Stock-Based Compensation

12 Months Ended

Dec. 31, 2015

Stock Plans

The Company made various award grants under the 2009 Long-Term Incentive Plan prior to May 2012 and under the 2012 Long Term Incentive Plan prior to May 2014. In May 2014, the Company's stockholders approved the Amended and Restated 2012 Long-Term Incentive Plan (as amended, the "Incentive Plan"), which had been previously approved by the Company's Board of Directors. The Incentive Plan allows for the granting of various types of stock awards, not to exceed a total of 5.0 million shares, to eligible individuals. The Compensation Committee of the Board of Directors administers the Incentive Plan and determines the terms of all stock awards made under the Incentive Plan.

Stock option activity for the year ended December 31, 2015 was as follows (in thousands, except exercise price and remaining contractual terms information):

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (In Years) (1)		Aggregate Intrinsic Value
Options outstanding at December 31, 2014		12		$	7.48		0.09	$	139
Options exercised (2)		(12	)		7.48			$	(139	)
Options outstanding at December 31, 2015		-		$	-		-	$	-
Options vested, December 31, 2015		-		$	-		-	$	-

(1)	Stock options have a maximum contractual term of 10 years.

(2)	The total aggregate intrinsic value of stock options exercised during 2014 and 2013 was $2.5 million and $1.0 million, respectively.

Restricted stock activity for the year ended December 31, 2015 was as follows (in thousands, except fair value information):

	Shares			Weighted-Average Grant Date Fair Value
Restricted stock awards outstanding at December 31, 2014		1,506		$	15.39
Awards granted (1)		808		$	18.49
Awards vested (2)		(772	)	$	14.01
Awards forfeited		(172	)	$	16.01
Restricted stock awards outstanding at December 31, 2015		1,370		$	17.82

(1)	The weighted average grant date fair value of shares granted during 2014 and 2013 was $18.56 and $14.62, respectively.

(2)	The total fair value of restricted shares vested during the years ended December 31, 2015, 2014 and 2013 was $14.2 million, $15.1 million and $13.4 million, respectively.

The Company recognized $13.5 million, $13.4 million, and $11.1 million of share-based compensation expense during 2015, 2014 and 2013, respectively, which included $2.2 million, $2.0 million, and $1.7 million of expense for retirement savings plan contributions, respectively. The associated current and future income tax benefit recognized during 2015, 2014 and 2013 was $4.2 million, $4.1 million, and $3.6 million, respectively. As of December 31, 2015, there was $18.5 million of total unrecognized compensation cost related to non-vested share-based awards. This cost is expected to be recognized over a weighted-average period of two years. Generally restricted stock awards vest over a three year service period.

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (the "ESPP") is a broadly-based stock purchase plan in which any eligible employee may elect to participate by authorizing the Company to make payroll deductions in a specific amount or designated percentage to pay the exercise price of an option. In no event will the ESPP permit an employee to purchase common stock with a fair market value in excess of $25,000 in any calendar year and the Compensation Committee of the Company has set the current annual participation limit at $12,500. During the year ended December 31, 2015, approximately 14,300 shares were purchased under the ESPP.

There are four three-month offering periods in each calendar year beginning on January 1, April 1, July 1, and October 1, respectively. The purchase price of shares offered under the ESPP is an amount equal to 95% of the fair market value of the common stock on the date of purchase (occurring on, respectively, March 31, June 30, September 30, and December 31). The ESPP is designed to comply with Section 423 of the Code and thus is eligible for the favorable tax treatment afforded by Section 423.