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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense and related tax benefits for the years ended December 31, 2019, 2018 and 2017 was as follows:


	Year Ended December 31,
	2019		2018		2017
	(in thousands)
Stock options	$	2,623	$	2,989	$	3,740
Restricted stock units and restricted stock	3,967		2,591		1,205
Employee Stock Purchase Plan	275		320		1,040
Total pre-tax stock-based compensation expense charged against income ¹	$	6,865	$	5,900	$	5,985

Total recognized tax benefit related to stock-based compensation	$	196	$	1,480	$	5,709

^1.Stock-based compensation expense is recorded in the selling, general and administrative caption in the Consolidated Statements of Comprehensive Income.

Summary of Stock Options Activity

A summary of stock options outstanding under the Plan as of December 31, 2019 and changes during 2019 is as follows:


	Number of Shares	Weighted Average Exercise Price
	(in thousands)
December 31, 2018	2,121	$	31.53
Granted	188	$	40.49
Exercised	(163)	$	22.32
Forfeited	(23)	$	36.49
Expired	(16)	$	31.37
December 31, 2019	2,107	$	32.99

Assumption for Fair Value of Options Granted

The fair value of the stock option awards granted during 2019, 2018 and 2017 were estimated on the dates of grant using the Black-Scholes option valuation model and the following assumptions:


	Year Ended December 31,
	2019		2018		2017
Risk-free interest rate	2.5	%	2.1	%	2.0	%
Weighted average expected life	5.7 years		5.8 years		5.8 years
Expected volatility	22.6	%	21.5	%	25.1	%
Dividend yield	1.9	%	1.5	%	1.9	%

Summarized Information of Stock Options Outstanding

The following table summarizes other information about the stock options at December 31, 2019:


	December 31, 2019
	(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value	$	2,121
Weighted average remaining contractual life	5.4 years
Exercisable:
Number of options	1,256
Weighted average exercise price	$	28.45
Aggregate intrinsic value	$	2,121
Weighted average remaining contractual life	4.3 years

Summary of Stock Options Outstanding

A summary of the outstanding restricted stock units and restricted stock as of December 31, 2019 and changes during 2019 is as follows:


	Restricted Stock Units and Restricted Stock
	Number	Weighted Average Grant Date Fair Value
	(in thousands)
December 31, 2018	241	$	45.47
Granted	194	$	40.49
Vested	(61)	$	43.04
Forfeited	(12)	$	44.47
December 31, 2019	362	$	43.24

Weighted Average Grant-Date Fair Values and Intrinsic Values of Options Vested

The weighted average grant-date fair values and total fair values of restricted stock units and restricted stock vested during 2019, 2018 and 2017 were as follows:


	Year Ended December 31,
	2019		2018		2017
	(in thousands, except per share data)
Weighted average grant-date fair value of restricted stock units and restricted stock granted	$	40.49	$	52.06	$	40.16
Total fair value of restricted stock units and restricted stock vested	$	2,399	$	1,822	$	690

Summary of ESPP Annual Offerings

The following table summarizes information about the Company’s ESPP annual offerings for the years ended December 31, 2019, 2018 and 2017:


	Year Ended December 31,
	2019		2018		2017
	(in thousands, except per share data)
Common shares purchased	75		53		54
Per common share purchase price	$	20.67	$	34.15	$	33.29

Summary of Information Of SERP

The following table summarizes information about the SERP for the plan years ended December 31, 2019, 2018 and 2017:


	Year Ended December 31,
	2019		2018		2017
	(in thousands)
SERP expense¹	$	539	$	547	$	503
Treasury shares issued to fund SERP expense ²	22		14		9
SERP trust account balance at December 31 ³	$	43,952	$	39,766	$	42,467
Unrealized gain (loss) recorded in SERP liability account	$	7,353	$	(1,469)	$	4,534

^1.Both the SERP match and the deferrals are included in the selling, general and administrative caption in the Consolidated Statements of Comprehensive Income.

^2.Shares related to the SERP match for each year are funded at the beginning of the subsequent year.

^3.SERP trust account investments are recorded at their fair value which is based on quoted market prices. Differences between such amounts in the table above and the deferred compensation funding asset reported on the Consolidated Balance Sheets represent the value of Company Common Stock held in the Plan participants’ trust accounts and reported by the Company as treasury stock in the Consolidated Balance Sheets.

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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