Note 18 - Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

18. Shareholders’ Equity

Stock-based Compensation: The 2012 Equity Incentive Plan provides for the issuance of restricted stock, RSUs and stock options to eligible employees and to members of our Board of Directors. A total of 1,224,380 shares of our common stock have been reserved for issuance of which 838,819 remained available as of December 31, 2019. No stock options or restricted stock were granted during the years ended December 31, 2019, 2018 and 2017. There were no stock options or restricted stock outstanding as of December 31, 2019.

Restricted Stock Units: RSUs are issued for services to be rendered and may not be sold, transferred or pledged for such a period as determined by our Compensation Committee. RSU stock compensation cost is measured at our common stock’s fair value based on the market price at the date of grant. We recognize compensation cost only for RSUs that we estimate will ultimately vest. We estimate the number of shares that will ultimately vest at each grant date based on our historical experience and adjust compensation cost based on changes in those estimates over time.

RSU compensation cost is recognized ratably over the shorter of the vesting period (generally three years) or the period from grant date to the first maturity date after the holder reaches age 62 and has completed certain specified years of service, when all RSUs become fully vested. Vesting of RSUs is not subject to any market or performance conditions and vesting provisions are at the discretion of the Compensation Committee. An employee may not sell or otherwise transfer unvested RSUs and, in the event employment is terminated prior to the end of the vesting period, any unvested RSUs are surrendered to us. We have no obligation to purchase these RSUs that are surrendered to us.

A summary of the changes in our RSUs during the years ended  December 31, 2019, 2018 and 2017 is as follows (shares in thousands):

Years Ended December 31,	2019					2018					2017
	RSUs			Weighted-Average Grant-Date Fair Value per RSU		RSUs			Weighted-Average Grant-Date Fair Value per RSU		RSUs			Weighted-Average Grant-Date Fair Value per RSU
Outstanding, beginning balance		443		$	47.65		524		$	41.51		681		$	39.15
Granted		241			43.12		271			59.44		259			51.31
Vested		(263	)		48.63		(315	)		48.97		(372	)		43.89
Forfeited		(34	)		50.65		(37	)		49.17		(44	)		43.51
Outstanding, ending balance		387		$	43.99		443		$	47.65		524		$	41.51

Compensation cost related to RSUs was $10.2 million ($7.5 million net of statutory tax rate), $14.8 million ($11.0 million net of statutory tax rate), and $15.8 million ($9.6 million net of statutory tax rate) for the years ended  December 31, 2019, 2018 and 2017, respectively. The grant date fair value of RSUs vested during the years ended  December 31, 2019, 2018 and 2017 was $12.7 million, $15.4 million and $16.7 million, respectively. As of December 31, 2019, there was $7.3 million of unrecognized compensation cost related to RSUs which will be recognized over a remaining weighted-average period of 1.3 years.

401(k) Plan: As of December 31, 2019, the 401(k) Plan owned 1,233,969 shares of our common stock. Dividends on shares held by the 401(k) Plan are charged to retained earnings and all shares held by the 401(k) Plan are treated as outstanding in computing our earnings per share.

Share Purchase Program: As announced on April 29, 2016, on April 7, 2016, the Board of Directors authorized us to repurchase up to $200.0 million of our common stock at management’s discretion. As part of this authorization we have established a plan to facilitate common stock repurchases. During 2019, we purchased approximately 100,000 shares at an average price of $29.10 per share for $2.9 million. In addition, we purchased approximately 1.26 million shares at an average price of $23.75 per share for $29.9 million in connection with the issuance of our 2.75% Convertible Notes. As of December 31, 2019, $157.2 million of the authorization remained available. The specific timing and amount of any future repurchases will vary based on market conditions, securities law limitations and other factors.