• Filing Date: 2019-03-08
  • Form Type: 10-K
  • Description: Annual report
v3.10.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Company's Stock Option Plan Activity
A summary of the stock option activity for the years ended December 31, 2018, 2017 and 2016 is as follows (option amounts not in thousands):

 
 
 
Number of

Options
 
 
Weighted

Average

Exercise

Price
 
 
Weighted

Average

Remaining

Contractual

Term
 
 
Aggregate

Intrinsic

Value
 
Outstanding at January 1, 2016
 
 
110,000
 
 
$
3.19
 
 
 
2.3 years
 
 
$
3,482
 
Exercised
 
 
(60,000
)
 
$
2.50
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2016
 
 
50,000
 
 
$
4.02
 
 
 
2.3 years
 
 
$
1,773
 
Granted
 
 
110,000
 
 
$
40.00
 
 
 
 
 
 
 
 
 
Exercised
 
 
(30,000
)
 
$
2.50
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2017
 
 
130,000
 
 
$
34.82
 
 
 
8.2 years
 
 
$
472
 
Granted
 
 
110,000
 
 
$
40.00
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2018
 
 
240,000
 
 
$
37.19
 
 
 
8.8 years
 
 
$
3,278
 
Exercisable at December 31, 2018
 
 
47,500
 
 
$
25.81
 
 
 
5.8 years
 
 
$
1,189
 
Information about Options Exercised
The following table summarizes information about options exercised for the years ended December 31, 2018, 2017 and 2016 (option amounts not in thousands):

 
 
 
2018
 
 
2017
 
 
2016
 
Options exercised
 
 
 
 
 
30,000
 
 
 
60,000
 
Total intrinsic value of exercised options
 
$
 
 
$
1,319
 
 
$
1,376
 
Tax benefits realized
 
$
 
 
$
509
 
 
$
501
 
Assumptions Used to Estimate the Fair Value of Stock Options Granted
The following table provides assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the stock options granted during the years ended December 31, 2018 and 2017:
 
 
 
 
 
 
 
 
 
2018
 
 
2017
 
Expected dividend yield
 
 
4.00
%
 
 
3.53
%
Expected volatility
 
 
42.22
%
 
 
42.86
%
Risk-free interest rate
 
 
2.57
%
 
 
1.92
%
Expected life (in years)
 
 
5
 
 
 
5
 
Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan
Information with respect to the activity of unvested restricted stock awards during the years ended December 31, 2018, 2017 and 2016 is as follows:
 
 
 
Number of

Restricted

Stock

Awards
 
 
Weighted

Average

Grant Date

Fair Value
 
Nonvested at January 1, 2016
 
 
620,513
 
 
$
30.33
 
Granted
 
 
142,440
 
 
$
32.35
 
Vested
 
 
(47,152
)
 
$
42.27
 
Cancelled
 
 
(160,000
)
 
$
26.27
 
Forfeited
 
 
(13,298
)
 
$
39.06
 
Nonvested at December 31, 2016
 
 
542,503
 
 
$
30.81
 
Granted
 
 
154,936
 
 
$
42.92
 
Vested
 
 
(75,983
)
 
$
37.95
 
Forfeited
 
 
(23,766
)
 
$
36.32
 
Nonvested at December 31, 2017
 
 
597,690
 
 
$
32.82
 
Granted
 
 
189,860
 
 
$
41.81
 
Vested
 
 
(98,617
)
 
$
40.82
 
Forfeited
 
 
(56,637
)
 
$
36.46
 
Nonvested at December 31, 2018
 
 
632,296
 
 
$
33.33
 
Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the years ended December 31, 2018, 2017 and 2016.
 
 
2018
 
 
2017
 
 
2016
 
Deferred tax benefits recognized
 
$
862
 
 
$
970
 
 
$
1,619
 
Tax benefits realized for restricted stock and paid dividends
 
$
1,086
 
 
$
1,396
 
 
$
140
 
Fair value of vested restricted stock
 
$
4,025
 
 
$
2,884
 
 
$
1,993