XML 59 R43.htm IDEA: XBRL DOCUMENT v3.20.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020, 2019, and 2018:
 RSUs (a)Weighted Average Fair ValueExpense
(Dollars in thousands, except per unit)202020192018
Directors:     
201756,203 $13.70 $— $— $179 
201843,821 20.54 — 280 511 
201914,211 25.33 — 240 — 
     2020
34,986 10.29 360 — — 
Employees:     
2015239,679 16.53 — — 193 
2016536,773 7.09 — 290 835 
2017286,251 13.70 95 832 910 
2018242,791 19.93 827 1,208 1,546 
2019270,864 22.25 1,381 1,620 — 
     2020522,087 8.221,337 — — 
Total  $4,000 $4,470 $4,174 
(a)     Represents number of awards originally issued.
Schedule of restricted stock unit activity
RSU activity for the year ended December 31, 2020 was as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Non-vested at December 31, 2019466,609 $20.26 
Granted557,073 8.35 
Vested(230,740)18.66 
Forfeited(106,655)15.67 
Non-vested at December 31, 2020686,287 11.84 
Schedule of Stock Appreciation Rights award activity
SARs activity for the year ended December 31, 2020 was as follows:
Number of SharesWeighted Average Exercise PriceAggregate Intrinsic Value (in millions) (b)
Outstanding, December 31, 20191,908,220 $16.44 $13.0 
Granted805,678 10.41 
Exercised(60,532)9.17 
Forfeited/Expired(252,235)18.63 
Outstanding, December 31, 20202,401,131 14.37 11.7 
(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, 2020:
SARs OutstandingSARs Exercisable
Range of exercisable pricesVestedNon-vestedWeighted-Average Exercise Price per ShareWeighted-Average Remaining Contractual Life in YearsNumber ExercisableWeighted-Average Exercise Price per Share
$7.00 - $14.89
677,299 711,856 $9.95 7.54677,299 $9.45 
$16.53 - $22.70
646,894 163,550 19.33 5.52646,894 18.75 
$23.25 - $26.92
198,991 2,541 24.87 3.61198,991 24.87 
1,523,184 877,947 14.37 6.531,523,184 15.41 
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 rateDividend YieldExpected Life (Years)VolatilitySAR Grant PriceFair Value of SAR
March 2018 Grant2.69 %— %6.044.6 %$19.80 $9.16 
July 2018 Grant2.87 %— %6.044.7 %24.65 11.48 
March 2019 Grant2.52 %— %6.046.2 %22.51 10.62 
July 2019 Grant1.84 %— %6.047.1 %27.39 12.80 
March 2020 Grant0.76 %— %6.045.2 %10.29 3.03 
October 2020 Grant0.44 %— %6.060.3 %14.89 8.12 
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, 2020 was as follows:
Number of SharesWeighted-Average Grant Date Fair Value
Non-vested shares, December 31, 2019449,736 $9.32 
Granted805,678 3.16 
Vested(253,741)7.81 
Forfeited(123,726)6.54 
Non-vested shares, December 31, 2020877,947 8779474.50 
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 rateDividend YieldExpected Life (Years)VolatilityFair Value of PSU
March 2018 Grant2.36 %— %2.8334.7 %$29.56 
July 2018 Grant2.69 %— %2.4233.1 %39.06 
March 2019 Grant2.48 %— %2.8233.8 %29.04 
July 2019 Grant1.75 %— %2.5034.3 %40.07 
August 2019 Grant1.57 %— %2.4134.9 %23.38 
March 2020 Grant0.56 %— %2.8136.0 %4.40 
October 2020 Grant0.17 %— %2.2053.7 %17.01 
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, 2020 was as follows:
Number of SharesWeighted-Average Grant Date Fair Value
Non-vested shares, December 31, 2019465,584 $28.95 
Granted525,189 4.67 
Forfeited(124,523)21.08 
Vested, not issued (c)
(169,932)29.76 
Non-vested shares, December 31, 2020696,318 11.85 
(c) The measurement period for PSUs issued in 2018 ended on December 31, 2020 and these shares vested but will not be issued until the Board certifies the measurement period results in early 2021. A total of 124,050 shares are expected to be issued.