Shareholders' Equity and Share-based Payments [Text Block] | 9. Employee Stock Option Plans The Company’s share-based incentive plans offering stock options primarily consists of two one The Company’s 1998 “1998 November 2007. December 1999, 1,066,000 9.8 637,089 June 30, 2003. December 1999 June 2002, 1,248,250 6.0 300,494 June 30, 2005. The Company’s 2007 “2007 December 12, 2016. 2007 2,000,000 may may Of the options granted subsequent to June 2002, 3 4 one third one fourth first 3 4 December 31, 2017 ten Under the 1998 2,500,000 December 31, 2017, no 1998 As of December 31, 2017, 764,430 2007 December 31, 2017, 2007 774,456 no 1998 The Company uses judgment in determining the fair value of the share-based payments on the date of grant using an option-pricing model with assumptions regarding a number of highly complex and subjective variables. These variables include, but are not 718. In applying the Black-Scholes methodology to the options granted, the Company used the following assumptions: Year ended December 31, 2017 2016 2015 Risk-free interest rate, average 2.21 % 1.52 % 2.00 % Expected option life, average (in years) 7.9 6.1 6.1 Expected price volatility, average 40.71 % 43.75 % 44.30 % Expected dividend yield 2.83 % 1.71 % 1.10 % The risk-free interest rate is determined using the U.S. Treasury rate in effect as of the date of the grant, based on the expected life of the stock option. The expected life of the stock option is determined using historical data. The expected price volatility is determined using a weighted average of daily historical volatility of the Company’s stock price over the corresponding expected option life. Under guidelines of ASC Topic 718, The following table shows the stock option activity: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value As of December 31, 2014 1,040,081 $ 5.65 5.60 $ 4,286 Granted 56,666 13.03 Reinstated 4,583 4.47 Expired and canceled (1,000 ) 3.42 Forfeited prior to vesting (15,252 ) 7.85 Exercised (56,143 ) 5.51 As of December 31, 2015 1,028,935 $ 6.03 4.73 $ 7,104 Granted 217,700 11.73 Expired and canceled (4,186 ) 12.03 Forfeited prior to vesting (17,360 ) 10.67 Exercised (374,857 ) 4.46 As of December 31, 2016 850,232 $ 8.06 5.78 $ 3,001 Granted 105,000 9.90 Expired and canceled (3,144 ) 10.29 Forfeited prior to vesting (8,996 ) 11.01 Exercised (178,662 ) 5.90 As of December 31, 2017 764,430 $ 8.78 6.48 $ 1,038 Vested and Expected to Vest at December 31, 2015 1,028,935 $ 6.03 4.73 $ 7,104 Vested at December 31, 2015 820,022 $ 5.10 3.74 $ 6,419 Vested and Expected to Vest at December 31, 2016 850,232 $ 8.06 5.78 $ 3,001 Vested at December 31, 2016 552,097 $ 6.33 4.09 $ 2,843 Vested and Expected to Vest at December 31, 2017 764,430 $ 8.78 6.48 $ 1,038 Vested at December 31, 2017 529,669 $ 7.89 5.50 $ 1,033 The weighted average per share fair value of options granted during the years ending December 31, 2017, 2016 2015 $3.31, $4.27, 5.27 December 31, 2017, 2016 2015 $646, $2,824, $404 The total pre-tax compensation cost related to stock options recognized during the years ended December 31, 2017, 2016, 2015 $665, $667 $848, December 31, 2017, 2016 2015 $0, $107 $41, December 31, 2017, not $829, 1.80 Employee Stock Purchase Plan During 2017, 2016 December 12, 2016. December 31, 2017, 466,783 500,000 Jan 1 July 1, six not 5% During each offering period, each eligible employee may may 2,500 $25 85% 15% first Shares purchased and compensation expense associated with Employee Stock Purchase Plans were as follows: 2017 2016 201 5 Shares purchased under ESPP plans 9,110 9,140 14,982 Plan compensation expense $ 13 $ 18 $ 31 Stock Repurchase Program and Cash Dividends In May 2012, 272,767 $2,598 December 31, 2014. December 2, 2016, On March 9, 2016, $10 may On March 1, 2017, $10 twelve may March 2018. During the twelve December 31, 2017, March 2016 March 2017: $ in thousands except per share price Total Number of Shares Purchased (a) Average Price Paid per Share (b) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (c) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ($ thousands) (d) January 1 to March 31 78,956 $ 11.75 78,956 $ 9.9 April 1 to June 30 214,866 9.91 214,866 7.7 July 1 to September 30 139,570 7.84 139,570 6.6 October 1 to December 31 118,544 8.18 118,544 5.7 Total 551,936 $ 9.28 551,936 From March 11, 2016 March 17, 2016, 1998 2007 225,542 $7.77. |