XML 54 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of restricted stock units issued and compensation expense
The following table summarizes RSUs issued and the compensation expense recorded for the years ended December 31, 2017, 2016 and 2015:
 
 
RSUs (a)
 
Weighted Average Fair Value
 
Expense
 
(Dollars in thousands, except per unit)
 
 
 
2017
 
2016
 
2015
 
Directors:
 
 
 
 
 
 
 
 
 
 
 
2014
 
36,840

 
$
24.80

 
$
—

 
$
—

 
$
311

 
2015
 
59,985

 
$
15.69

 
—

 
314

 
627

 
2016
 
109,998

 
$
7.00

 
257

 
513

 
—

 
2017
 
56,203

 
$
13.70

 
641

 
—

 
—

 
Employees:
 
 
 
 
 
 
 
 
 
 
 
2012
 
141,486

 
$
18.75

 
—

 
—

 
(71
)
(b)
2013
 
170,582

 
$
20.63

 
—

 
66

 
87

 
2014
 
190,832

 
$
25.21

 
316

 
669

 
504

 
2015
 
239,679

 
$
16.53

 
597

 
880

 
919

 
2016
 
536,773

 
$
7.09

 
1,011

 
995

 
—

 
2017
 
286,251

 
$
13.70

 
1,417

 
—

 
—

 
Total
 
 

 
 

 
$
4,239

 
$
3,437

 
$
2,377

 
(a)
Represents number of awards originally issued.
(b)
Represents the impact of forfeitures during 2015.
Schedule of restricted stock unit activity
RSU activity for the year ended December 31, 2017 was as follows:
 
 
Number of Shares
 
Weighted Average
Grant-Date
Fair Value
Non-vested at December 31, 2016
 
927,082

 
$
11.19

Granted
 
342,454

 
13.70

Vested
 
(392,735
)
 
11.96

Forfeited
 
(74,862
)
 
12.96

Non-vested at December 31, 2017
 
801,939

 
11.73
Schedule of Stock Appreciation Rights award activity
SARs activity for the years ended December 31, 2017 was as follows:
 
 
Number of Shares
 
Weighted Average Exercise Price
 
Aggregate Intrinsic Value (in millions) (c)
Outstanding, December 31, 2016
 
1,535,873

 
$
15.81

 
$
3.4

Granted
 
266,540

 
13.70

 
 
Exercised
 
(32,703
)
 
10.73

 
 
Forfeited/Expired
 
(90,434
)
 
19.04

 
 
Outstanding, December 31, 2017
 
1,679,276

 
15.40

 
7.9


(c)
Intrinsic value is defined as the difference between the current market value and the exercise price, for those SARs where the market price exceeds the exercise price.
Schedule of nonvested awards activity
The following table summarizes information concerning outstanding and exercisable SARs at December 31, 2017:
 
 
SARs Outstanding
 
SARs Exercisable
Range of exercisable prices
 
Vested
 
Non-vested
 
Weighted-Average Exercise Price per Share
 
Weighted-Average Remaining Contractual Life in Years
 
Number Exercisable
 
Weighted-Average Exercise Price per Share
$7.00 - $13.70
 
163,601

 
596,285

 
$
9.40

 
8.65
 
163,601

 
$
7.43

$16.53 - $22.70
 
377,147

 
255,269

 
18.29

 
6.66
 
377,147

 
18.26

$23.03 - $26.92
 
261,111

 
25,863

 
24.93

 
6.33
 
261,111

 
24.95

 
 
801,859

 
877,417

 
15.40

 
7.51
 
801,859

 
18.23
Schedule of stock option activity
Stock option activity for the years ended December 31, 2017 was as follows:
 
 
Number of Shares
 
Weighted Average
Exercise Price
 
Aggregate
Intrinsic Value
(in millions)(e)
Outstanding, December 31, 2016
 
55,000

 
$
31.75

 
$
—

Forfeited
 
(12,500
)
 
31.75

 
—

Outstanding, December 31, 2017
 
42,500

 
31.75

 
—

(e)
Intrinsic value is defined as the difference between the current market value and the exercise price, for those options where the market price exceeds the exercise price.
Schedule of outstanding and exercisable options
The following table summarizes information concerning outstanding and exercisable options at December 31, 2017:
 
 
Stock Options Outstanding
 
Stock Options Exercisable
Range of Exercisable Prices
 
Vested
 
Non-vested
 
Weighted Average
Exercise
Price Per
Share
 
Weighted Average
Remaining
Contractual
Life in
Years
 
Number
Exercisable
 
Weighted Average
Exercise
Price Per
Share
$31.75 - $31.75
 
42,500

 
—

 
$
31.75

 
0.1
 
42,500

 
$
31.75
Stock Appreciation Rights (SARs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of stock appreciation rights valuation assumptions
The fair value of each SAR grant was estimated on the grant date using a Black-Scholes pricing model with the following assumptions:
 
 
Risk-free Interest rate
 
Dividend Yield
 
Expected Life (Years)
 
Volatility
 
SAR Grant Price
 
Fair Value of SAR
May 2013 Grant
 
1.17
%
 
3.61
%
 
6.5
 
44.1
%
 
$
22.70

 
$
6.86

June 2013 Grant
 
1.41
%
 
3.56
%
 
6.5
 
44.1
%
 
23.03

 
7.07

November 2013 Grant
 
1.91
%
 
3.13
%
 
6.5
 
43.8
%
 
26.22

 
8.60

April 2014 Grant
 
1.98
%
 
3.53
%
 
6.0
 
44.3
%
 
23.25

 
7.25

May 2014 Grant (1st)
 
1.90
%
 
3.16
%
 
6.0
 
43.2
%
 
25.93

 
8.16

May 2014 Grant (2nd)
 
1.82
%
 
3.05
%
 
6.0
 
42.8
%
 
26.92

 
8.47

July 2014 Grant
 
2.00
%
 
3.24
%
 
6.0
 
41.2
%
 
25.27

 
7.55

August 2014 Grant
 
1.92
%
 
3.27
%
 
6.0
 
41.2
%
 
25.11

 
7.46

September 2014 Grant
 
2.03
%
 
3.50
%
 
6.0
 
40.6
%
 
23.43

 
6.72

November 2014 Grant
 
1.78
%
 
4.00
%
 
6.0
 
38.6
%
 
20.48

 
5.17

May 2015 Grant
 
1.70
%
 
4.96
%
 
6.0
 
35.8
%
 
16.53

 
3.39

May 2016 Grant
 
1.39
%
 
—
%
 
6.0
 
42.1
%
 
7.00

 
2.93

November 2016 Grant
 
1.74
%
 
—
%
 
6.0
 
43.8
%
 
12.25

 
5.38

March 2017 Grant
 
2.17
%
 
—
%
 
6.0
 
43.9
%
 
13.70

 
6.13
Schedule of weighted-average grant-date fair value of unvested options
Weighted-average grant date fair value of non-vested SARs for the year ended December 31, 2017 was as follows:
 
 
Number of Shares
 
Weighted-Average Grant Date Fair Value
Non-vested shares, December 31, 2016
 
1,014,524

 
$
3.84

Granted
 
266,540

 
6.13

Vested
 
(280,510
)
 
3.59

Exercised
 
(32,703
)
 
3.11

Forfeited
 
(90,434
)
 
5.96

Non-vested shares, December 31, 2017
 
877,417

 
4.42
Performance Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of stock appreciation rights valuation assumptions
The fair value of PSUs granted was estimated on the grant date using a Monte Carlo pricing model with the following assumptions:
 
 
Risk-free Interest rate
 
Dividend Yield
 
Expected Life (Years)
 
Volatility
 
Fair Value of PSU
April 2014 Grant
 
0.75
%
 
—
%
 
2.73
 
34.3
%
 
$
18.00

May 2014 Grant (1st)
 
0.70
%
 
—
%
 
2.65
 
31.8
%
 
25.26

May 2014 Grant (2nd)
 
0.63
%
 
—
%
 
2.61
 
30.1
%
 
27.53

July 2014 Grant
 
0.74
%
 
—
%
 
2.42
 
26.9
%
 
22.31

August 2014 Grant
 
0.67
%
 
—
%
 
2.42
 
26.9
%
 
21.86

September 2014 Grant
 
0.72
%
 
—
%
 
2.29
 
25.7
%
 
15.26

November 2014 Grant
 
0.55
%
 
—
%
 
2.10
 
26.3
%
 
7.42

May 2015 Grant
 
0.83
%
 
—
%
 
2.65
 
28.5
%
 
14.48

May 2016 Grant
 
0.84
%
 
—
%
 
2.65
 
33.3
%
 
7.19

November 2016 Grant
 
0.96
%
 
—
%
 
2.14
 
35.2
%
 
17.84

March 2017 Grant
 
1.54
%
 
—
%
 
2.83
 
34.2
%
 
17.05
Schedule of weighted-average grant-date fair value of unvested options
A summary of the Company's non-vested PSU activity during the years ending December 31, 2017 was as follows:
 
 
Number of Shares
 
Weighted-Average Grant Date Fair Value
Non-vested shares, December 31, 2016
 
692,562

 
$
9.25

Granted
 
286,251


17.05

Forfeited
 
(68,387
)

11.04

Cancellations (d)
 
(166,843
)
 
14.48

Non-vested shares, December 31, 2017
 
743,583


10.91