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Common Stock (Tables)
12 Months Ended
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Treasury Stock by Class
Detail regarding the Company's stock repurchase program are presented below:
 
Since 1999
(a)
 
Authorized
Shares
Shares repurchased (b) (c)
25,406,184

 
 
Cost, including commission (in thousands)
$
423,647

 
 
Total remaining shares available for repurchase at December 31, 2018
 
 
393,816


______________________
(a)
Represents repurchased shares and cost since inception of the stock repurchase program in 1999.
(b)
Shares repurchased does not include 86,735 treasury shares related to employee compensation arrangements that were not part of the Company's repurchase program.
(c)
Beginning in 2015, shares of the Company's common stock issued for employee benefit and stock incentive plans have been issued from the shares repurchased and held in treasury stock. The Company has issued 345,352 treasury shares since 2015 including 96,783 shares during 2018.
Schedule of Earnings Per Share, Basic and Diluted
The basic and diluted earnings per share are presented below: 
 
Years Ended December 31,
 
2018
 
2017
 
2016
Weighted average number of common shares outstanding:
 
 
 
 
 
Basic number of common shares outstanding
40,521,364

 
40,414,556

 
40,350,688

Dilutive effect of unvested performance awards
121,276

 
120,635

 
57,345

Diluted number of common shares outstanding
40,642,640

 
40,535,191

 
40,408,033

Basic net income per common share:
 
 
 
 
 
Net income
$
84,315

 
$
98,261

 
$
96,768

Income allocated to participating restricted stock
(297
)
 
(368
)
 
(321
)
Net income available to common shareholders
$
84,018

 
$
97,893

 
$
96,447

Diluted net income per common share:
 
 
 
 
 
Net income
$
84,315

 
$
98,261

 
$
96,768

Income reallocated to participating restricted stock
(296
)
 
(368
)
 
(321
)
Net income available to common shareholders
$
84,019

 
$
97,893

 
$
96,447

Basic net income per common share:
 
 
 
 
 
Distributed earnings
$
1.415

 
$
1.315

 
$
1.225

Undistributed earnings
0.655

 
1.105

 
1.165

Basic net income per common share
$
2.070

 
$
2.420

 
$
2.390

Diluted net income per common share:
 
 
 
 
 
Distributed earnings
$
1.415

 
$
1.315

 
$
1.225

Undistributed earnings
0.655

 
1.105

 
1.165

Diluted net income per common share
$
2.070

 
$
2.420

 
$
2.390

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The amount of restricted stock awards and performance shares at 100% performance level excluded from the calculation of the diluted number of common shares outstanding because their effect was antidilutive is presented below: 
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Restricted stock awards
 
62,836

 
67,739

 
53,703

Performance shares (a)
 
22,815

 

 
47,246

_____________________
(a)
Certain performance shares were excluded from the computation of diluted earnings per share as no payouts would have been required based upon performance at the end of each corresponding period.
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Expense, Deferred Tax Benefit, and Current Tax Expense Related to Restricted Stock Awards
The expense, deferred tax benefit, and current tax benefit recognized related to restricted stock and other stock-based awards in 2018, 2017 and 2016 is presented below (in thousands):
 
 
2018
 
2017
 
2016
 
 
 
Expense (a)
 
$
3,198

 
$
2,997

 
$
2,594

Deferred tax benefit
 
671

 
1,049

 
908

Current tax benefit recognized
 
117

 
318

 
183


_____________________
(a) Any capitalized costs related to these expenses is less than $0.3 million for all years.
Schedule of Share-based Compensation, Activity
The aggregate intrinsic value and fair value at grant date of restricted stock and other stock-based awards which vested in 2018, 2017 and 2016 is presented below (in thousands):
 
 
2018
 
2017
 
2016
 
 
 
Aggregated intrinsic value
 
$
3,771

 
$
3,711

 
$
2,515

Fair value at grant date
 
3,212

 
2,803

 
1,993

Schedule of Restricted Stock Activity
The unvested restricted stock transactions for 2018 are presented below:
 
Total
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Unrecognized Compensation Expense (a)
 
Aggregate Intrinsic Value
 
 
 
 
 
(In thousands)
 
(In thousands)
Restricted shares outstanding at December 31, 2017 (b)
106,235

 
$
45.76

 
 
 
 
Stock awards
62,348

 
54.49

 
 
 
 
Vested
(69,948
)
 
45.93

 
 
 
 
Forfeitures
(4,727
)
 
42.29

 
 
 
 
Restricted shares outstanding at December 31, 2018 (b)
93,908

 
51.60

 
$
2,009

 
$
4,708


_______________________
(a) The unrecognized compensation expense is expected to be recognized over the weighted average remaining contractual term of the outstanding restricted stock of approximately one year.
(b) Excludes the stock-based retention grant to the President and Chief Executive Officer ("CEO") of 27,624 shares. See "Restricted Stock with a Market Condition (Performance Shares)" section below for further details.
Schedule of Share-based Compensation Award, Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value
The weighted average fair value per share at grant date for restricted stock and other stock-based awards granted during 2018, 2017 and 2016 were:
 
2018
 
2017
 
2016
Weighted average fair value per share
$
54.49

 
$
49.78

 
$
40.95

Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Activity
A summary of information related to performance shares for 2018, 2017 and 2016 is presented below:
 
2018
 
2017
 
2016
Weighted average per share grant date fair value per share of performance shares awarded
$
48.99

 
$
42.62

 
$
38.11

Fair value of performance shares vested (in thousands)
1,499

 
298

 

Intrinsic value of performance shares vested (in thousands) (a)
2,040

 
512

 

Compensation expense (in thousands) (b) (c)
2,271

 
2,012

 
1,655

Deferred tax benefit related to compensation expense (in thousands) (b)
477

 
704

 
579


_____________________
(a) Based on a 100%, 32% and 0% performance level, respectively.
(b) Includes adjustments for estimated forfeitures.
(c) Includes President and CEO retention grant.
Schedule of Share-based Compensation Award, Performance-Based Units, Vested and Expected to Vest
Detail of performance shares vested follows:
Date Vested
 
Payout Ratio
 
Performance Shares Awarded
 
Compensation Costs Expensed
 
Period Compensation Costs Expensed
 
Aggregated Intrinsic Value
 
 
 
 
 
 
(In thousands)
 
 
 
(In thousands)
January 30, 2019
 
71
%
 
39,923

 
$
2,143

 
2016-2018
 
2,046

January 31, 2018
 
175
%
 
68,379

 
1,499

 
2015-2017
 
3,569

January 25, 2017
 
32
%
 
11,314

 
932

 
2014-2016
 
512

January 27, 2016
 
0
%
 
0

 
851

 
2013-2015
 

Schedule of Performance Stock Activity
The outstanding performance share awards at the 100% performance level is summarized below:
 
Number
Outstanding
 
Weighted
Average
Grant Date
Fair Value
 
Unrecognized Compensation Expense (b)
 
Aggregate Intrinsic Value
 
 
 
 
 
(In thousands)
 
(In thousands)
Performance shares outstanding at December 31, 2017 (a)
172,591

 
$
38.21

 
 
 
 
Performance share awards
45,977

 
48.99

 
 
 
 
Performance shares vested
(39,077
)
 
38.36

 
 
 
 
Performance shares forfeited
(3,646
)
 
42.47

 
 
 
 
Performance shares outstanding at December 31, 2018 (a)
175,845

 
40.90

 
$
1,961

 
$
8,815


_______________________
(a) On December 15, 2015, the Company issued a stock based retention grant to the President and CEO of 27,624 shares in accordance with the Amended and Restated 2007 LTIP that is eligible for vesting based on the achievement of certain performance conditions and a five year service period, as stated in the President and CEO's employment agreement. The performance condition was met as of November 2016 as determined by the Compensation Committee and has been included in the beginning and ending balance in the table above.
(b) The unrecognized compensation expense is expected to be recognized over the weighted average remaining contractual term of the awards of approximately one year, except for the President and CEO retention grant, which is approximately two years.