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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Schedule of assumptions used in estimation of grant date fair value of RSUs

3. The Company recognizes compensation expenses on these RSUs based on estimated grant date fair value, with the following assumptions:

		2014				2015
Expected dividend yield			2.06	%			3.22	%
Termination rate			4.35	%			0	%

Schedule of assumptions used in estimation of grant date fair value of options

2. The Company recognizes compensation expenses on these options based on estimated grant date fair value using the Binomial option-pricing model with the following assumptions:

Average Risk-free interest rate(a)			2.08	%
Expected dividend yield			2.09	%
Average expected volatility(b)			53.01	%
Termination rate			9	%
Suboptimal factor(c)			3.4

(a)	Risk-free interest rate represents risk free US$ zero-coupon US Government Bonds at time of grant.
(b)	Expected average volatility represents a weighted average standard deviation rate for the price of the Company's ordinary shares on the NASDAQ National Market.
(c)	Suboptimal factor represents the multiple of the increase in the market share price on the day of grant of the option which, should it come to pass, will lead to exercise of the option by the employee. It is the average suboptimal factor of the Company and similar companies.

2. The Company recognizes compensation expenses on these options based on estimated grant date fair value using the Binomial option-pricing model with the following assumptions:

Average Risk-free interest rate(a)			1.58	%
Expected dividend yield			2.42	%
Average expected volatility(b)			47.90	%
Termination rate			9	%
Suboptimal factor(c)			3.32

(a)	Risk-free interest rate represents risk free US$ zero-coupon US Government Bonds at time of grant.
(b)	Expected average volatility represents a weighted average standard deviation rate for the price of the Company's ordinary shares on the NASDAQ National Market.
(c)	Suboptimal factor represents the multiple of the increase in the market share price on the day of grant of the option which, should it come to pass, will lead to exercise of the option by the employee. It is the average suboptimal factor of the Company and similar companies.

Stock Option Summary

F. The following table summarizes information regarding stock options as at December 31, 2016:

			Options outstanding								Options exercisable
							Weighted average								Weighted average
							remaining								remaining
Exercise price			Number				contractual life				Number				contractual life
US$			of options				(in years)				of options				(in years)
15.28				66,775				3.7				66,775				3.7
26.91				86,990				6.6				-				-
33.27				20,499				9.3				6,833				9.3
28.38				91,741				7.4				-				-
				266,005								73,608

Stock Option Activity

G. The stock option activity under the abovementioned plans is as follows:

										Weighted
						Weighted				average
		Number				average				grant date
		of options				exercise price				fair value
						US$				US$
Balance at January 1, 2014			272,750
Exercised			(78,620	)			17.19				7.70
Forfeited			(2,000	)			15.28				6.54
Balance at December 31, 2014			192,130
Granted			89,907				26.91				10.04
Exercised			(61,711	)			15.28				6.54
Forfeited			(5,625	)			24.07				9.19
Balance at December 31, 2015			214,701
Granted*			116,455				29.34				10.96
Exercised			(62,269	)			15.28				6.54
Forfeited			(2,882	)			29.71				11.79
Balance at December 31, 2016			266,005
Exercisable at December 31, 2016			73,608

* In 2016 the Company granted in the aggregate, 116,455 options. Regarding the grant of 93,660 options, see Note 11E. Regarding the grant of 22,795 options, see Note 3B.

Schedule of Restricted Share Units activity

The Restricted Share Units activity under the abovementioned plans is as follows:

						Weighted
		Number of				average
		Restricted				grant date
		Share Units				fair value
		US$				US$
Balance at January 1, 2014			-
Granted			74,000				46.07
Balance at  December 31, 2014			74,000
Granted			8,000				29.09
Vested			(4,000	)			46.07
Balance at  December 31, 2015			78,000
Vested			(35,000	)			46.54
Balance at December 31, 2016			43,000

Summary of Allocation of the Stock-Based Compensation Expenses

During 2014, 2015 and 2016, the Company recorded share-based compensation expenses. The following summarizes the allocation of the stock-based compensation expenses:

		Year ended December 31
		2014				2015				2016
		US$ thousands				US$ thousands				US$ thousands
Cost of sales			124				150				180
Research and development costs			340				455				504
Selling and marketing expenses			366				502				366
General and administrative expenses			436				806				500
			1,266				1,913				1,550

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