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Stock-Based Compensation Plans
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
7.
Stock-Based Compensation Plans
 
During the three and nine months ended September 30, 2016, the Company recognized approximately $393,000 and $1,121,000 respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2012 through 2016. During the three and nine months ended September 30, 2015, the Company recognized approximately $391,000 and $1,112,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2011 through 2015.
  
The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 2016:
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
 
 
 
Average
 
Remaining
 
Aggregate
 
 
 
 
 
 
Exercise
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Price
 
Term (Years)
 
Value*
 
Outstanding at December 31, 2015
 
 
1,351,826
 
$
26.09
 
 
 
 
 
 
 
Granted
 
 
277,800
 
$
25.51
 
 
 
 
 
 
 
Exercised
 
 
(24,450)
 
$
23.92
 
 
 
 
 
 
 
Forfeited or expired
 
 
(9,200)
 
$
26.67
 
 
 
 
 
 
 
Outstanding at September 30, 2016
 
 
1,595,976
 
$
26.02
 
 
3.8
 
$
1,918,000
 
Exercisable at September 30, 2016
 
 
725,269
 
$
25.78
 
 
2.8
 
$
1,452,000
 
 
*
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 September 30, 2016, the last trading day of the quarter, of $26.87 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 and nine months ended September 30, 2016 and 2015:
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
 
 
(Dollars in thousands)
 
Total intrinsic value of stock options exercised
 
$
14
 
$
30
 
$
87
 
$
1,188
 
Cash received from stock option exercises
 
$
132
 
$
184
 
$
585
 
$
2,696
 
Income tax benefit from the exercise of stock options
 
$
5
 
$
12
 
$
34
 
$
463
 
 
The following table summarizes the Company’s restricted stock award activity for the nine-month period ended September 30, 2016:
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
Shares of
 
Average
 
Remaining
 
Aggregate
 
 
 
Restricted
 
Grant Date
 
Contractual
 
Intrinsic
 
 
 
Stock
 
Fair Value
 
Term (Years)
 
Value*
 
Non-vested at December 31, 2015
 
 
55,250
 
$
26.45
 
 
 
 
 
 
 
Issued
 
 
26,900
 
 
25.51
 
 
 
 
 
 
 
Vested
 
 
(12,275)
 
 
26.41
 
 
 
 
 
 
 
Forfeited
 
 
-
 
 
-
 
 
 
 
 
 
 
Non-vested at September 30, 2016
 
 
69,875
 
$
26.09
 
 
2.7
 
$
1,878,000
 
 
*
The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on September 30, 2016, the last trading day of the quarter, of $26.87 multiplied by the number of non-vested restricted shares outstanding.