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Share-Based Compensation
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Share-Based Compensation
We maintain a share-based compensation plan (the Plan) that is administered by the Compensation and Benefits Committee of the Board of Directors. The Plan allows us to award or grant to officers, directors and employees incentive, non-qualified and deferred compensation stock options, stock appreciation rights (SARs), performance shares, and restricted and unrestricted stock. We use authorized and unissued common shares for grants of restricted stock or for stock option exercises. At December 31, 2015, approximately 2.7 million common shares were available for issuance under the Plan.
Restricted stock awarded under the Plan generally vests over one, three or five years. Certain restricted stock grants contain accelerated vesting provisions, based on the satisfaction of certain performance criteria related to the achievement of certain financial and operational results. Performance shares awarded under the Plan are issuable as restricted stock upon meeting performance goals and generally have a total performance and vesting period of three years. Stock options awarded under the Plan are generally subject to graded vesting over three years and expire seven to ten years from the date of grant. The options are granted at a price equal to fair market value at the date of grant. We did not grant any stock options in 2015, 2014, or 2013.
We recognize the fair value of stock-based compensation awards, which is based upon the market price of the underlying common stock at the grant date, on a straight-line basis over the estimated requisite service period, which may be based on a service condition, a performance condition, or a combination of both. The fair value of performance shares as of the date of grant is estimated assuming that performance goals will be achieved at target levels. If such goals are not probable of being met, or are probable of being met at different levels, recognized compensation cost is adjusted to reflect the change in estimated fair value of restricted stock to be issued at the end of the performance period.
Total share-based compensation expense for December 31, 2015, 2014 and 2013, was $11.3 million, $8.2 million and $6.4 million, with recognized tax benefits of $4.4 million, $3.2 million and $2.5 million. Unrecognized compensation cost related to nonvested restricted stock awards, net of estimated forfeitures, was $19.2 million at December 31, 2015. This amount is expected to be recognized over a weighted-average period of 2.8 years, based on the maximum remaining vesting period required under the awards, and the amount that would be recognized over a shorter period based on accelerated vesting provisions, is approximately $0.5 million. Unrecognized compensation cost related to nonvested performance share awards as of December 31, 2015 was $2.5 million and will be recognized primarily in 2016 if the related performance targets are met.
The following table summarizes the activity and value of nonvested restricted stock and performance share awards for the years ended December 31, 2015, 2014 and 2013:
 
2015
 
2014
 
2013
 
Number  of
Shares
 
Weighted
Average
Grant-date
Value
Per Share
 
Number  of
Shares
 
Weighted
Average
Grant-date
Value
Per Share
 
Number  of
Shares
 
Weighted
Average
Grant-date
Value
Per Share
Nonvested awards at beginning of year
814

 
$
33.29

 
738

 
$
30.81

 
720

 
$
30.14

Granted
545

 
34.25

 
371

 
33.69

 
339

 
31.65

Vested
(195
)
 
29.90

 
(201
)
 
31.01

 
(206
)
 
30.22

Forfeited
(60
)
 
33.27

 
(94
)
 
30.89

 
(115
)
 
30.51

Nonvested awards at end of year
1,104

 
40.02

 
814

 
33.29

 
738

 
30.81


The total value of restricted stock vesting during the years ended December 31, 2015, 2014 and 2013, was $5.8 million, $6.2 million and $6.2 million.
The following table summarizes the activity and terms of outstanding options at December 31, 2015, and for each of the years in the three-year period then ended: 
 
Number of
Options
 
Weighted Average
Exercise Price
Per Share
 
Weighted  Average
Remaining
Contractual Life
(years)
 
Aggregate
Intrinsic  Value
Options outstanding at December 31, 2012
312

 
$
22.25

 
 
 
 
Exercised
(244
)
 
21.97

 
 
 
 
Forfeited
(4
)
 
21.72

 
 
 
 
Options outstanding at December 31, 2013
64

 
23.33

 
 
 
 
Exercised
(49
)
 
24.21

 
 
 
 
Forfeited

 

 
 
 
 
Options outstanding at December 31, 2014
15

 
20.49

 
 
 
 
Exercised
(15
)
 
20.49

 
 
 
 
Forfeited

 

 
 
 
 
Options outstanding at December 31, 2015

 
$

 

 
$


The total intrinsic value of stock options exercised during the years ended December 31, 2015, 2014 and 2013, was $0.2 million, $0.5 million and $0.8 million. No options were granted in 2015, 2014 or 2013. No options were outstanding as of December 31, 2015.