STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Equity

NOTE 8.          STOCKHOLDERS’ EQUITY

During the nine months ended September 30, 2018, the Company paid $91.7 million or $0.42 per share in cash dividends compared to $75.2 million or $0.35 per share during the same period in 2017.

During the first nine months ended September 30, 2018 and during the same period in 2017 the Company did not repurchase shares on the open market.

The Company repurchases shares from employees for the payment of taxes on restricted shares that have vested. The Company repurchased $0.2 million and $0.5 million of common stock for the quarter ended September 30, 2018 and during the same period in 2017, respectively, and $9.5 million and $8.2 million for the nine months ended September 30, 2018 and 2017, respectively.

As more fully discussed in Note 15 of the Company’s notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, time-lapse restricted shares and restricted stock units have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plans.  The Company issues new shares from its authorized but unissued share pool. At September 30, 2018, approximately 6.0 million shares of the Company’s common stock were reserved for issuance.

Time Lapse Restricted Shares and Restricted Stock Units

The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2018			2017			2018			2017
Time lapse restricted stock:
Pre-tax compensation expense	$	3,660		$	3,049		$	10,030		$	9,406
Tax benefit		(947	)		(1,180	)		(2,455	)		(3,640	)
Restricted stock expense, net of tax	$	2,713		$	1,869		$	7,575		$	5,766

The following table summarizes information on unvested restricted stock outstanding as of September 30, 2018:

	Number of Shares			Average Grant- Date Fair Value
Unvested Restricted Stock at December 31, 2017		2,017		$	24.49
Forfeited		(19	)		26.83
Vested		(603	)		19.40
Granted		428			48.36
Unvested Restricted Stock at September 30, 2018		1,823		$	31.63

At September 30, 2018 and December 31, 2017, the Company had $43.2 million and $32.9 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 4.1 years and 3.9 years, respectively.