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Stock Option and Purchase Plans (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Summary of Weighted Average Fair Value of Options Granted |
In general, options granted to outside directors vest six months
from the date of grant and options granted to officers and key
employees straight line vest over a five-year period from the date
of grant.
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2014 |
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2013 |
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2012 |
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Weighted Average Fair Value of the Options Granted
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$ |
25.59 |
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$ |
19.35 |
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$ |
8.28 |
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| Summary of Weighted-Average Assumptions |
The weighted average fair value for these options was estimated at
the date of grant using a Black-Scholes option pricing model with
the following weighted-average assumptions:
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2014 |
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2013 |
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2012 |
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Risk-free Interest Rate
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0.12% – 2.30% |
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0.88% – 2.22% |
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0.89% – 1.00% |
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Dividend Yield
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0.0% |
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0.0% |
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0.0% |
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Volatility Factor
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0.42 –
0.52 |
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0.51 –
0.56 |
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0.52 –
0.64 |
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Expected Life in Years
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4.0 –
8.0 |
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5.0 –
8.0 |
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5.0 –
8.0 |
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| Compensation Expense Information Based on Fair Value of Stock Options |
The following table provides compensation expense information based
on the fair value of stock options for the years ended
December 31, 2014, 2013 and 2012:
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| (In thousands) |
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2014 |
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2013 |
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2012 |
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Stock Compensation Expense
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$ |
1,730 |
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$ |
1,384 |
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$ |
1,351 |
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Tax Benefit
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(122 |
) |
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(112 |
) |
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(136 |
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Stock Compensation Expense, Net of Tax
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$ |
1,608 |
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$ |
1,272 |
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$ |
1,215 |
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| Summary of Company's Stock Option Activity and Related Information |
A summary of the Company’s stock option activity and related
information for the years ended December 31 is as follows:
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(Aggregate intrinsic value in
thousands) |
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2014 |
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2013 |
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2012 |
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Options |
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Weighted
Average
Exercise
Price
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Aggregate
Intrinsic
Value
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Options |
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Weighted
Average
Exercise
Price
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Aggregate
Intrinsic
Value
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Options |
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Weighted
Average
Exercise
Price
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Aggregate
Intrinsic
Value
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Outstanding at January 1
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1,691,734 |
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$ |
8.70 |
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$ |
78,846 |
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1,825,532 |
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$ |
6.86 |
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$ |
65,072 |
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1,993,736 |
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$ |
5.59 |
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$ |
20,532 |
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Options Granted
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73,830 |
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$ |
48.45 |
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$ |
506 |
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83,664 |
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$ |
35.56 |
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$ |
581 |
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156,600 |
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$ |
15.07 |
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$ |
129 |
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Options Exercised
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(487,001 |
) |
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$ |
4.80 |
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$ |
(24,599 |
) |
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(217,462 |
) |
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$ |
3.54 |
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$ |
(8,472 |
) |
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(324,804 |
) |
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$ |
3.06 |
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$ |
(4,168 |
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Options Forfeited
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(3,577 |
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$ |
15.13 |
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$ |
(144 |
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— |
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$ |
— |
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$ |
— |
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— |
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$ |
— |
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$ |
— |
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Outstanding at December 31
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1,274,986 |
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$ |
12.48 |
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$ |
54,609 |
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1,691,734 |
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$ |
8.70 |
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$ |
57,181 |
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1,825,532 |
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$ |
6.86 |
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$ |
16,493 |
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Exercisable at December 31
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1,037,137 |
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$ |
8.71 |
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$ |
48,331 |
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1,379,438 |
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$ |
6.51 |
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$ |
49,648 |
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1,402,154 |
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$ |
5.60 |
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$ |
14,431 |
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| Summary of Weighted Average Exercise Prices and Contractual Lives for Outstanding and Exercisable Stock Options |
The following is a summary of weighted average exercise prices and
contractual lives for outstanding and exercisable stock options as
of December 31, 2014:
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Outstanding |
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Exercisable |
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Exercise Price Range
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Shares |
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Weighted Average
Remaining Life
in Years
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Weighted Average
Exercise Price
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Shares |
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Weighted Average
Remaining Life
in Years
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Weighted
Average
Exercise Price
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$ 2.23 - $ 2.88
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53,022 |
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0.1 |
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$ |
2.87 |
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53,022 |
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0.1 |
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$ |
2.87 |
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$ 4.03 - $ 5.89
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566,855 |
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3.9 |
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4.41 |
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566,855 |
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3.9 |
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4.41 |
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$ 7.63 - $ 8.39
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113,057 |
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2.2 |
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7.76 |
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113,057 |
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2.2 |
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7.76 |
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$11.68 - $20.73
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406,602 |
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6.6 |
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15.40 |
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279,879 |
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6.2 |
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15.52 |
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$34.50 - $54.47
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135,450 |
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9.4 |
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45.17 |
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24,324 |
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9.0 |
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47.76 |
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1,274,986 |
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5.1 |
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12.48 |
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1,037,137 |
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4.3 |
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8.71 |
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| Fair Value for Options Granted under Employee Stock Purchase Plan |
The fair value for the options granted under the Employee Stock
Purchase Plan was estimated at the date of grant using a
Black-Scholes option pricing model with the following
weighted-average assumptions:
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2014 |
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2013 |
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2012 |
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Risk-free Interest Rate
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0.10 |
% |
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0.10 |
% |
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0.17 |
% |
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Dividend Yield
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0.0 |
% |
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0.0 |
% |
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0.0 |
% |
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Volatility Factor
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|
.42 |
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|
.37 |
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.37 |
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Expected Life in Years
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1.0 |
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1.0 |
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1.0 |
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