Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.2.0.727
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2015
STOCK-BASED COMPENSATION [Abstract]  
Summary of Stock Option Activity

The following table summarizes the stock option activity for the six months ended June 30, 2015:

 

 

 

 

 

 

 

Number of Stock Options

 

Weighted Average Exercise Price

Options outstanding, December 31, 2014
389,269 

 

$
16.69 

Exercised

(25,873)

 

 
15.46 

Expired, forfeited, or cancelled
(24,267)

 

 
19.86 

Options outstanding, June 30, 2015
339,129 

 

 
16.55 

Options exercisable, June 30, 2015
280,799 

 

 
17.18 

 

 

 

 

 

 

Summary of Information Concerning Stock Options

 

The following table summarizes information concerning stock options issued to the Company’s employees that are vested or are expected to vest and stock options exercisable as of June 30, 2015:

 

 

 

 

 

 

 

Stock Options Vested or Expected to Vest

 

Exercisable

Stock options (number of shares)

 
339,151 

 

 
280,799 

Weighted average remaining contractual life in years

 
4.82 

 

 
4.50 

Weighted average exercise price on shares above water

$
14.30 

 

$
14.48 

Aggregate intrinsic value

$
2,550,311 

 

$
1,989,870 

 

 

 

 

 

 

 

Summary of Nonvested Stock Activity

The following table summarizes the restricted stock activity for the six months ended June 30, 2015:

 

 

 

 

 

 

 

Number of Shares of Restricted Stock

 

Weighted Average Grant-Date Fair Value

Balance, December 31, 2014
287,120 

 

$
20.07 

Granted
122,995 

 

 
22.01 

Net settle for taxes

(10,352)

 

 
21.61 

Vested
(30,401)

 

 
16.08 

Forfeited
(12,396)

 

 
19.82 

Balance, June 30, 2015
356,966 

 

 
21.21 

 

 

 

 

 

 

Estimated Unamortized Compensation Expense Recognized in Future

The estimated unamortized compensation expense, net of estimated forfeitures, related to nonvested stock and stock options issued and outstanding as of June 30, 2015 that will be recognized in future periods is as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

Stock Options

 

Restricted Stock

 

Total

For the remaining six months of 2015

$
97 

 

$
1,662 

 

$
1,759 

For year ending December 31, 2016

 
120 

 

 
1,845 

 

 
1,965 

For year ending December 31, 2017

 
14 

 

 
1,110 

 

 
1,124 

For year ending December 31, 2018

 

 -

 

 
496 

 

 
496 

For year ending December 31, 2019

 

 -

 

 
71 

 

 
71 

Total

$
231 

 

$
5,184 

 

$
5,415