Annual report pursuant to Section 13 and 15(d)

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

v3.3.1.900
Shareholder's Equity, Stock Options and Net Income per Share (Tables)
12 Months Ended
Dec. 31, 2015
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:
 

2015

2014

2013
Numerator:





Net income and comprehensive income
$
55,575


$
61,169


$
54,467

Income allocated to participating securities
(369
)
 
(404
)
 

Numerator for basic and diluted income per share - net income
55,206

 
60,765

 
54,467







Denominator:





Denominator for basic net income per share - weighted-average shares (in thousands)
30,728


30,599


30,135

Effect of dilutive stock options (in thousands)
277

 
431

 
615

Effect of dilutive performance shares (in thousands)
35

 
42

 
12

Denominator for diluted net income per share - adjusted weighted-average shares (in thousands)
31,040


31,072


30,762

Basic net income per share
$
1.80


$
1.99


$
1.81

Diluted net income per share
$
1.78


$
1.96


$
1.77

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:
 
2015
 
2014
 
2013
Anti-dilutive stock options (in thousands)
184

 
99

 
192

Anti-dilutive performance shares (in thousands)
24

 

 

Total anti-dilutive shares (in thousands)
208

 
99

 
192

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, 2015, 2014 and 2013:

 
2015
 
2014
 
2013
 
 
 
Weighted-
 
 
 
Weighted-
 
 
 
Weighted-
 
 
 
Average
 
 
 
Average
 
 
 
Average
 
Options
 
Exercise
 
Options
 
Exercise
 
Options
 
Exercise
 
(000)
 
Price
 
(000)
 
Price
 
(000)
 
Price
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at beginning of year
1,363

 
$
28

 
1,732

 
$
27

 
2,874

 
$
26

Granted
96

 
50

 
106

 
43

 
118

 
38

Exercised
(659
)
 
26

 
(450
)
 
28

 
(1,260
)
 
26

Forfeited
(14
)
 
29

 
(25
)
 
37

 

 

Outstanding at end of year
786

 
$
32

 
1,363

 
$
28

 
1,732

 
$
27

Exercisable at end of year
586

 
$
28

 
1,160

 
$
26

 
1,514

 
$
26

Weighted-average fair value of options granted during the year
$
15

 
 
 
$
14

 
 
 
$
14

 
 
Aggregate intrinsic value for options exercised
$
16,191

 
 
 
$
7,259

 
 
 
$
15,477

 
 
Average aggregate intrinsic value for options outstanding
$
13,001

 
 
 
 
 
 
 
 
 
 
Average aggregate intrinsic value for exercisable options
$
12,332

 
 
 
 
 
 
 
 
 
 
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

-
22.87


326


1.0

$
22.50


326


$
22.50

24.98

-
28.61


96


2.1

28.42


96


28.42

36.55

-
38.23


160


3.7

36.91


128


36.84

41.80

-
45.97


118


5.3

43.22


36


43.13

50.71

-
52.03


86


6.1

50.79





$
22.47

-
52.03


786


2.9

$
32.37


586


$
27.87


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

Year ended

December 31,
2015

December 31,
2014

December 31,
2013
Shared-based compensation for options
$
1,386


$
1,302


$
1,410

Tax benefit for option compensation
$
542


$
497


$
508

Unrecognized compensation cost for options, net of estimated forfeitures
$
1,728






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

2015

2014

2013



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
190


$
40


186


$
35


168


$
33

Granted
100


51


99


42


98


37

Vested
(93
)

39


(94
)

43


(68
)

37

Forfeited
(6
)

45


(1
)

37


(12
)

36

Outstanding and non-vested at end of year
191


$
46


190


$
40


186


$
35

Aggregate grant date fair value
$
8,773




$
7,585




$
6,588



Total fair value of shares vested during the year
$
4,694




$
4,008




$
2,503





Year ended

December 31,
2015

December 31,
2014

December 31,
2013
Shared-based compensation for non-vested shares
$
4,070


$
3,626


$
3,058

Tax benefit for non-vested share compensation
$
1,591


$
1,385


$
1,165

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
5,085







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

2015

2014

2013



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
74


$
44


88


$
37


62


$
36

Granted
27


67


23


48


26


40

Additional shares awarded based on performance




19


30





Vested
(24
)

45


(56
)

30





Forfeited











Outstanding and non-vested at end of year
77


$
52


74


$
44


88


$
37

Aggregate grant date fair value
$
4,016




$
3,279




$
3,278





Year ended

December 31,
2015

December 31,
2014

December 31,
2013
Shared-based compensation for performance shares
$
1,308


$
1,098


$
1,055

Tax benefit for performance share compensation
$
512


$
419


$
402

Unrecognized compensation cost for performance shares, net of estimated forfeitures
$
1,726








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

2015

2014

2013

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


$
44


15


$
38


20


$
32

Granted
14


51


15


44


15


38

Vested
(14
)

43


(15
)

38


(20
)

32

Forfeited











Outstanding and non-vested at end of year
15


$
51


15


$
44


15


$
38

Aggregate grant date fair value
$
740




$
650




$
560



Total fair value of shares vested during the year
$
727




$
632




$
762



    

Year ended

December 31,
2015

December 31,
2014

December 31,
2013
Shared-based compensation for non-vested shares
$
661


$
589


$
589

Tax benefit for non-vested share compensation
$
259


$
225


$
225

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
286






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, 2015, 2014 and 2013:
 
2015
 
2014
 
2013
 
 
 
Weighted-
 
 
 
Weighted-
 
 
 
Weighted-
 
 
 
Average
 
 
 
Average
 
 
 
Average
 
Options
 
Exercise
 
Options
 
Exercise
 
Options
 
Exercise
 
(000)
 
Price
 
(000)
 
Price
 
(000)
 
Price
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at beginning of year
8

 
$
26

 
26

 
$
23

 
29

 
$
23

Granted

 

 

 

 

 

Exercised
(8
)
 
26

 
(18
)
 
22

 
(3
)
 
20

Forfeited

 

 

 

 

 

Outstanding and exercisable at end of year

 
$

 
8

 
$
26

 
26

 
$
23

Aggregate intrinsic value for options exercised
$
208

 
 
 
$
412

 
 
 
$
54

 
 
Average aggregate intrinsic value for options outstanding and exercisable
$