Retirement and Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

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

Share-based Compensation Expense By Plan

The following table summarizes compensation expense recognized for employees, directors and consultants as a result of share-based compensation:



	Year Ended December 31,
	2014		2013		2012
	(Dollars in thousands)
ESOP	$	2,486	$	3,464	$	1,112
2009 Employee Incentive Plan	1,306		1,294		1,558
2013 Director Equity and Incentive Plan	603		380		—
2011 Director Stock Option Plan	186		304		912
	$	4,581	$	5,442	$	3,582

Valuation Assumptions of Stock Options Granted

The fair value for each stock option granted to officers, directors and employees during the year ended December 31, 2012 was estimated at the date of grant using a Black-Scholes option valuation model with the following assumptions:



	Year Ended December 31,
	2012
	Directors and Retirement Eligible Employees		Non-Retirement Eligible Employees
Average risk-free interest rate	0.76	%	1.36	%
Dividend yield	1.1	%	1.3	%
Average expected life (years)	5		8
Volatility	62.5	%	50.9	%

The fair value for each stock option granted to agents during the years ended December 31, 2013 and 2012 was estimated using a Black-Scholes option valuation model until the grant date, at which time the options are included as permanent equity, with the following assumptions:



	Year Ended December 31,
	2013		2012
Average risk-free interest rate	1.21	%	0.51	%
Dividend yield	0.7	%	1.2	%
Average expected life (years)	3.75		3.75
Volatility	31.2	%	41.1	%

Schedule of Stock Options Outstanding

Changes in the number of stock options outstanding during the years ended December 31, 2014, 2013 and 2012 are as follows:



	Number of Shares		Weighted-Average Exercise Price per Share		Total Exercise Price
	(Dollars in thousands, except per share data)
Outstanding at January 1, 2012	4,844,850		$	10.13	$	49,097
Granted	1,558,900		10.40		16,216
Canceled	(28,050	)	8.97		(251		)
Exercised	(643,250	)	8.93		(5,741		)
Outstanding at December 31, 2012	5,732,450		10.35		59,321
Granted	1,210,950		13.13		15,899
Canceled	(29,400	)	9.96		(293		)
Exercised	(2,937,275	)	10.81		(31,756		)
Outstanding at December 31, 2013	3,976,725		10.86		43,171
Granted	1,277,650		24.79		31,673
Canceled	(35,400	)	11.64		(412		)
Exercised	(1,174,800	)	11.64		(13,672		)
Outstanding at December 31, 2014	4,044,175		15.02		$	60,760

Schedule of Stock Options Outstanding, By Exercise Price Range

The following table summarizes information about stock options outstanding at December 31, 2014:



	Stock Options Outstanding				Stock Options Vested
Range of Exercise Prices	Number of Awards	Remaining Life (yrs)	Weighted-Average Exercise Price Per Share		Number of Awards	Remaining Life (yrs)	Weighted-Average Exercise Price Per Share
$5.07 - $8.02	506,000	2.73	$	7.39	506,000	2.73	$	7.39
$9.27 - $11.35	1,220,550	3.94	10.23		1,136,550	3.69	10.21
$11.87 - $24.79	2,317,625	5.23	19.22		2,297,625	5.18	19.22
$5.07 - $24.79	4,044,175	4.53	15.02		3,940,175	4.43	15.10