Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2018

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

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

11.

Stock-Based Compensation Plans

During the three and nine months ended September 30, 2018, the Company recognized $344,000 and $1,149,000 respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2014 through 2018. During the three and nine months ended September 30, 2017, the Company recognized $395,000 and $1,174,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2013 through 2017.

The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 2018:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term (Years)		Value*
Outstanding at December 31, 2017		1,502,493		$	26.57
Granted		129,200		$	37.22
Exercised		(412,014	)	$	25.94
Forfeited or expired		(27,576	)	$	26.36
Outstanding at September 30, 2018		1,192,103		$	27.93		4.4	$	8,903,000
Exercisable at September 30, 2018		709,040		$	26.89		2.6	$	5,880,000

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 September 28, 2018, the last trading day of the quarter,

of $35.18

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, 2018 and 2017:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	654	$	208	$	3,704	$	272
Net cash proceeds from stock option exercises	$	260	$	1,575	$	4,308	$	2,013
Income tax benefit from the exercise of stock options	$	170	$	81	$	963	$	106

The following table summarizes the Company’s restricted stock award activity for the nine-month period ended September 30, 2018:

						Weighted
				Weighted		Average
	Shares of			Average		Remaining		Aggregate
	Restricted			Grant Date		Contractual		Intrinsic
	Stock			Fair Value		Term (Years)		Value*
Non-vested at December 31, 2017		66,050		$	26.79
Issued		25,319			37.06
Vested		(25,514	)		37.59
Forfeited		(4,375	)		26.60
Non-vested at September 30, 2018		61,480		$	30.74		2.9	$	2,163,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 28, 2018, the last trading day of the quarter, of $35.18 multiplied by the number of non-vested restricted shares outstanding.