Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, 2018, and 2017:

	RSUs (a)	Weighted Average Fair Value		Expense
(Dollars in thousands, except per unit)				2019		2018		2017
Directors:
2016	109,998	$	7.00	$	—	$	—	$	257
2017	56,203	13.70		—		179		641
2018	43,821	20.54		280		511		—
2019	14,211	25.33		240		—		—
Employees:
2014	190,832	25.21		—		—		295
2015	239,679	16.53		—		193		498
2016	536,773	7.09		290		835		909
2017	286,251	13.70		832		910		1,325
2018	242,791	19.93		1,208		1,546		—
2019	270,864	22.25		1,620		—		—
Total				$	4,470	$	4,174	$	3,925

(a) Represents number of awards originally issued.

Schedule of restricted stock unit activity

RSU activity for the year ended December 31, 2019 was as follows:

	Number of Shares		Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2018	583,380		$	15.08
Granted	285,075		22.40
Vested	(348,572	)	13.38
Forfeited	(53,274	)	20.01
Non-vested at December 31, 2019	466,609		20.26

Schedule of Stock Appreciation Rights award activity

SARs activity for the year ended December 31, 2019 was as follows:

	Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions) (b)
Outstanding, December 31, 2018	1,745,447		$	15.73	$	8.9
Granted	229,344		22.79
Exercised	(43,594	)	15.87
Forfeited/Expired	(22,977	)	26.94
Outstanding, December 31, 2019	1,908,220		16.44		13.0

(b)

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, 2019:

	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	624,693	83,654	$	9.42	6.65	624,693	$	8.85
$16.53 - $22.70	584,950	361,000	19.45		6.60	584,950	18.23
$23.03 - $26.92	248,841	5,082	24.78		4.45	248,841	24.79
	1,458,484	449,736	16.44		6.33	1,458,484	15.33

Stock Appreciation Rights (SARs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of stock appreciation rights valuation assumptions

he 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
March 2017 Grant	2.17	%	—	%	6.0	43.9	%	$	13.70	$	6.13
March 2018 Grant	2.69	%	—	%	6.0	44.6	%	19.80		9.16
July 2018 Grant	2.87	%	—	%	6.0	44.7	%	24.65		11.48
March 2019 Grant	2.52	%	—	%	6.0	46.2	%	22.51		10.62
July 2019 Grant	1.84	%	—	%	6.0	47.1	%	27.39		12.80

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, 2019 was as follows:

	Number of Shares		Weighted-Average Grant Date Fair Value
Non-vested shares, December 31, 2018	467,478		$	6.65
Granted	229,344		10.75
Vested	(233,842	)	5.17
Forfeited	(13,244	)	12.80
Non-vested shares, December 31, 2019	449,736		9.32

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
March 2017 Grant	1.54	%	—	%	2.83	34.2	%	$	17.05
March 2018 Grant	2.36	%	—	%	2.83	34.7	%	29.56
July 2018 Grant	2.69	%	—	%	2.42	33.1	%	39.06
March 2019 Grant	2.48	%	—	%	2.82	33.8	%	29.04
July 2019 Grant	1.75	%	—	%	2.50	34.3	%	40.07
August 2019 Grant	1.57	%	—	%	2.41	34.9	%	23.38

Schedule of weighted-average grant-date fair value of unvested options

A summary of the Company's non-vested PSU activity during the year ending December 31, 2019 was as follows:

	Number of Shares		Weighted-Average Grant Date Fair Value
Non-vested shares, December 31, 2018	494,882		$	23.13
Granted	277,307		28.51
Forfeited	(70,391	)	26.23
Vested, not issued (c)	(236,214	)	17.05
Non-vested shares, December 31, 2019	465,584		28.95