STOCK PLANS AND STOCK BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| STOCK PLANS AND STOCK BASED COMPENSATION |
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| Schedule of weighted average assumptions used to determine the fair value of stock options granted |
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Years Ended December 31,
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2016
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2015
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2014
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Risk-free interest rate
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1.43
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%
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1.54
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%
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2.11
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%
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Expected dividend yield
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3.16
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%
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3.06
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%
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3.18
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%
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Expected stock price volatility
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20.17
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%
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22.66
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%
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30.20
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%
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Expected life of options (in years)
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5
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5
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6
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Estimated fair value per share
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$
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3.27
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$
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3.58
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$
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5.16
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| Summary of stock option activity |
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Weighted
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Weighted
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Average
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Options
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Average
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Remaining
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Aggregate
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Class A
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Exercise
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Contractual
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Intrinsic
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Shares
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Price
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Term
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Value
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Outstanding, January 1, 2015
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155,000
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$
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20.15
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Granted
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323,400
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24.51
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Exercised
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(97,750)
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19.77
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Forfeited or expired
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(57,250)
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21.43
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Outstanding, December 31, 2015
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323,400
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$
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24.40
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4.70
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$
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650,000
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Outstanding, January 1, 2016
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323,400
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$
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24.40
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Granted
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5,000
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26.43
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Exercised
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(4,000)
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20.12
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Forfeited or expired
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(11,800)
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24.47
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Outstanding, December 31, 2016
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312,600
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$
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24.49
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3.77
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$
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4,705,807
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Fully vested and expected to vest
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312,600
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$
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24.49
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3.77
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$
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4,705,807
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Exercisable (vested) at December 31, 2016
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4,000
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$
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20.77
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0.22
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$
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75,080
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| Schedule of intrinsic value and cash received from options exercised and weighted average fair value of options granted |
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Years Ended December 31, (in thousands, except per share data)
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2016
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2015
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2014
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Intrinsic value of options exercised
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$
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18
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$
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581
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$
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356
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Cash received from options exercised, net of shares redeemed
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80
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1,136
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1,103
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Weighted-average fair value per share of options granted
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3.27
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3.58
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5.16
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| Schedule of loan balances of non-executive officer employees that were originated to fund stock option exercises |
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December 31, (in thousands)
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2016
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2015
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Outstanding loans
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$
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371
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$
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660
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| Summary of activity for non-vested restricted stock awards |
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Restricted
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Stock Awards
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Weighted-Average
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Class A Shares
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Grant Date Fair Value
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Outstanding, January 1, 2015
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80,500
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$
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19.85
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Granted
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2,500
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25.19
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Forfeited
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(4,000)
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19.85
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Earned and issued
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—
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—
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Outstanding, December 31, 2015
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79,000
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$
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20.02
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Outstanding, January 1, 2016
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79,000
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$
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20.02
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Granted
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—
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—
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Forfeited
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(2,000)
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19.85
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Earned and issued
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—
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—
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Outstanding, December 31, 2016
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77,000
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$
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20.02
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Fully vested and expected to vest
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77,000
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$
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20.02
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Vested at December 31, 2016
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—
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$
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—
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| Summary of PSU activity |
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Performance
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Stock Units
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Weighted-Average
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Class A Shares
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Grant Date Fair Value
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Outstanding, January 1, 2016
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—
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$
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—
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Granted
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55,000
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23.13
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Forfeited
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—
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—
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Earned and issued
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—
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—
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Outstanding, December 31, 2016
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55,000
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$
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23.13
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Fully vested and expected to vest
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55,000
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$
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23.13
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Vested at December 31, 2016
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—
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$
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—
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| Schedule of expenses recorded related to stock options and restricted stock awards |
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Years Ended December 31, (in thousands)
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2016
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2015
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2014
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Stock option expense
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$
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248
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$
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169
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$
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53
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Restricted stock award expense
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258
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253
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405
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Performance stock unit expense
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524
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—
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—
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Total expense
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$
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1,030
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$
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422
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$
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458
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| Schedule of estimated unrecognized stock option and restricted stock award expense related to unvested options and awards (net of estimated forfeitures) |
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Stock
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Restricted
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Performance
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Year Ended (in thousands)
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Options
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Stock Awards
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Stock Units
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Total
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2017
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$
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253
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$
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258
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$
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528
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$
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1,039
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2018
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251
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120
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220
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591
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2019
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143
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12
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—
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155
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2020
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32
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8
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—
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40
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2021
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1
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2
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—
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3
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2022
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—
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—
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—
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—
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Total
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$
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680
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$
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400
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$
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748
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$
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1,828
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| Schedule of information on director deferred compensation shares reserved for the periods |
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2016
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2015
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2014
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Weighted
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Weighted
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Weighted
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Shares
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Average Market
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Shares
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Average Market
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Shares
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Average Market
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Deferred
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Price at Date of
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Deferred
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Price at Date of
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Deferred
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Price at Date of
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Years ended December 31,
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Class A
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Deferral
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Class A
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Deferral
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Class A
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Deferral
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Balance, beginning of period
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62,253
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$
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22.12
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58,604
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$
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21.56
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53,136
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$
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21.23
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Awarded
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6,208
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29.99
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8,586
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25.24
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7,783
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23.61
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Released
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(4,306)
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21.13
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(4,937)
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21.00
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(2,315)
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20.76
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Balance, end of period
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64,155
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$
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22.94
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62,253
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$
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22.12
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58,604
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$
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21.56
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| Schedule of director deferred compensation expenses |
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Years Ended December 31, (in thousands)
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2016
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2015
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2014
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Director deferred compensation expense
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$
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170
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$
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223
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$
|
187
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