Common Stock (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table provides a summary of the impact of our outstanding stock-based compensation plans on the results of operations for the periods presented:



	Three Months Ended March 31,
	2015			2014
	(in thousands)

Stock-based compensation expense	$	4,368		$	3,847
Income tax benefit	(1,659		)	(1,462		)
Net stock-based compensation expense	$	2,709		$	2,385

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

In January 2015, the Compensation Committee awarded 68,274 SARs to our executive officers. The fair value of each SAR award was estimated on the date of grant using a Black-Scholes pricing model using the following assumptions:



	Three Months Ended March 31,
	2015			2014

Expected term of award	6 years			6 years
Risk-free interest rate	1.6		%	2.1		%
Expected volatility	59.4		%	65.6		%
Weighted-average grant date fair value per share	$	21.99		$	29.96

Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity

The following table presents the changes in our SARs:



	Three Months Ended March 31,
	2015						2014
	Number of SARs	Weighted-Average Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)		Number of SARs	Weighted-Average Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding beginning of year, January 1,	279,011	$	38.77				190,763	$	33.77
Awarded	68,274	39.63					88,248	49.57
Outstanding at March 31,	347,285	38.94		8.0	$	5,245	279,011	38.76		8.6	$	6,555
Vested and expected to vest at March 31,	338,570	38.86		8.0	5,138		266,369	38.50		8.5	6,329
Exercisable at March 31,	191,149	35.68		7.1	3,509		109,920	32.71		7.6	3,248

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The following table presents the changes in non-vested time-based awards to all employees, including executive officers, for the three months ended March 31, 2015:



	Shares		Weighted-Average Grant-Date Fair Value

Non-vested at December 31, 2014	564,332		$	46.02
Granted	112,085		39.73
Vested	(83,600	)	35.85
Forfeited	(5,062	)	57.69
Non-vested at March 31, 2015	587,755		46.16

The following table presents the weighted-average grant date fair value per share and related information as of/for the periods presented:



	As of/for the Three Months Ended March 31,
	2015		2014
	(in thousands, except per share data)

Total intrinsic value of time-based awards vested	$	3,682	$	4,317
Total intrinsic value of time-based awards non-vested	31,762		42,224
Market price per common share as of March 31,	54.04		62.26
Weighted-average grant date fair value per share	39.73		49.62

Restricted Stock Awards, Market-Based, Valuation assumptions

In January 2015, the Compensation Committee awarded a total of 29,398 market-based restricted shares to our executive officers. In addition to continuous employment, the vesting of these shares is contingent on the Company's total shareholder return ("TSR"), which is essentially the Company’s stock price change including any dividends, as compared to the TSR of a set group of 15 peer companies. The shares are measured over a three-year period ending on December 31, 2017 and can result in a payout between 0% and 200% of the total shares awarded. The weighted-average grant date fair value per market-based share for these awards granted was computed using the Monte Carlo pricing model using the following assumptions:



	Three Months Ended March 31,
	2015			2014

Expected term of award	3 years			3 years
Risk-free interest rate	0.9		%	0.8		%
Expected volatility	53.0		%	55.2		%
Weighted-average grant date fair value per share	$	57.35		$	56.87

Schedule of Nonvested Performance-based Units Activity

The following table presents the change in non-vested market-based awards during three months ended March 31, 2015:



	Shares	Weighted-Average Grant-Date Fair Value per Share

Non-vested at December 31, 2014	83,721	$	52.98
Granted	29,398	57.35
Non-vested at March 31, 2015	113,119	54.12

The following table presents the weighted-average grant date fair value per share and related information as of/for the periods presented:



	As of/for the Three Months Ended March 31,
	2015		2014
	(in thousands, except per share data)

Total intrinsic value of market-based awards non-vested	$	6,113	$	7,114
Market price per common share as of March 31,	54.04		62.26
Weighted-average grant date fair value per share	57.35		56.87