Annual report pursuant to Section 13 and 15(d)

Shareholder's Equity, Stock Options and Net Income per Share (Tables)

v2.4.1.9
Shareholder's Equity, Stock Options and Net Income per Share (Tables)
12 Months Ended
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table sets forth the computation of net income per basic and diluted share:
 

2014

2013

2012
Numerator:





Net income and comprehensive income
$
61,169


$
54,467


$
52,668

Income allocated to participating securities
(404
)
 

 

Numerator for net income and comprehensive income to common shareholders
60,765

 
54,467

 
52,668







Denominator:





Denominator for basic net income per share - weighted-average shares (in thousands)
30,599


30,135


28,967

Effect of dilutive stock options (in thousands)
431

 
615

 
528

Effect of dilutive performance shares (in thousands)
42

 
12

 
41

Denominator for diluted net income per share - adjusted weighted-average shares (in thousands)
31,072


30,762


29,536

Basic net income per share
$
1.99


$
1.81


$
1.82

Diluted net income per share
$
1.96


$
1.77


$
1.78

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
The number of instruments that could potentially dilute net income per basic share in the future, but that were not included in the computation of net income per diluted share because to do so would have been anti-dilutive for the periods presented, are as follows:

 
2014
 
2013
 
2012
Anti-dilutive stock options (in thousands)
99

 
192

 
226

Anti-dilutive performance shares (in thousands)

 

 
22

Total anti-dilutive shares (in thousands)
99

 
192

 
248

Employee Stock Option [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following tables summarize the Company’s employee stock option activity and related information for the years ended December 31, 2014, 2013 and 2012:

 
2014
 
2013
 
2012
 
 
 
Weighted-
 
 
 
Weighted-
 
 
 
Weighted-
 
 
 
Average
 
 
 
Average
 
 
 
Average
 
Options
 
Exercise
 
Options
 
Exercise
 
Options
 
Exercise
 
(000)
 
Price
 
(000)
 
Price
 
(000)
 
Price
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at beginning of year
1,732

 
$
27

 
2,874

 
$
26

 
3,363

 
$
26

Granted
106

 
43

 
118

 
38

 
94

 
37

Exercised
(450
)
 
28

 
(1,260
)
 
26

 
(570
)
 
27

Forfeited
(25
)
 
37

 

 

 
(13
)
 
29

Outstanding at end of year
1,363

 
$
28

 
1,732

 
$
27

 
2,874

 
$
26

Exercisable at end of year
1,160

 
$
26

 
1,514

 
$
26

 
2,487

 
$
26

Weighted-average fair value of options granted during the year
$
14

 
 
 
$
14

 
 
 
$
13

 
 
Aggregate intrinsic value for options exercised
$
7,259

 
 
 
$
15,477

 
 
 
$
3,924

 
 
Average aggregate intrinsic value for options outstanding
$
24,425

 
 
 
 
 
 
 
 
 
 
Average aggregate intrinsic value for exercisable options
$
23,274

 
 
 
 
 
 
 
 
 
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]









Outstanding



Exercisable






Weighted-

Weighted-



Weighted-
Range of

Number

Average

Average

Number

Average
Exercise

Outstanding

Remaining

Exercise

Exercisable

Exercise
Price

(000)

Contractual Life

Price

(000)

Price
$
22.47

-
24.98

 
672

 
1.7
 
$
22.66

 
672

 
$
22.66

28.61

-
29.44

 
401

 
0.9
 
28.95

 
401

 
28.95

36.55

-
41.80

 
184

 
4.7
 
37.03

 
87

 
36.90

42.48

-
45.97

 
106

 
6.2
 
43.17

 

 

$
22.47

-
45.97

 
1,363

 
2.2
 
$
28.05

 
1,160

 
$
25.91

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

Year ended

December 31,
2014

December 31,
2013

December 31,
2012
Shared-based compensation for options
$
1,302


$
1,410


$
2,585

Tax benefit for option compensation
$
497


$
508


$
713

Unrecognized compensation cost for options, net of estimated forfeitures
$
1,632






Employee Non-vested Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Nonvested Share Activity [Table Text Block]
The following tables summarize the Company's employee non-vested share activity and related information:


Year ended

2014

2013

2012



Weighted-



Weighted-



Weighted-

Non-vested

Average

Non-vested

Average

Non-vested

Average

Shares

Grant Date

Shares

Grant Date

Shares

Grant Date

(000)

Fair Value

(000)

Fair Value

(000)

Fair Value












Outstanding and non-vested at beginning of year
186


$
35


168


$
33


108


$
29

Granted
99


42


98


37


103


37

Vested
(94
)

43


(68
)

37


(36
)

29

Forfeited
(1
)

37


(12
)

36


(7
)

33

Outstanding and non-vested at end of year
190


$
40


186


$
35


168


$
33

Aggregate grant date fair value
$
7,585




$
6,588




$
5,579



Total fair value of shares vested during the year
$
4,008




$
2,503




$
1,249





Year ended

December 31,
2014

December 31,
2013

December 31,
2012
Shared-based compensation for non-vested shares
$
3,626


$
3,058


$
2,039

Tax benefit for non-vested share compensation
$
1,385


$
1,165


$
785

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
4,325







Key Employee Performance Share Based Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Nonvested Performance-based Units Activity [Table Text Block]
The following tables summarize the Company's employee performance share activity, assuming median share awards, and related information:


Year ended

2014

2013

2012



Weighted-



Weighted-



Weighted-

Non-vested

Average

Non-vested

Average

Non-vested

Average

Shares

Grant Date

Shares

Grant Date

Shares

Grant Date

(000)

Fair Value

(000)

Fair Value

(000)

Fair Value












Outstanding and non-vested at beginning of year
88


$
37


62


$
36


38


$
30

Granted
23


48


26


40


24


45

Additional shares awarded based on performance
19


30









Vested
(56
)

30









Forfeited











Outstanding and non-vested at end of year
74


$
44


88


$
37


62


$
36

Aggregate grant date fair value
$
3,279




$
3,278




$
2,205





Year ended

December 31,
2014

December 31,
2013

December 31,
2012
Shared-based compensation for performance shares
$
1,098


$
1,055


$
699

Tax benefit for performance share compensation
$
419


$
402


$
269

Unrecognized compensation cost for performance shares, net of estimated forfeitures
$
1,225








Nonemployee Director Nonvested Shares Granted [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Nonvested Share Activity [Table Text Block]
The following tables summarize the Company's non-employee non-vested share activity and related information:

Year ended

2014

2013

2012

Non-vested



Non-vested



Non-vested



Shares and

Weighted-

Shares and

Weighted-

Shares and

Weighted-

Deferred

Average

Deferred

Average

Deferred

Average

Stock Units

Grant Date

Stock Units

Grant Date

Stock Units

Grant Date

(000)

Fair Value

(000)

Fair Value

(000)

Fair Value












Outstanding and non-vested at beginning of year
15


$
38


20


$
32


24


$
33

Granted
15


44


15


38


20


32

Vested
(15
)

38


(20
)

32


(24
)

32

Forfeited











Outstanding and non-vested at end of year
15


$
44


15


$
38


20


$
32

Aggregate grant date fair value
$
650




$
560




$
640



Total fair value of shares vested during the year
$
632




$
762




$
752



    

Year ended

December 31,
2014

December 31,
2013

December 31,
2012
Shared-based compensation for non-vested shares
$
589


$
589


$
687

Tax benefit for non-vested share compensation
$
225


$
225


$
264

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
256






Non-employee Director Stock Options [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following table summarizes the Company’s non-employee stock option activity and related information for the years ended December 31, 2014, 2013 and 2012:
 
2014
 
2013
 
2012
 
 
 
Weighted-
 
 
 
Weighted-
 
 
 
Weighted-
 
 
 
Average
 
 
 
Average
 
 
 
Average
 
Options
 
Exercise
 
Options
 
Exercise
 
Options
 
Exercise
 
(000)
 
Price
 
(000)
 
Price
 
(000)
 
Price
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at beginning of year
26

 
$
23

 
29

 
$
23

 
41

 
$
21

Granted

 

 

 

 

 

Exercised
(18
)
 
22

 
(3
)
 
20

 
(12
)
 
16

Forfeited

 

 

 

 

 

Outstanding and exercisable at end of year
8

 
$
26

 
26

 
$
23

 
29

 
$
23

Aggregate intrinsic value for options exercised
$
412

 
 
 
$
54

 
 
 
$
207

 
 
Average aggregate intrinsic value for options outstanding and exercisable
$
151