Stock-Based Compensation and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2016

The table below reflects recent restricted stock activity as well as other information related to awards of restricted stock that were granted under the Equity Incentive Plan. Restricted stock granted under the Equity Incentive Plan generally vests over a three- or four-year period on a graded-vesting basis with equal proportions of the shares vesting at the annual anniversary date of the grant in each of the three or four years in the vesting period.


	Fiscal 2016					Fiscal 2015					Fiscal 2014
	Shares			Weighted Average Grant Date Fair Value per Share		Shares			Weighted Average Grant Date Fair Value per Share		Shares			Weighted Average Grant Date Fair Value per Share
Unvested Restricted Shares:
Balance at beginning of fiscal year		1,625,477		$	2.46		2,247,565		$	1.22		2,851,824		$	1.42
Granted		237,049		$	11.46		779,154		$	4.09		505,460		$	1.01
Vested		(1,212,472	)	$	2.73		(1,228,646	)	$	1.43		(1,060,406	)	$	1.68
Forfeited		(98,543	)	$	1.01		(172,596	)	$	1.01		(49,313	)	$	1.01

Balance at end of fiscal year		551,511		$	5.99		1,625,477		$	2.46		2,247,565		$	1.22

Vested Restricted Shares:
Balance at beginning of fiscal year		2,913,207		$	1.72		1,857,157		$	1.85		1,186,968		$	2.81
Vested		1,212,472		$	2.73		1,228,646		$	1.43		1,060,406		$	1.68
Repurchased		(259,249	)	$	1.51		(172,596	)	$	1.01		(390,217	)	$	4.30

Balance at end of fiscal year		3,866,430		$	2.05		2,913,207		$	1.72		1,857,157		$	1.85

Schedule of Restricted Shares Granted Weighted Average Grant Date Fair Value

During Fiscal 2016, the Company granted restricted shares with weighted average grant date fair values per share as follows:


Grants Made During the Quarter Ended	Number of Restricted Shares Granted		Weighted Average Fair Value of Common Stock per Share on Date of Grant
April 2, 2016		130,682	$	10.24
July 2, 2016		93,696	$	11.25
December 31, 2016		12,671	$	25.65

Schedule of RSUs and Stock Options

A summary of the Fiscal 2016 awards of RSUs and stock options were as follows:


Awards Granted During the Quarter Ended	Number of Awards Granted		Weighted Average Fair Value on Date of Grant
RSUs:
October 1, 2016		240,843	$	25.69
December 31, 2016		587,140	$	25.68
Stock Options:
October 1, 2016		648,301	$	4.74
December 31, 2016		8,960	$	4.91

Schedule of Stock Option Award Using the Black-Scholes Model

The grant-date fair value of the stock option awards are determined using the Black-Scholes model. Weighted average inputs to the Black-Scholes model were as follows:


Stock price on date of grant	$	26.24
Exercise price	$	25.70
Expected term		4.74 years
Risk-free interest rate (range 0.74% to 1.36%)		1.18%
Expected dividend yield (range 2.2% to 2.5%)		2.29%
Expected volatility		23.8%

Schedule of Restricted Stock Unit Award During End of the Period

Additional information relating to the RSU awards follows:


	Shares			Weighted Average Grant Date Fair value per Share
Unvested RSUs:
Balance at beginning of fiscal year		—			—
Granted		827,983		$	25.69
Vested		(4,948	)	$	25.69
Forfeited		(2,626	)	$	25.69

Balance at end of fiscal year		820,409		$	25.69

RSUs Expected to vest		769,352		$	25.69

Vested RSUs:
Balance at beginning of fiscal year		—			—
Vested		4,948		$	25.69

Balance at end of fiscal year		4,948		$	25.69

Schedule of Stock Option Award at the End of the Period

Additional information relating to the stock option awards follows:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value (1) (in thousands)
Balance at beginning of fiscal year		—			—
Granted		657,261		$	25.70
Forfeited		(7,876	)	$	25.69

Balance outstanding at end of period		649,385		$	25.70		9.66 years	$	2,647

Options expected to vest		610,940		$	25.70		9.66 years	$	2,491

(1)	Represents the total pre-tax intrinsic value, based on the closing price of the Company’s common stock on the New York Stock Exchange on December 31, 2016 and is the amount the option holders would have received had all option holders exercised their options on December 31, 2016.