Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2015

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

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

Stock-Based Compensation Plans

During the three months ended March 31, 2015, the Company recognized approximately $360,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2011 through 2014. During the three months ended March 31, 2014, the Company recognized approximately $338,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2010 through 2013.

The following table summarizes the Company’s stock option activity for the three month period ended March 31, 2015:

				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2014	1,355,416	$	25.36
Exercised	(115,416)	$	18.62
Forfeited or expired	(4,875)	$	26.60
Outstanding at March 31, 2015	1,235,125	$	25.99	3.9	$	4,833,000
Exercisable at March 31, 2015	488,418	$	24.85	2.6	$	2,469,000

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2015, the last trading day of the quarter, of $29.90 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

The following table summarizes the Company’s stock option exercise activity for the three months ended March 31, 2015 and 2014:

	Three Months Ended March 31,
	2015		2014
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	1,057	$	37
Cash received from stock option exercises	$	2,149	$	165
Income tax benefit from the exercise of stock options	$	412	$	14

The following table summarizes the Company’s restricted stock award activity for the three month period ended March 31, 2015:

				Weighted
		Weighted		Average
	Shares of	Average		Remaining	Aggregate
	Restricted	Grant Date		Contractual	Intrinsic
	Stock	Fair Value		Term (Years)	Value*
Non-vested at December 31, 2014	54,050	$	26.58
Issued	-		-
Vested	-		-
Forfeited	-		-
Non-vested at March 31, 2015	54,050	$	26.58	2.7	$	1,616,000

The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2015, the last trading day of the quarter, of $29.90 multiplied by the number of non-vested restricted shares outstanding.

- 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.

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