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STOCK-BASED COMPENSATION PLANS | 12 Months Ended
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Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ## 17. STOCK-BASED COMPENSATION PLANS At December 31, 2016, the Company had two stock-based compensation plans: the 2011 Incentive Plan and the 2014 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 2011 plan. Stock options and restricted stock awards were granted on August 25, 2016, August 25, 2015, and on August 26, 2014. Under the Plans, 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. The stock options and restricted stock awards granted in 2016, 2015 and 2014 vest ratably over four years. As of December 31, 2016, there were 17,100 shares remaining available for stock-based awards under the 2014 Incentive Plan. In accordance with ASC 718, stock-based compensation expense was recognized in the 2016, 2015 and 2014 consolidated financial statements for stock options and restricted stock awards granted since 2010. 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 decreased Earnings Before Provision For Income Taxes by $1,559,000 in each of the years 2016 and 2015, and $1,465,000 in 2014. As of December 31, 2016, there was $1.9 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2013 through 2016 which is expected to be recognized over the weighted-average remaining vesting period of 2.7 years. As of December 31, 2016, there was $1.4 million of total unrecognized compensation cost related to non-vested restricted stock awards granted in the years 2013 through 2016 which is expected to be recognized over the weighted-average remaining vesting period of 2.7 years. The following weighted-average assumptions were used to determine compensation expense related to stock options in 2016, 2015 and 2014:
|  | 2016 |  | 2015 |  | 2014
Risk-free interest rate |  |  | 1.09 | % |  |  | 1.36 | % |  |  | 1.45 | %
Expected dividend yield |  |  | 3.29 | % |  |  | 3.12 | % |  |  | 2.81 | %
Expected term |  |  | 4.3 years |  |  |  | 4.3 years |  |  |  | 4.3 years |
Expected volatility |  |  | 21.3 | % |  |  | 21.6 | % |  |  | 17.8 | %
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,
|  | 2016 |  | 2015 |  | 2014
Stock Options |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
Outstanding at beginning of year |  |  | 1,351,826 |  |  | $ | 26.09 |  |  |  | 1,355,416 |  |  | $ | 25.36 |  |  |  | 1,260,866 |  |  | $ | 24.41 |
Granted |  |  | 277,800 |  |  |  | 25.51 |  |  |  | 299,700 |  |  |  | 25.64 |  |  |  | 331,600 |  |  |  | 27.04 |
Exercised |  |  | (123,294 | ) |  |  | 24.28 |  |  |  | (279,090 | ) |  |  | 22.02 |  |  |  | (218,150 | ) |  |  | 22.37 |
Forfeited or expired |  |  | (20,075 | ) |  |  | 26.52 |  |  |  | (24,200 | ) |  |  | 26.58 |  |  |  | (18,900 | ) |  |  | 25.71 |
Outstanding at end of year |  |  | 1,486,257 |  |  | $ | 26.13 |  |  |  | 1,351,826 |  |  | $ | 26.09 |  |  |  | 1,355,416 |  |  | $ | 25.36 |
Exercisable at end of year |  |  | 762,132 |  |  | $ | 26.07 |  |  |  | 594,906 |  |  | $ | 25.55 |  |  |  | 603,834 |  |  | $ | 23.66 |
Weighted average fair market value of options granted |  | $ | 3.05 |  |  |  |  |  |  | $ | 3.30 |  |  |  |  |  |  | $ | 2.93 |  |  |  |  |
|  | Weighted Average Remaining Contractual Life (in Years) |  | Aggregate Intrinsic Value
Outstanding – December 31, 2016 |  |  | 3.6 |  |  | $ | 7,686,000 |
Exercisable – December 31, 2016 |  |  | 2.6 |  |  | $ | 3,989,000 |
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 30, 2016 of $31.30 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, 2013 |  |  | 679,785 |  |  | $ | 26.14 |  |  | $ | 3.46 |
Granted |  |  | 331,600 |  |  |  | 27.04 |  |  |  | 2.93 |
Vested |  |  | (243,303 | ) |  |  | 25.54 |  |  |  | 3.80 |
Forfeited |  |  | (16,500 | ) |  |  | 25.98 |  |  |  | 3.44 |
Non-vested – December 31, 2014 |  |  | 751,582 |  |  | $ | 26.74 |  |  | $ | 3.12 |
Granted |  |  | 299,700 |  |  |  | 25.64 |  |  |  | 3.30 |
Vested |  |  | (275,187 | ) |  |  | 26.14 |  |  |  | 3.36 |
Forfeited |  |  | (19,175 | ) |  |  | 26.59 |  |  |  | 3.14 |
Non-vested – December 31, 2015 |  |  | 756,920 |  |  | $ | 26.53 |  |  | $ | 3.10 |
Granted |  |  | 277,800 |  |  |  | 25.51 |  |  |  | 3.05 |
Vested |  |  | (293,720 | ) |  |  | 26.39 |  |  |  | 3.13 |
Forfeited |  |  | (16,875 | ) |  |  | 26.37 |  |  |  | 3.10 |
Non-vested – December 31, 2016 |  |  | 724,125 |  |  | $ | 26.20 |  |  | $ | 3.07 |
The following table summarizes information about outstanding and exercisable stock options at December 31, 2016:
|  | 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
$23.53 to $25.86 |  |  | 865,207 |  |  |  | 3.8 |  |  | $ | 24.95 |  |  |  | 373,832 |  |  | $ | 24.14 |
$27.04 to $28.50 |  |  | 621,050 |  |  |  | 3.3 |  |  | $ | 27.77 |  |  |  | 388,300 |  |  | $ | 27.92 |
|  |  | 1,486,257 |  |  |  | 3.6 |  |  | $ | 26.13 |  |  |  | 762,132 |  |  | $ | 26.07 |
The following table summarizes stock option activity for the years ended December 31:
|  | 2016 |  | 2015 |  | 2014
|  | (Dollars in thousands)
Total intrinsic value of stock options exercised |  | $ | 455 |  |  | $ | 1,705 |  |  | $ | 1,108 |
Cash received from stock option exercises |  | $ | 2,994 |  |  | $ | 6,144 |  |  | $ | 4,881 |
Income tax benefit from the exercise of stock options |  | $ | 178 |  |  | $ | 665 |  |  | $ | 432 |
Total fair value of stock options vested |  | $ | 919 |  |  | $ | 925 |  |  | $ | 923 |
## Restricted Stock The following table summarizes restricted stock award activity during the years ended December 31, 2014, 2015 and 2016:
Non-vested Restricted Stock |  | Shares of Restricted Stock |  | Weighted Average Grant Date Fair Value
Non-vested – December 31, 2013 |  |  | 47,500 |  |  | $ | 25.86 |
Issued |  |  | 24,400 |  |  |  | 27.04 |
Vested |  |  | (17,850 | ) |  |  | 25.31 |
Forfeited |  |  | — |  |  |  | — |
Non-vested – December 31, 2014 |  |  | 54,050 |  |  |  | 26.58 |
Issued |  |  | 21,900 |  |  |  | 25.64 |
Vested |  |  | (20,700 | ) |  |  | 25.94 |
Forfeited |  |  | — |  |  |  | — |
Non-vested – December 31, 2015 |  |  | 55,250 |  |  | $ | 26.45 |
Issued |  |  | 26,900 |  |  |  | 25.51 |
Vested |  |  | (22,025 | ) |  |  | 26.26 |
Forfeited |  |  | (1,625 | ) |  |  | 26.30 |
Non-vested – December 31, 2016 |  |  | 58,500 |  |  | $ | 26.09 |
At December 31, 2016, the Company expected 58,500 shares of restricted stock to vest over a weighted-average remaining contractual term of 2.8 years. These shares had an aggregate intrinsic value of $1.8 million at December 31, 2016. The aggregate intrinsic value was calculated using the market value of the Company’s stock on December 30, 2016 of $31.30 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 $230,000 in 2016, $221,000 in 2015, and $183,000 in 2014.

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: 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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
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