
Outstanding at December 31, 2015 307,323   $          36.57 5.99   $                  4,577
Exercised   (32,391 ) $ 33.48        
Outstanding at September 30, 2016 274,932   $ 36.93 5.27 $ 5,421
Exercisable at September 30, 2016 262,768 $ 35.79 5.17 $ 5,482

Following is a summary of the activity of the non-vested SARs during the nine-month period ended September 30, 2016:

            Weighted-Average
Shares Grant Date Fair Value
Non-vested at December 31, 2015 52,507 $                               51.17
Vested   (40,343 ) $ 48.02
Non-vested at September 30, 2016 12,164     $ 61.64