Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2017

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

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

9.	Stock-Based Compensation Plans

During the three and six months ended June 30, 2017, the Company recognized approximately $410,000 and $779,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2013 through 2016. During the three and six months ended June 30, 2016, the Company recognized approximately $363,000 and $727,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2012 through 2015.

The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 2017:

					Weighted
			Weighted		Average
			Average		Remaining		Aggregate
			Exercise		Contractual		Intrinsic
	Shares		Price		Term (Years)		Value*
Outstanding at December 31, 2016		1,486,257	$	26.13
Exercised		(16,888)	$	25.96
Forfeited or expired		(6,125)	$	26.32
Outstanding at June 30, 2017		1,463,244	$	26.13		3.1	$	2,748,000
Exercisable at June 30, 2017		750,344	$	26.07		2.2	$	1,501,000

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 June 30, 2017 of $27.88 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 six months ended June 30, 2017 and 2016:

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	23	$	72	$	64	$	73
Cash received from stock option exercises	$	82	$	441	$	438	$	453
Income tax benefit from the exercise of stock options	$	10	$	-	$	25	$	-

The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2017:

					Weighted
			Weighted		Average
	Shares of		Average		Remaining		Aggregate
	Restricted		Grant Date		Contractual		Intrinsic
	Stock		Fair Value		Term (Years)		Value*
Non-vested at December 31, 2016		58,500	$	26.09
Issued		-		-
Vested		(1,425)		26.18
Forfeited		-		-
Non-vested at June 30, 2017		57,075	$	26.09		2.3	$	1,591,000

The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on June 30, 2017 of $27.88 multiplied by the number of non-vested restricted shares outstanding.