Common Stock (Tables)

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)

Stock-based compensation expense	$	5,097		$	5,032		$	9,465		$	8,879
Income tax benefit	(1,936		)	(1,912		)	(3,595		)	(3,374		)
Net stock-based compensation expense	$	3,161		$	3,120		$	5,870		$	5,505

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:



	Six Months Ended June 30,
	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 for the periods presented:



	Six Months Ended June 30,
	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 June 30,	347,285	38.94		7.8	$	5,107	279,011	38.77		8.3	$	6,803
Vested and expected to vest at June 30,	339,980	38.88		7.7	5,019		268,453	38.53		8.3	6,609
Exercisable at June 30,	191,149	35.68		6.9	3,433		109,920	32.71		7.3	3,346

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 six months ended June 30, 2015:



	Shares		Weighted-Average Grant-Date Fair Value

Non-vested at December 31, 2014	564,332		$	46.02
Granted	291,903		48.54
Vested	(201,006	)	43.82
Forfeited	(11,003	)	54.94
Non-vested at June 30, 2015	644,226		47.69

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 Six Months Ended June 30,
	2015		2014
	(in thousands, except per share data)

Total intrinsic value of time-based awards vested	$	10,126	$	11,690
Total intrinsic value of time-based awards non-vested	34,556		44,940
Market price per common share as of June 30,	53.64		63.15
Weighted-average grant date fair value per share	48.54		56.56

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:



	Six Months Ended June 30,
	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 the six months ended June 30, 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 June 30, 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 Six Months Ended June 30,
	2015		2014
	(in thousands, except per share data)

Total intrinsic value of market-based awards non-vested	$	6,068	$	7,216
Market price per common share as of June 30,	53.64		63.15
Weighted-average grant date fair value per share	57.35		56.87