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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

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

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

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.

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.

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)	2.35%
Expected dividend yield	2.42%
Average expected volatility  (b)	43.71%
Termination rate	9%
Suboptimal factor (c)	3.28

(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.

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

Expected dividend yield	2.68%
Termination rate	1.74%

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)	2.92%
Expected dividend yield	0.0 %
Average expected volatility  (b)	45.13%
Termination rate	9%
Suboptimal factor (c)	3.2

(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

The following table summarizes information regarding stock options as at December 31, 2018:

			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				6,575				1.7				6,575				1.7
26.91				20,415				4.6				20,415				4.6
33.27				19,706				7.3				19,706				7.3
28.38				77,616				5.4				77,616				5.4
39.62				109,840				6.1				-				-
36.11				131,343				7.3				-				-
				365,495								124,312

Stock Option Activity

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

						Weighted				average
		Number				average				grant date
		of options				exercise price				fair value
						US$				US$
Balance at January 1, 2016			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
Granted			119,925				39.62				11.89
Exercised			(124,918	)			21.46				8.46
Forfeited			(11,101	)			33.18				10.87
Balance at December 31, 2017			249,911
Granted			137,010				36.11				14.71
Exercised			(9,674	)			28.02				9.94
Forfeited			(11,752	)			36.73				13.05
Balance at December 31, 2018			365,495
Exercisable at December 31, 2018			124,312

* In 2016 the Company granted in the aggregate, 116,455 options. Regarding the grant of 93,660 options, see Note 12E. 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$
Balance at January 1, 2016			78,000
Vested			(35,000	)			46.54
Balance at December 31, 2016			43,000
Granted			78,000				34.90
Vested			(43,000	)			42.52
Balance at December 31, 2017 and  December 31, 2018			78,000

Summary of Allocation of the Stock-Based Compensation Expenses

During 2016, 2017 and 2018, the Company recorded share-based compensation expenses. The following summarizes the allocation of the stock-based compensation expenses:

		Year ended December 31
		2016				2017				2018
		US$ thousands				US$ thousands				US$ thousands
Cost of sales			180				320				372
Research and development costs			504				832				953
Selling and marketing expenses			366				537				569
General and administrative expenses			500				736				530
			1,550				2,425				2,424

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