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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Share-Based Compensation [Abstract]  
Summary of Restricted Stock Unit and Stock Option Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units

 

Stock Options

 

 

 

Weighted-Average

 

 

 

 

 

 

 

Grant Date

 

 

 

Weighted-Average

 

 

 

Fair Value

 

 

 

Exercise/(Strike)

 

Number

 

Per Share

 

Number

 

Price Per Share

Outstanding as of December 31, 2012

1,141,666 

 

$

18.12 

 

1,315,465 

 

$

18.91 

Granted

246,668 

 

 

19.87 

 

200,000 

 

 

20.80 

Expired or forfeited

(176,667)

 

 

13.66 

 

(140,000)

 

 

13.04 

Vested/exercised

(849,999)

 

 

19.91 

 

(80,465)

 

 

13.16 

Outstanding as of December 31, 2013

361,668 

 

$

17.30 

 

1,295,000 

 

$

20.20 

Granted

996,597 

 

 

27.10 

 

714,000 

 

 

18.40 

Expired or forfeited

(20,000)

 

 

24.77 

 

 -

 

 

 -

Vested/exercised

(281,668)

 

 

16.76 

 

(20,000)

 

 

12.54 

Outstanding as of December 31, 2014

1,056,597 

 

$

26.54 

 

1,989,000 

 

$

19.63 

Granted

321,500 

 

 

23.07 

 

259,000 

 

 

16.07 

Expired or forfeited

(281,560)

 

 

23.89 

 

(250,000)

 

 

15.97 

Vested/exercised

(370,940)

 

 

27.07 

 

 -

 

 

 -

Outstanding as of December 31, 2015

725,597 

 

$

25.28 

 

1,998,000 

 

$

19.62 

 

Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

2015

 

2014

 

2013

Total stock options granted

 

259,000 

 

 

 

714,000 

 

 

 

200,000 

 

Weighted-average grant date fair value

$

12.48 

 

 

$

17.69 

 

 

$

7.90 

 

Weighted-average assumptions:

 

 

 

 

 

 

 

 

 

 

 

Risk-Free Rate

 

1.3 

%

 

 

1.8 

%

 

 

0.8 

%

Expected life of options(a)

 

4.7 

 

 

 

5.7 

 

 

 

4.1 

 

Expected volatility(b)

 

45.5 

%

 

 

50.6 

%

 

 

51.2 

%

Expected quarterly dividends

$

 —

 

 

$

 —

 

 

$

 —

 


(a)

Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees.

(b)

Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option.