Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Schedule of restricted stock units activity |
The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2018, 2017 and 2016: | | | | | | | | Year Ended December 31 | Grantee Type | Number of Restricted Stock Units Granted | Vesting Period | Grant Date Fair Value | 2018 | Director group | 373,438 | 1-3 years | $ | 5,975,008 |
| 2018 | Employee group | 1,263,751 | 1-4 years | $ | 22,195,706 |
| 2017 | Director group | 18,348 | 2-3 years | $ | 198,892 |
| 2017 | Employee group | 141,288 | 5 years | $ | 1,897,498 |
| 2016 | Director group | 18,348 | 2-3 years | $ | 198,892 |
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The following table provides a summary of restricted stock awards activity under the 2010 and 2017 Plans as of December 31, 2018: | | | | | | | | | | | | | | | | | Year Ended December 31, 2018 | Restricted Stock | Number of Time-Based Restricted Stock Units | Aggregate Intrinsic Value (in millions) | Number of Performance-Based Restricted Stock Units | Aggregate Intrinsic Value (in millions) | Number of Market Performance-Based Restricted Stock Units | Aggregate Intrinsic Value (in millions) | Non-vested as of December 31, 2017 | 34,633 |
| N/A |
| 71,428 |
| N/A |
| — |
| N/A |
| Granted | 1,033,189 |
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| — |
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| 604,000 |
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| Vested (1) | (19,566 | ) |
| — |
|
| — |
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| Forfeited | (20,000 | ) |
| — |
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| (16,500 | ) |
| Non-vested as of December 31, 2018 | 1,028,256 |
| $ | 26.3 |
| 71,428 |
| $ | 1.8 |
| 587,500 |
| $ | 15.0 |
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The weighted average grant-date fair value of restricted stock units granted during years 2018, 2017, and 2016 was $17.21, $13.13 and $10.84 per unit, respectively. As of December 31, 2018 the weighted average grant date fair value of vested restricted stock units was $11.27, for forfeited restricted stock units was $14.83, and non-vested restricted stock units was $17.06 per unit. | | (1) | For certain vested restricted stock units, common shares shall not be issued until the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. For certain vested restricted stock units, common shares shall not be issued until the first to occur of: (1) change in control or (2) set cliff vesting dates, as defined in the 2010 Plan. Holders of these certain vested restricted stock units are entitled to receive dividends, but are not entitled to vote the shares until common shares are issued. The amount of vested restricted stock units was 613,605 as of December 31, 2018 and had a related aggregate intrinsic value of $15.7 million at $25.54 per unit. |
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Schedule of market performance-based restricted stock units thresholds |
Awards will vest based on the Company’s TSR relative to the percentage appreciation (rounded to the nearest tenth of a percent), in the value per share of stock during the performance period, over a three-year market performance period, commencing on January 18, 2018 and ending on December 31, 2020 (or, if earlier, ending on the date on which a change in control of the Company occurs), subject to continued services. In the event that the TSR upon completion of the market performance period is achieved at the “minimum,” “target” or “maximum” level as set forth below, the awards will become vested as to the market condition with respect to the percentage RSUs, as applicable, set forth below: | | | | Performance Level Thresholds | TSR | Market Performance Percentage | Minimum | 8% | 50% of Target Award | Target | 10% | 100% of Target Award | Maximum | 12% | 150% of Target Award |
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Schedule of performance-based restricted stock unit valuation assumptions |
Assumptions used in the valuations are summarized as follows:
| | | | | Award Date | Expected Stock Price Volatility | Risk-Free Interest Rate | Dividend Yield | 2/26/2018 | 30% | 2.35% | 4.70% | 4/2/2018 | 30% | 2.34% | 4.04% | 7/1/2018 | 30% | 2.58% | 3.41% | 10/1/2018 | 25% | 2.85% | 3.01% |
The key assumptions used in the valuation of the April 2017 award was as follows: | | | | | Award Date | Expected Stock Price Volatility | Risk-Free Interest Rate | Dividend Yield | 4/10/2017 | 30% | 1.63% | 2% |
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Schedule of stock option activity |
The following table provides a summary of option activity for the year ended December 31, 2018: | | | | | | | | | | | | Number of Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Terms (Years) | Aggregate Intrinsic Value (in millions) | Outstanding as of December 31, 2017 | 5,477,617 |
| $ | 9.72 |
| 6.0 | N/A |
| Granted | — |
| — |
| | | Exercised | (2,993,709 | ) | 9.69 |
| | | Forfeited or expired | (128,121 | ) | 8.84 |
| | | Outstanding as of December 31, 2018 | 2,355,787 |
| $ | 9.81 |
| 5.4 | $ | 37.1 |
| | | | | | Exercisable as of December 31, 2018 | 1,167,789 |
| $ | 9.81 |
| 3.8 | $ | 18.4 |
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The following table summarizes stock option grants under the 2010 Plan during the year ended December 31, 2016: | | | | | | | | | Year Ended December 31 | Grantee Type | # of Options Granted | Vesting Period | Weighted- Average Exercise Price | Grant Date Fair Value | 2016 | Employee group | 1,355,000 | 5 years | $9.81 | $ | 4,674,750 |
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Schedule of stock option valuation |
The Company’s calculations of the fair value of stock options granted during the year ended December 31, 2016 were determined based on the Black-Scholes option-pricing model utilizing the following assumptions: | | | | 2016 | Weighted-average expected life | 6.6 years | Risk-free interest rate | 1.6% | Expected volatility | 33% | Expected dividend yield | 2.0% |
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