Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

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

Schedule of Total Stock-Based Compensation Expense by Type of Award

Total stock-based compensation expense by type of award was as follows for the years ended December 31:



In Thousands	2017		2016		2015
Stock options	$	738	$	791	$	658
Stock appreciation rights (“SARs”)	1,543		805		144
Stock grants	217		—		—
Total stock-based compensation expense	$	2,498	$	1,596	$	802

Tax benefit on exercise of stock options	$	—	$	60	$	40

Summary of Stock Option Activity

The following presents a summary of stock option activity for the year ended December 31, 2017:



	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Outstanding at January 1, 2017	351,400		$	31.28
Granted	80,000		41.95
Exercised	(91,500	)	21.06
Outstanding at December 31, 2017	339,900		$	36.55	6.8 years	$	4,258
Vested and exercisable at December 31, 2017	146,899		$	33.36	5.0 years	$	2,334

Stock Options Valuation Assumptions

The fair value of stock options granted during the years ended December 31, 2017, 2016 and 2015, was estimated on the date of grant using a Black-Scholes option pricing model and the following weighted average assumptions:



	Year Ended December 31,
	2017		2016		2015
Risk-free interest rate	1.84	%	1.46	%	1.22	%
Expected dividend yield	0.19	%	0.23	%	0.25	%
Expected volatility	30.80	%	32.92	%	31.90	%
Expected lives	5.0 years		5.0 years		5.0 years

Summary of Stock Appreciation Rights Activity

The following presents a summary of SARs activity for the year ended December 31, 2017:



	Cash-settled SARs		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Outstanding at January 1, 2017	226,500		$	37.97
Granted	174,500		41.95
Exercised	(21,300	)	38.49
Forfeited/Canceled	(12,800	)	41.36
Outstanding at December 31, 2017	366,900		$	39.73	8.2 years	$	3,274
Vested and exercisable at December 31, 2017	67,200		$	39.87	7.0 years	$	590

Stock Appreciation Rights Valuation Assumptions

The fair value of SARs granted during the years ended December 31, 2017, 2016 and 2015, was estimated on the date of grant using a Black-Scholes option pricing model and the following weighted average assumptions:



	Year Ended December 31,
	2017		2016		2015
Risk-free interest rate	2.01	%	1.53	%	1.39	%
Expected dividend yield	0.16	%	0.18	%	0.22	%
Expected volatility	31.90	%	33.25	%	30.30	%
Expected lives	3.2 years		3.4 years		3.2 years