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Stock-Based Compensation Plans Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]    
Valuation assumptions  
The weighted-average estimated value of SPRs outstanding as of December 31, 2019 was $25.34 per SPR using the following assumptions:

Expected volatility
32.1% to 40.70%
Risk-free rate of return
1.6% to 1.7%
Expected term (in years)
0.5 to 4.5
Expected annual dividend
$0
Activity related to SPRs  
Activity related to the Company’s SPRs during the year ended December 31, 2019 was as follows:
 
Number of SPRs
 
Weighted Average Exercise Price
Outstanding on December 31, 2018
958,521

 
$
19.75

Granted
26,825

 
30.78

Exercised
(379,567
)
 
9.65

Cancelled
(5,918
)
 
27.15

Outstanding on December 31, 2019
599,861

 
26.56

 
 
 
 
Exercisable on December 31, 2019
523,084

 
$
26.50

Activity related to RSAs  
Activity related to the Company’s RSAs during the year ended December 31, 2019 was as follows:
 
Restricted Stock Awards
Outstanding on December 31, 2018
119,256

Granted
26,826

Exchanged for common shares
(47,493
)
Forfeited
(7,680
)
Outstanding on December 31, 2019
90,909



MSU Rollforward

Market Stock Units ("MSUs") are exchangeable for between 0% to 150% of the Company's common shares at the end of the vesting period based on the trailing 60 day average closing price of the Company's common stock. The value of the MSUs was determined using a geometric brownian motion model that, based on certain variables, generates a large number of random trials simulating the price of the common stock over the measurement period. Expenses of $1.2 million related to MSUs were recorded in General and administrative expenses in both of the years ended December 31, 2019 and 2018. Activity related to the Company’s MSUs during the year ended December 31, 2019 was as follows:
 
Number of Market Stock Units
 
Maximum Shares Potentially Issuable
Outstanding on December 31, 2018
193,135

 
279,542

Granted
41,855

 
62,784

Exchanged for stock
(89,179
)
 
(128,573
)
Cancelled
(6,168
)
 
(9,252
)
Maximum vs. earned (1)

 
(26,383
)
Outstanding on December 31, 2019
139,643

 
178,118


 
Stock Option Activity Table  
Stock Options

Each stock option can be exchanged for one share of the Company’s common stock at the stated exercise price. Expense related to stock options was $0.1 million in both 2019 and 2018. Unrecognized compensation at December 31, 2019 was $0.1 million. Upon vesting, stock options are recognized as a component of equity. Activity related to stock options during the year ended December 31, 2019 was as follows:
 
Number of Stock Options
 
Weighted average exercise price
Outstanding on December 31, 2018
83,471

 
27.14

Exercised
(2,372
)
 
14.04

    Forfeited
(1,099
)
 
14.04

Outstanding on December 31, 2019
80,000

 
27.70