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Common Stock (Tables)
12 Months Ended
Dec. 31, 2019
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, 2019 (d)
 
 
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 396,657 treasury shares since 2015 including 51,305 shares during 2019.
(d)
The Company may make purchases of shares of its common stock pursuant to its authorized program in open market transactions at prevailing prices and may engage in private transactions where appropriate. The repurchased shares will be available for issuance under employee benefit and stock incentive plans or the repurchased shares may be retired.
Schedule of Earnings Per Share, Basic and Diluted The basic and diluted earnings per share are presented below: 
 
Years Ended December 31,
 
2019
 
2018
 
2017
Weighted average number of common shares outstanding:
 
 
 
 
 
Basic number of common shares outstanding
40,605,597

 
40,521,364

 
40,414,556

Dilutive effect of unvested performance awards
75,624

 
121,276

 
120,635

Diluted number of common shares outstanding
40,681,221

 
40,642,640

 
40,535,191

Basic net income per common share:
 
 
 
 
 
Net income
$
123,037

 
$
84,315

 
$
98,261

Income allocated to participating restricted stock
(402
)
 
(297
)
 
(368
)
Net income available to common shareholders
$
122,635

 
$
84,018

 
$
97,893

Diluted net income per common share:
 
 
 
 
 
Net income
$
123,037

 
$
84,315

 
$
98,261

Income reallocated to participating restricted stock
(402
)
 
(296
)
 
(368
)
Net income available to common shareholders
$
122,635

 
$
84,019

 
$
97,893

Basic net income per common share:
 
 
 
 
 
Distributed earnings
$
1.515

 
$
1.415

 
$
1.315

Undistributed earnings
1.505

 
0.655

 
1.105

Basic net income per common share
$
3.020

 
$
2.070

 
$
2.420

Diluted net income per common share:
 
 
 
 
 
Distributed earnings
$
1.515

 
$
1.415

 
$
1.315

Undistributed earnings
1.495

 
0.655

 
1.105

Diluted net income per common share
$
3.010

 
$
2.070

 
$
2.420


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,
 
 
2019
 
2018
 
2017
Restricted stock awards
 
51,647

 
62,836

 
67,739

Performance shares (a)
 
10,913

 
22,815

 

_____________________
(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 2019, 2018 and 2017 is presented below (in thousands):
 
 
2019
 
2018
 
2017
 
 
 
Expense (a)
 
$
2,320

 
$
3,198

 
$
2,997

Deferred tax benefit
 
487

 
671

 
1,049

Current tax benefit recognized
 
112

 
117

 
318


_____________________
(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 2019, 2018 and 2017 is presented below (in thousands):
 
 
2019
 
2018
 
2017
 
 
 
Aggregated intrinsic value
 
$
3,202

 
$
3,771

 
$
3,711

Fair value at grant date
 
2,667

 
3,212

 
2,803


Schedule of Restricted Stock Activity
The unvested restricted stock transactions for 2019 are presented below:
 
Total
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Unrecognized Compensation Expense (b)
 
Aggregate Intrinsic Value
 
 
 
 
 
(In thousands)
 
(In thousands)
Restricted shares outstanding at December 31, 2018
93,908

 
$
51.60

 
 
 
 
Stock awards (a)
83,585

 
58.71

 
 
 
 
Vested
(50,504
)
 
52.82

 
 
 
 
Forfeitures
(31,185
)
 
49.38

 
 
 
 
Restricted shares outstanding at December 31, 2019
95,804

 
57.89

 
$
2,853

 
$
6,504


_______________________
(a) On July 31, 2019, the Company issued a special grant to the Company's former President and Chief Executive Officer ("CEO") of 27,624 shares in accordance with the Amended and Restated 2007 LTIP that is eligible for vesting immediately prior to the closing of the Merger. In the event the Merger Agreement is terminated without the closing of the Merger, these shares will be forfeited.
(b) 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, subject to acceleration under the provisions of the Merger Agreement.
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 2019, 2018 and 2017 were:
 
2019
 
2018
 
2017
Weighted average fair value per share
$
58.71

 
$
54.49

 
$
49.78


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 2019, 2018 and 2017 is presented below:
 
2019
 
2018
 
2017
Weighted average per share grant date fair value per share of performance shares awarded
$
48.85

 
$
48.99

 
$
42.62

Fair value of performance shares vested (in thousands)
1,816

 
1,499

 
298

Intrinsic value of performance shares vested (in thousands) (a)
2,514

 
2,040

 
512

Compensation expense (in thousands) (b) (c)
153

 
2,271

 
2,012

Deferred tax benefit related to compensation expense (in thousands) (b)
32

 
477

 
704


_____________________
(a) Based on a 71%, 100% and 32% performance level, respectively.
(b) Includes adjustments for estimated forfeitures.
(c) 2019 includes forfeiture of the Company's former President and CEO's retention grant included in 2018 and 2017.
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 29, 2020
 
150
%
 
39,027

(a)
$
1,109

 
2017-2019
 
$
2,660

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


___________
(a) 6,908 shares vested on December 20, 2019.
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, 2018
175,845

 
$
40.90

 
 
 
 
Performance share awards
49,826

 
48.85

 
 
 
 
Performance shares vested
(46,831
)
 
38.78

 
 
 
 
Performance shares expired
(16,317
)
 
38.11

 
 
 
 
Performance shares forfeited (a)
(86,677
)
 
41.52

 
 
 
 
Performance shares outstanding at December 31, 2019
75,846

 
47.33

 
$
302

 
$
5,149


_______________________
(a) On August 1, 2019, the Company's former President and CEO forfeited the retention grant of 27,624 shares issued on December 15, 2015.
(b) The unrecognized compensation expense is expected to be recognized over the weighted average remaining contractual term of the awards of approximately one year. Under the Merger Agreement, performance shares that are unvested would be cancelled and converted into a vested right to receive cash upon the closing for the Merger.