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STOCK-BASED COMPENSATION PLANS | 12 Months Ended
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Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ## 18. STOCK-BASED COMPENSATION PLANS At December 31, 2013, the Company had three stock-based compensation plans: the 1997 Stock Option Plan, the 2005 Equity Incentive Plan and the 2011 Incentive Plan (collectively, “the Plans”). Under the Plans, options to purchase common stock were granted to officers and key employees at exercise prices not less than the fair market value of the Company’s common stock on the date of the grant. The Company issues new common stock to satisfy stock option exercises and the issuance of restricted stock awards. Awards are no longer granted under the 1997 and 2005 plans. Stock options and restricted stock awards were granted on December 2, 2013, and on December 1, 2012 and 2011. Under the 2011 Incentive Plan, stock options and restricted stock awards are valued at fair market value based on the Company’s closing stock price on the date of grant. Under the 1997 and 2005 plans, stock options were valued at fair market value based on the average of the Company’s high and low trade prices on the date of grant. The stock options and restricted stock awards granted in 2013, 2012 and 2011 vest ratably over four years. Stock options granted between 2013 and 2011 expire six years from the date of grant. Stock options granted between 2006 and 2010 expire five years from the date of grant. Stock options granted prior to 2006 expire ten years from the grant date, with the exception of certain incentive stock options, which expired five years from the date of grant. As of December 31, 2013, there were 118,300 shares remaining available for stock-based awards under the 2011 Incentive Plan. In accordance with ASC 718, stock-based compensation expense was recognized in the 2013, 2012 and 2011 consolidated financial statements for stock options and restricted stock awards granted since 2007. An estimate of forfeitures, based on historical data, was included in the calculation of stock-based compensation, and the estimate was adjusted quarterly to the extent that actual forfeitures differ, or are expected to materially differ, from such estimates. The effect of applying the expense recognition provisions of ASC 718 in 2013, 2012 and 2011 decreased Earnings Before Provision For Income Taxes by approximately $1,283,000, $1,201,000 and $1,224,000, respectively. As of December 31, 2013, there was $2.2 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2010 through 2013 which is expected to be recognized over the weighted-average remaining vesting period of 2.9 years. As of December 31, 2013, there was $1.2 million of total unrecognized compensation cost related to non-vested restricted stock awards granted in the years 2010 through 2013 which is expected to be recognized over the weighted-average remaining vesting period of 3.1 years. The following weighted-average assumptions were used to determine compensation expense related to stock options in 2013, 2012 and 2011:
|  | 2013 |  | 2012 |  | 2011
Risk-free interest rate |  |  | 1.10% |  |  |  | 0.51 | % |  |  | 0.66 | %
Expected dividend yield |  |  | 2.53% |  |  |  | 2.89 | % |  |  | 2.65 | %
Expected term |  |  | 4.3 years |  |  |  | 4.3 years |  |  |  | 4.3 years |
Expected volatility |  |  | 16.2% |  |  |  | 26.4 | % |  |  | 29.6 | %
The risk-free interest rate is based on U.S. Treasury bonds with a remaining term equal to the expected term of the award. The expected dividend yield is based on the Company’s expected annual dividend as a percentage of the market value of the Company’s common stock in the year of grant. The expected term of the stock options is determined using historical experience. The expected volatility is based upon historical stock prices over the most recent period equal to the expected term of the award. The following tables summarize stock option activity under the Company’s plans: ## Stock Options
|  | Years ended December 31,
|  | 2013 |  | 2012 |  | 2011
Stock Options |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
Outstanding at beginning of year |  |  | 1,265,792 |  |  | $ | 22.76 |  |  |  | 1,307,488 |  |  | $ | 21.76 |  |  |  | 1,269,426 |  |  | $ | 20.25 |
Granted |  |  | 333,300 |  |  |  | 28.50 |  |  |  | 253,400 |  |  |  | 23.53 |  |  |  | 235,700 |  |  |  | 24.21 |
Exercised |  |  | (219,526) |  |  |  | 17.91 |  |  |  | (174,646 | ) |  |  | 13.17 |  |  |  | (122,463 | ) |  |  | 8.95 |
Forfeited or expired |  |  | (118,700) |  |  |  | 30.30 |  |  |  | (120,450 | ) |  |  | 27.37 |  |  |  | (75,175 | ) |  |  | 24.93 |
Outstanding at end of year |  |  | 1,260,866 |  |  | $ | 24.41 |  |  |  | 1,265,792 |  |  | $ | 22.76 |  |  |  | 1,307,488 |  |  | $ | 21.76 |
Exercisable at end of year |  |  | 581,081 |  |  | $ | 22.39 |  |  |  | 706,863 |  |  | $ | 21.89 |  |  |  | 821,510 |  |  | $ | 20.16 |
Weighted average fair market value of options granted |  | $ | 2.77 |  |  |  |  |  |  | $ | 3.68 |  |  |  |  |  |  | $ | 4.51 |  |  |  |  |
|  | Weighted Average Remaining Contractual Life (in Years) |  | Aggregate Intrinsic Value
Outstanding – December 31, 2013 |  |  | 3.7 |  |  | $ | 6,330,000 |
Exercisable – December 31, 2013 |  |  | 2.2 |  |  | $ | 4,092,000 |
The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on December 31, 2013 of $29.43 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. ## Non-vested Stock Options
Non-vested Stock Options |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Fair Value
Non-vested – December 31, 2010 |  |  | 421,226 |  |  | $ | 25.16 |  |  | $ | 4.94 |
Granted |  |  | 235,700 |  |  |  | 24.21 |  |  |  | 4.51 |
Vested |  |  | (145,298 | ) |  |  | 25.86 |  |  |  | 5.05 |
Forfeited |  |  | (25,650 | ) |  |  | 25.62 |  |  |  | 4.91 |
Non-vested – December 31, 2011 |  |  | 485,978 |  |  | $ | 24.46 |  |  | $ | 4.70 |
Granted |  |  | 253,400 |  |  |  | 23.53 |  |  |  | 3.68 |
Vested |  |  | (173,824 | ) |  |  | 25.05 |  |  |  | 4.73 |
Forfeited |  |  | (6,625 | ) |  |  | 24.26 |  |  |  | 4.60 |
Non-vested – December 31, 2012 |  |  | 558,929 |  |  | $ | 23.86 |  |  | $ | 4.23 |
Granted |  |  | 333,300 |  |  |  | 28.50 |  |  |  | 2.77 |
Vested |  |  | (207,044 | ) |  |  | 23.83 |  |  |  | 4.42 |
Forfeited |  |  | (5,400 | ) |  |  | 23.95 |  |  |  | 4.28 |
Non-vested – December 31, 2013 |  |  | 679,785 |  |  | $ | 26.14 |  |  | $ | 3.46 |
The following table summarizes information about outstanding and exercisable stock options at December 31, 2013:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number of Options Outstanding |  | Weighted Average Remaining Contractual Life (in Years) |  | Weighted Average Exercise Price |  | Number of Options Exercisable |  | Weighted Average Exercise Price
$15.46 to $18.03 |  |  | 135,966 |  |  |  | 1.20 |  |  | $ | 17.71 |  |  |  | 135,966 |  |  | $ | 17.71 |
$23.09 to $23.53 |  |  | 400,775 |  |  |  | 3.41 |  |  |  | 23.36 |  |  |  | 212,068 |  |  |  | 23.22 |
$24.21 to $28.50 |  |  | 724,125 |  |  |  | 4.37 |  |  |  | 26.25 |  |  |  | 233,047 |  |  |  | 24.36 |
|  |  | 1,260,866 |  |  |  | 3.72 |  |  | $ | 24.41 |  |  |  | 581,081 |  |  | $ | 22.39 |
The following table summarizes stock option activity for the years ended December 31:
|  | 2013 |  | 2012 |  | 2011
|  | (Dollars in thousands)
Total intrinsic value of stock options exercised |  | $ | 1,506 |  |  | $ | 1,704 |  |  | $ | 1,299 |
Cash received from stock option exercises |  | $ | 3,932 |  |  | $ | 2,300 |  |  | $ | 1,096 |
Income tax benefit from the exercise of stock options |  | $ | 588 |  |  | $ | 664 |  |  | $ | 507 |
Total fair value of stock options vested |  | $ | 915 |  |  | $ | 821 |  |  | $ | 733 |
## Restricted Stock The following table summarizes restricted stock award activity during the years ended December 31, 2011, 2012 and 2013:
Non-vested Restricted Stock |  | Shares of Restricted Stock |  | Weighted Average Grant Date Fair Value
Non-vested – December 31, 2010 |  |  | 35,448 |  |  | $ | 24.79 |
Issued |  |  | 19,300 |  |  |  | 24.21 |
Vested |  |  | (16,748 | ) |  |  | 25.91 |
Forfeited |  |  | — |  |  |  | — |
Non-vested – December 31, 2011 |  |  | 38,000 |  |  | $ | 24.47 |
Issued |  |  | 19,600 |  |  |  | 23.53 |
Vested |  |  | (15,025 | ) |  |  | 24.97 |
Forfeited |  |  | — |  |  |  | — |
Non-vested – December 31, 2012 |  |  | 42,575 |  |  |  | 23.87 |
Issued |  |  | 20,400 |  |  |  | 28.50 |
Vested |  |  | (15,475 | ) |  |  | 23.85 |
Forfeited |  |  | — |  |  |  | — |
Non-vested – December 31, 2013 |  |  | 47,500 |  |  | $ | 25.86 |
At December 31, 2013, the Company expected 47,500 of shares of restricted stock to vest over a weighted-average remaining contractual term of 3.02 years. These shares had an aggregate intrinsic value of $1,398,000 at December 31, 2013. The aggregate intrinsic value was calculated using the market value of the Company’s stock on December 31, 2013 of $29.43 multiplied by the number of non-vested restricted shares outstanding. The income tax benefit from the vesting of restricted stock for the years ended December 31 was approximately $177,000 in 2013, $137,000 in 2012, and $158,000 in 2011.

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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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