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Share-Based Compensation and Employee Ownership Plans
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation and Employee Ownership Plans Share-Based and Deferred Compensation and Employee Ownership Plans
The Company issues share-based compensation under the 2010 Equity and Incentive Plan (the "Equity Plan"). The Equity Plan permits the grant of options, restricted shares, restricted stock units, stock appreciation rights ("SARs") and other equity-based awards to the Company's employees and directors. Stock options granted generally vest over two-to-five-year periods and expire seven years from the date of grant. Restricted shares and restricted share units issued may be immediately vested or may generally vest over a two-to-five-year period. SARs vest and expire after five years from grant date. Awards are subject to the risk of forfeiture. As of December 31, 2019, there were no shares available for future issuance under the Equity Plan.
Under the Equity Plan, the Company awarded $42.5 million of deferred cash awards to its employees during the year ended December 31, 2019. These awards vest over a four-year period and accrue interest at 0.70% per year. As of December 31, 2019, the Company had unrecognized compensation expense related to the Equity Plan deferred cash awards of $60.3 million.
The Company measures compensation cost for share-based awards according to the equity method. In accordance with the expense recognition provisions of those standards, the Company amortizes unearned compensation associated with share-based awards on a straight-line basis over the vesting period of the option or award, net of estimated forfeitures. In relation to awards under the Equity Plan, the Company recognized compensation expense of $34.0 million, $37.0 million, and $28.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. The income tax effect recognized for the Equity Plan was a benefit of $8.8 million, $9.7 million, and $7.7 million for the years ended December 31, 2019, 2018 and 2017, respectively.
The following table summarizes the Company's SARs for the years ended December 31, 2019 and 2018:
Class A Common Shares Subject
to Option 		 Weighted Average
Exercise Price/Share 		 Weighted Average
Remaining Term 		 Aggregate Intrinsic Value  
   (in years) (dollars in thousands) 
Balance outstanding at December 31, 2017  75,000  $11.60  0.21$173  
SARs vested  (75,000) 14.21   —  —  
Balance outstanding at December 31, 2018  —  $—  0$—  
SARs granted  —  —  —  —  
SARs vested  —  —  —  —  
SARs expired  —  —  —  —  
Balance outstanding at December 31, 2019  —  $—  0$—  
SARs exercisable at December 31, 2018  —  $—  0$—  
SARs exercisable at December 31, 2019  —  $—  0$—  
As of December 31, 2019 and 2018 the Company's SARs were fully expensed.
Restricted Stock Units Granted to Employees
Restricted shares and restricted stock units are referred to collectively as restricted stock. The following table summarizes the Company's restricted share and restricted stock unit activity for the years ended December 31, 2019 and 2018:
Year Ended December 31, 2019Year Ended December 31, 2018
Nonvested Restricted Class A Common Shares and Class A Common Restricted Stock UnitsWeighted-Average
Grant Date
Fair Value		Nonvested Restricted Class A Common Shares and Class A Common Restricted Stock UnitsWeighted-Average
Grant Date
Fair Value
Beginning balance outstanding 5,962,295  $15.73  5,579,293  $16.33  
Granted2,435,058  16.58  2,413,727  14.20  
Vested(2,291,032) 15.63  (1,961,824) 15.60  
Canceled(584,333) 11.49  —  —  
Forfeited(157,502) 13.98  (68,901) 14.21  
Ending balance outstanding 5,364,486  $16.67  5,962,295  $15.73  
Included in the restricted share and restricted stock unit activity are performance linked restricted stock units of 481,438 which were awarded to employees of the Company in December 2013 and January 2014. An additional 700,000 performance linked restricted stock units were awarded in March 2016 and 333,333 in April of 2019. Of the awards granted, 130,438 have been forfeited and 584,333 have been canceled, as they did not meet the performance criteria, through December 31, 2019. The remaining awards, included in the outstanding balance as of December 31, 2019, vest between March 2020 and December 2021 and will be earned only to the extent that the Company attains specified market conditions relating to its volume-weighted average share price and total shareholder return in relation to certain benchmark indices and performance goals relating to aggregate net income and average return on shareholder equity. The actual number of RSUs ultimately earned could vary from zero, if performance goals are not met, to as much as 200% of the targeted award. Each RSU is equal to the one share of the Company's Class A common stock. Compensation expense is recognized to the extent that it is probable that the Company will attain the performance goals.
The fair value of restricted stock (excluding certain performance linked units which are valued using the Monte Carlo valuation model) is determined based on the number of shares granted and the quoted price of the Company's common stock on the date of grant.
As of December 31, 2019, there was $62.6 million of unrecognized compensation expense related to the Company's grant of nonvested restricted shares and restricted stock units to employees. Unrecognized compensation expense related to nonvested restricted shares and restricted stock units granted to employees is expected to be recognized over a weighted-average period of 2.11 years.
Restricted Shares and Restricted Stock Units Granted to Non-employee Board Members
There were no restricted stock units awarded to non-employee board members during the year ended December 31, 2019 and 120,430 were delivered. As of December 31, 2019 there were 216,912 restricted stock units outstanding. There were
88,504 restricted stock units awarded during the year ended December 31, 2018. As of December 31, 2018 there were 253,772 restricted stock units outstanding.