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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2013
Employee Benefit Plans [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

Weighted

 

 

 

Weighted

 

 

 

Weighted

 

 

 

 

 

Average

 

 

 

Average

 

 

 

Average

 

 

 

 

 

Exercise

 

 

 

Exercise

 

 

 

Exercise

 

 

 

Shares

 

Price

 

Shares

 

Price

 

Shares

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at beginning of year

 

52,800 

$

13.91 

 

192,800 

$

10.52 

 

432,918 

$

10.78 

 

Exercised

 

(52,800)

 

13.91 

 

(140,000)

 

9.24 

 

(181,670)

 

10.92 

 

Terminated

 

 -

 

 -

 

 -

 

 -

 

(58,448)

 

11.20 

 

Options outstanding at end of year

 

 -

$

 -

 

52,800 

$

13.91 

 

192,800 

$

10.52 

 

Options exercisable at end of year

 

 -

$

 -

 

52,800 

$

13.91 

 

192,800 

$

10.52 

 

 

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

Grant Date

 

 

 

Grant Date

 

 

 

Grant Date

 

 

 

Shares

 

Fair Value (1)

 

Shares

 

Fair Value (1)

 

Shares

 

Fair Value (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Awards outstanding at beginning of year

 

1,324,312 

$

15.09 

 

1,263,218 

$

14.80 

 

1,463,298 

$

16.93 

 

Granted

 

257,797 

 

24.86 

 

482,340 

 

18.33 

 

571,163 

 

12.77 

 

Vested (2)

 

(518,240)

 

17.70 

 

(400,180)

 

18.07 

 

(504,813)

 

19.87 

 

Forfeited

 

(108,254)

 

16.49 

 

(21,066)

 

15.00 

 

(266,430)

 

12.55 

 

Awards outstanding at end of year (3)

 

955,615 

$

16.16 

 

1,324,312 

$

15.09 

 

1,263,218 

$

14.80 

 

 

(1) Represents the weighted average grant date fair value, which is based on the quoted market price of the common stock on the business day prior to the date of grant. 

 

(2)  Total fair value of share-based awards that vested during the years ended December 31, 2013,  2012 and 2011 was $11.4 million, $6.7 million and $6.7 million, respectively. 

 

(3) Includes 67,520 shares of RSUs with the grant date fair value of $15.80 per share.  In December 2013, management elected to pay out the January 2014 vesting of these RSUs in cash.  As a result, we recorded a $1.3 million liability associated with these RSUs at December 31, 2013.  We paid $0.8 million of this liability in January 2014.

Schedule Of Restricted Shares Granted To Executive Officers Management Employees And Non Employee Members Table

Date of Grant

 

 

Shares

 

 

 

Grant Date Fair Value Per Share

 

 

 

Vesting Period

 

 

 

 

 

 

 

 

 

 

 

 

January 2, 2013 (1)

 

 

89,329 

 

 

$

20.64

 

 

 

33% per year over three years

January 2, 2013 (2)

 

 

89,329 

 

 

 

30.96

 

 

 

100% on January 1, 2016

January 2, 2013 (3)

 

 

1,620 

 

 

 

20.64

 

 

 

100% on January 1, 2015

April 1, 2013 (3)

 

 

2,814 

 

 

 

22.88

 

 

 

100% on January 1, 2015

July 1, 2013 (3)

 

 

2,740 

 

 

 

23.04

 

 

 

100% on January 1, 2015

October 1, 2013 (3)

 

 

2,389 

 

 

 

25.37

 

 

 

100% on January 1, 2015

December 5, 2013 (4)

 

 

53,358 

 

 

 

22.49

 

 

 

33% per year over three years

 

(1) Reflects the grant of restricted shares to our executive officers.

 

(2) Reflects the grant of performance share units (“PSUs”) to our executive officers.  The estimated fair value of the PSUs on grant date was determined using a Monte Carlo simulation model.  The PSUs provide for an award based on the performance of our common stock over a three-year period with the maximum award being 200% of the original awarded PSUs and the minimum amount being zeroThe vested PSUs will be settled in an equivalent number of shares of our common stock unless the Compensation Committee of our Board of Directors elects to pay in cash.

 

(3) Reflects the grant of restricted shares to certain members of our Board of Directors who have made an election to take their quarterly fees in stock in lieu of cash.

 

(4) Reflects annual equity grants to each member of our Board of Directors.