v2.4.0.6
Stock-Based Compensation Plans
3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
8.
Stock-Based Compensation Plans
 
During the three months ended March 31, 2014, the Company recognized approximately $338,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2010 through 2013. During the three months ended March 31, 2013, the Company recognized approximately $316,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2009 through 2012.
 
The following table summarizes the Company’s stock option activity for the three month period ended March 31, 2014:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
 
 
Average
 
Remaining
 
Aggregate
 
 
 
 
 
Exercise
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Price
 
Term (Years)
 
Value*
 
Outstanding at December 31, 2013
 
1,260,866
 
$
24.41
 
 
 
 
 
 
Exercised
 
(7,550)
 
$
21.83
 
 
 
 
 
 
Forfeited or expired
 
-
 
$
-
 
 
 
 
 
 
Outstanding at March 31, 2014
 
1,253,316
 
$
24.42
 
3.5
 
$
3,744,000
 
Exercisable at March 31, 2014
 
573,531
 
$
22.39
 
1.9
 
$
2,653,000
 
 
* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 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 activity for the three months ended March 31, 2014 and 2013:
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(Dollars in thousands)
 
Total intrinsic value of stock options exercised
 
$
37
 
$
1,055
 
Cash received from stock option exercises
 
$
165
 
$
2,499
 
Income tax benefit from the exercise of stock options
 
$
14
 
$
411
 
 
The following table summarizes the Company’s restricted stock award activity for three month period ended March 31, 2014:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
Shares of
 
Average
 
Remaining
 
Aggregate
 
 
 
Restricted
 
Grant Date
 
Contractual
 
Intrinsic
 
 
 
Stock
 
Fair Value
 
Term (Years)
 
Value*
 
Non-vested at December 31, 2013
 
47,500
 
$
25.86
 
 
 
 
 
 
 
Issued
 
-
 
 
-
 
 
 
 
 
 
 
Vested
 
-
 
 
-
 
 
 
 
 
 
 
Forfeited
 
-
 
 
-
 
 
 
 
 
 
 
Non-vested at March 31, 2014
 
47,500
 
$
25.86
 
 
2.8
 
$
1,283,000
 
 
* The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 multiplied by the number of non-vested restricted shares outstanding.