Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement, Noncash Expense [Abstract]

The Company recognizes compensation expense for all share-based payments granted for the years ended December 31, 2019, 2018 and 2017 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 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. The grant date fair value of restricted stock and RSUs is 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.

On May 19, 2017, the Company’s stockholders approved the 2017 Long-Term Incentive Plan (“2017 Plan”), which allows the Company to reserve up to a maximum of 3,000 shares of common stock for issuance upon the grant or exercise of awards under the 2017 Plan. No additional awards may be granted under the 2012 Plan after May 19, 2017.

Stock Option Plans

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



	2019		2018	2017
Options outstanding at beginning of year	63		63	91
Options exercised	—		—	(28	)
Options forfeited and expired	—		—	—
Options outstanding at end of year	63		63	63
Options exercisable at end of year	63		63	63
Option prices per share:
Options exercised during the year	$	—	—	57.34-66.14
Options forfeited and expired during the year	$	—	—	—
Options outstanding at end of year	57.34-66.14		57.34-66.14	57.34-66.14
Options exercisable at end of year	57.34-66.14		57.34-66.14	57.34-66.14

A summary of the Company’s options under it’s long-term incentive plans as of December 31, 2019, 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, 2018	63	$	62.86
Granted	—	—
Exercised	—	—
Forfeited and expired	—	—
Options outstanding, December 31, 2019	63	$	62.86	1.8	$	4,640
Vested and expected to vest as of December 31, 2019	63	$	62.86	1.8	$	4,640
Exercisable as of December 31, 2019	63	$	62.86	1.8	$	4,640

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, 2019, 2018, and 2017 was $0, $0 and $5,005, respectively. Total compensation expense recognized for the years ended December 31, 2019, 2018 and 2017 was $0 ($0, net of tax), $0 ($0, net of tax) and $6 ($4, 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, 2019 was $0.

The following table summarizes information about the Company’s stock options outstanding as of December 31, 2019:



	Outstanding				Exercisable
Exercise price range	Number of shares	Average life	Average price		Number of shares	Average price
$57.34-$57.34	23	1.15	57.34		23	57.34
$66.14-$66.14	40	2.14	66.14		40	66.14
Total	63	1.77	$	62.86	63	$	62.86

Restricted Stock Plans

A summary of the Company’s RSUs under the Company’s long-term incentive plans as of December 31, 2019, and changes during the year then ended is presented as follows:



	Shares		Weighted average grant date fair value		Weighted average remaining contractual term (years)	Aggregate intrinsic value
Restricted Stock Units outstanding, December 31, 2018	446		$	166.56
Granted	187		137.30
Released	(230	)	152.00
Forfeited	(41	)	189.23
Restricted Stock Units outstanding, December 31, 2019	362		$	158.13	1.3	$	48,914
Expected to vest as of December 31, 2019	356				1.3	$	48,060

The Company recognized stock-based compensation costs related to the issuance of RSUs of $23,620 ($17,479, net of taxes), $31,382 ($24,436, net of taxes) and $36,316 ($22,037, net of taxes) for the years ended December 31, 2019, 2018 and 2017, 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 $20,598 as of December 31, 2019, and will be recognized as expense over a weighted-average period of approximately 1.67 years.

Additional information relating to the Company’s RSUs under the Company’s long-term incentive plans are as follows:



	2019		2018		2017
Restricted Stock Units outstanding, January 1	446		555		695
Granted	187		136		154
Released	(230	)	(235	)	(284	)
Forfeited	(41	)	(10	)	(10	)
Restricted Stock Units outstanding, December 31	362		446		555
Expected to vest as of December 31	356		440		546

During 2019, 2018 and 2017, a total of 1 shares were awarded each year to certain non-employee directors in lieu of cash for their annual retainers.