Incentive Stock Plans (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs

A summary of the Company’s stock-based compensation cost is presented below:

	2018		2017		2016
Selling and general expenses		$5,623		$4,784		$4,607
Cost of sales	704		556		487
Timber and Timberlands, net (a)	101		56		42
Total stock-based compensation		$6,428		$5,396		$5,136
Tax benefit recognized related to stock-based compensation expense (b)		$338		$249		$483

(a) Represents amounts capitalized as part of the overhead allocation of timber-related costs.

(b)

A valuation allowance is recorded against the tax benefit recognized as the Company does not expect to be able to realize the benefit in the future.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the Company’s restricted shares is presented below:

	2018		2017		2016
Restricted shares granted	87,924		97,643		106,326
Weighted average price of restricted shares granted		$35.44		$28.18		$25.08
Intrinsic value of restricted stock outstanding (a)	8,792		8,906		6,177
Grant date fair value of restricted stock vested	1,582		1,198		2,248
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested		$334		$176		$178

(a) Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2018.

	2018
	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	281,569			$29.32
Granted	87,924		35.44
Vested	(49,780	)	31.78
Cancelled	(2,214	)	28.16
Non-vested Restricted Shares at December 31,	317,499			$30.64

Schedule of Nonvested Performance-based Units Activity

A summary of the Company’s performance share units is presented below:

	2018		2017		2016
Common shares reserved for performance shares granted during year	213,154		226,448		250,584
Weighted average fair value of performance share units granted		$40.27		$32.17		$28.79
Intrinsic value of outstanding performance share units (a)	9,229		10,414		7,482
Fair value of performance shares vested	5,670		—		—
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested	2,651		—		—

(a) Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2018.

	2018
	Number of Units		Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	329,239			$30.21
Granted	106,577		40.27
Units Distributed	(102,523	)	29.62
Other Cancellations/Adjustments	(11	)	30.24
Outstanding Performance Share units at December 31,	333,282			$33.60

Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2018:

	2018		2017		2016
Expected volatility	20.8	%	23.3	%	25.4	%
Risk-free rate	2.4	%	1.5	%	0.9	%

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the status of the Company’s stock options as of and for the year ended December 31, 2018 is presented below.

	2018
	Number of Shares		Weighted Average Exercise Price (per common share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Options outstanding at January 1,	841,066			$30.13
Granted	—		—
Exercised	(322,913	)	26.61
Cancelled or expired	(8,031	)	34.32
Options outstanding at December 31,	510,122		32.29		3.6		$392
Options exercisable at December 31,	510,122			$32.29	3.6		$392

A summary of additional information pertaining to the Company’s stock options is presented below:

	2018		2017		2016
Intrinsic value of options exercised (a)		$2,618		$1,993		$539
Fair value of options vested	6,832		6,138		1,317
Cash received from exercise of options	8,591		4,751		1,576

(a)

Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.