Stock-Based Compensation

The Company recognizes compensation expense for all share-based payments granted for the years ended December 31, 2015, 2014 and 2013 based on the grant-date fair value estimated in accordance with the provisions of ASC 718-10. Compensation expense is recognized on a straight-line basis over the options’ or other awards’ estimated lives for fixed awards with ratable vesting provisions.

Under the Company’s 2012 Incentive Plan (“2012 Plan”), the Company's principal stock compensation plan as of May 9, 2012, the Company reserved up to a maximum of 3,200 shares of common stock for issuance upon the grant or exercise of stock options, restricted stock, restricted stock units (“RSUs”) and other types of awards, to directors and key employees through December 31, 2022. Option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years with a 10-year contractual term. Restricted stock and RSUs are granted with a price equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years.

Stock Option Plans

Additional information relating to the Company’s stock option plans follows:



	2015			2014		2013
Options outstanding at beginning of year	298			425		995
Options granted	—			—		—
Options exercised	(66		)	(108	)	(561	)
Options forfeited and expired	(63		)	(19	)	(9	)
Options outstanding at end of year	169			298		425
Options exercisable at end of year	164			257		343
Option prices per share:
Options granted during the year	$	—		—		—
Options exercised during the year	$ 28.37-93.65			28.37-93.65		28.37-93.65
Options forfeited and expired during the year	$ 28.37-88.33			46.80-93.65		48.50-88.33
Options outstanding at end of year	$ 28.37-93.65			28.37-93.65		28.37-93.65
Options exercisable at end of year	$ 28.37-93.65			28.37-93.65		28.37-93.65

During 2015, 2014 and 2013, a total of 1, 0 and 3 shares, respectively, were awarded to the non-employee directors in lieu of cash for their annual retainers.

The Company’s Board of Directors has authorized the repurchase of up to 15,000 shares of the Company’s outstanding common stock. For the year ended December 31, 2015, the Company did not repurchase any shares. The Company purchased common stock for the years ended December 31, 2014 and 2013, of 2 and 1 shares, respectively. Since the inception of the program, a total of approximately 11,521 shares have been repurchased at an aggregate cost of approximately $335,455. All of these repurchases have been financed through the Company’s operations and banking arrangements.

A summary of the Company’s options under the 2002, 2007 and 2012 Plans as of December 31, 2015, and changes during the year then ended is presented as follows:



	Shares		Weighted average exercise price		Weighted average remaining contractual term (years)	Aggregate intrinsic value
Options outstanding, December 31, 2014	298		$	68.63
Granted	—		—
Exercised	(66	)	73.33
Forfeited and expired	(63	)	82.20
Options outstanding, December 31, 2015	169		$	61.73	4.7	$	21,496
Vested and expected to vest as of December 31, 2015	168		$	61.73	4.7	$	21,492
Exercisable as of December 31, 2015	164		$	61.73	4.6	$	20,986

The Company has not granted options since the year ended December 31, 2012. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014, and 2013 was $7,252, $6,613 and 20,101, respectively. Total compensation expense recognized for the years ended December 31, 2015, 2014 and 2013 was $209 ($131, net of tax), $865 ($548, net of tax) and $1,366 ($865, net of tax), respectively, which was allocated to selling, general and administrative expenses. The remaining unamortized expense for non-vested compensation expense as of December 31, 2015 was $36 with a weighted average remaining life of 0.65 years.

The following table summarizes information about the Company’s stock options outstanding as of December 31, 2015:



	Outstanding				Exercisable
Exercise price range	Number of shares	Average life	Average price		Number of shares	Average price
$28.37-$28.37	14,725	3.1	$	28.37	14,725	$	28.37
$46.80-$46.80	12,317	4.1	46.80		12,317	46.80
$57.34-$57.34	45,782	5.2	57.34		43,782	57.34
$66.14-$66.14	68,913	6.1	66.14		66,913	66.14
$74.47-$74.47	7,500	2.1	74.47		7,500	74.47
$75.09-$75.09	2,250	1.0	75.09		2,250	75.09
$83.50-$83.50	9,150	0.1	83.50		9,150	83.50
$93.65-$93.65	7,750	1.1	93.65		7,750	93.65
Total	168,387	4.7	$	61.73	164,387	$	61.73

Restricted Stock Plans

A summary of the Company’s RSUs under the 2007 and 2012 Plans as of December 31, 2015, and changes during the year then ended is presented as follows:



	Shares		Weighted average price		Weighted average remaining contractual term (years)	Aggregate intrinsic value
Restricted Stock Units outstanding, December 31, 2014	725		$	77.84
Granted	248		141.90
Released	(212	)	180.64
Forfeited	(11	)	69.96
Restricted Stock Units outstanding, December 31, 2015	750		$	84.67	1.8	$	131,028
Expected to vest as of December 31, 2015	731				1.7	$	127,444

The Company recognized stock-based compensation costs related to the issuance of RSUs of $32,343 ($20,832, net of taxes), $27,096 ($17,165, net of taxes) and $16,945 (10,735, net of taxes) for the years ended December 31, 2015, 2014 and 2013, respectively, which has been allocated to selling, general and administrative expenses. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $31,416 as of December 31, 2015, and will be recognized as expense over a weighted-average period of approximately 1.93 years.

Additional information relating to the Company’s RSUs under the 2007 and 2012 Plans is as follows:



	2015		2014		2013
Restricted Stock Units outstanding, January 1	725		733		605
Granted	248		189		301
Released	(212	)	(189	)	(152	)
Forfeited	(11	)	(8	)	(21	)
Restricted Stock Units outstanding, December 31	750		725		733
Expected to vest as of December 31	731		691		683