Share-Based Compensation

12 Months Ended

Dec. 31, 2015

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

A summary of stock option activity as of December 31, 2015 and changes during the year then ended is presented below:



	2015
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in whole shares)					(in millions)
Outstanding — beginning of year	143,500		$	16.76
Granted	—		—
Exercised	(83,500	)	14.86
Canceled or expired	—		—
Outstanding — end of year	60,000		$	19.41	1.9	$	1.0
Options exercisable	60,000		$	19.41	1.9	$	1.0

Exercise prices for options outstanding as of December 31, 2015 range from $15.61 to $24.92. The number of options outstanding and exercisable at December 31, 2015, which correspond with this range is 60,000.

The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $3.3 million, $0.1 million and $1.1 million, respectively. Net cash proceeds from the exercise of stock options were $1.2 million, $0.0 million and $0.4 million, respectively.

There were no stock options awarded in 2015, 2014 and 2013.

A summary of restricted share and performance share activity for the year ended December 31, 2015 is as follows:



	2015
	Time-Based				Performance-Based
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
	(in whole shares)				(in whole shares)
Outstanding — beginning of year	344,932		$	33.55	28,000		$	20.30
Granted	72,500		44.26		120,000		48.72
Vested	(179,167	)	32.93		(14,000	)	20.30
Canceled or expired	(29,836	)	41.92		(14,000	)	20.30
Outstanding — end of year	208,429		$	36.61	120,000		$	48.72

The Company recognized compensation expense of $7.3 million, $5.8 million and $4.7 million for the years ended December 31, 2015, 2014 and 2013, respectively, relating to restricted shares and performance shares.

The total fair value of restricted stock units vested during the years ended December 31, 2015, 2014 and 2013 was $9.0 million, $11.5 million and $6.1 million, respectively.

For awards that vest based on a service condition only, the Company recognizes compensation cost of share-based awards as expense on a straight-line basis over the vesting period of the awards. Compensation cost of the performance-based awards is recognized as expense using the accelerated attribution method over the vesting periods of the awards.

As of December 31, 2015, the Company had unrecognized compensation expense of $10.5 million, before taxes, related to stock option awards and restricted shares. The unrecognized compensation expense is expected to be recognized over a total weighted average period of 1.7 years.

The number of shares available for future grants for all plans at December 31, 2015 is 590,033.