Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Share-Based Compensation Expense

The following summarizes share-based compensation expense recorded:


	Year ended December 31,
	2014		2013		2012
	(in thousands)
Cost of sales	$	337	$	662	$	432
Selling, general and administrative expenses		2,609		2,398		2,616

Total	$	2,946	$	3,060	$	3,048

Summary of Status of Company's Stock Options

A summary of status of the Company’s stock options as of December 31, 2014 and changes during the three years then ended is presented below:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Balance, December 31, 2011		71,597			21.26
Options granted		—			—
Options exercised		(24,597	)		17.58
Options cancelled		—			—

Balance, December 31, 2012		47,000			23.19
Options granted		—			—
Options exercised		(7,000	)		10.31
Options cancelled		—			—

Balance, December 31, 2013		40,000			25.44
Options granted		—			—
Options exercised		(2,000	)		14.00
Options cancelled		—			—

Balance, December 31, 2014		38,000			26.05

Exercisable and Outstanding, December 31, 2014		38,000			26.05		3.68	$	424

Summary of Information about Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2014:


Options Outstanding					Options Exercisable
Exercise Price Per Share	Number of Options		Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price Per Share	Number of Options		Weighted Average Exercise Price Per Share
$22.07		4,000	0.36	22.07		4,000	22.07
$24.15		24,000	5.25	24.15		24,000	24.15
$28.31		4,000	1.16	28.31		4,000	28.31
$34.77		6,000	1.28	34.77		6,000	34.77

		38,000	3.68	26.05		38,000	26.05

Summary of Estimated Fair Value Assumptions on Date of Grant

The Company estimates the fair value of Restricted Stock Units (“RSUs”) and Performance Stock Awards (“PSAs”) using the value of the Company’s stock on the date of grant, with the exception of market-based PSAs, for which a Monte Carlo simulation model is used. The assumptions used in the Monte Carlo simulation model for PSAs granted during each year were:


	2014	2013	2012
Expected stock price volatility	23.7% - 65.0%	24.6% - 60.1%	33.3% - 75.7%
Risk free interest rate	0.61%	0.41%	0.24%
Expected dividend yield	0%	0%	0%

Summary of Status of Company's RSUs and PSAs

A summary of status of the Company’s RSUs and PSAs as of December 31, 2014 and changes during the three years then ended is presented below:


	Number of RSUs and PSAs (1)			Weighted Average Grant Date Fair Value
Unvested RSUs and PSAs at December 31, 2011		193,981		$	24.41
RSUs and PSAs granted		115,306			29.06
Unvested RSUs and PSAs cancelled		(39,306	)		28.44
RSUs and PSAs vested		(26,840	)		23.13

Unvested RSUs and PSAs at December 31, 2012		243,141			26.11
RSUs and PSAs granted		117,966			34.24
Unvested RSUs and PSAs cancelled		(16,002	)		27.45
RSUs and PSAs vested		(88,018	)		23.37

Unvested RSUs and PSAs at December 31, 2013		257,087			30.69
RSUs and PSAs granted		87,353			41.76
Unvested RSUs and PSAs cancelled		(32,756	)		32.36
RSUs and PSAs vested (2)		(80,469	)		25.81

Unvested RSUs and PSAs at December 31, 2014		231,215		$	36.34

(1)	The number of shares disclosed in this table are at the target level of 100%.

(2)	13,161 additional shares were vested for performance share awards that were granted in 2011 for the three-year performance period ended December 31, 2013, based on achievement of an actual payout percentage of 143%.