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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Certain Information Related to Stock Options, Restricted Stock and PSUs

The following table provides certain information related to Stock Options, Restricted Stock, and PSUs during the year ended December 31, 2016 (in thousands, except per share data):

 

 

 

For the Year Ended December 31, 2016

 

 

 

Stock Options

 

 

Restricted Stock

 

 

Performance

Share Units

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Exercise

 

 

Aggregate

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

Number

 

 

Grant Date

 

 

 

Number of

 

 

Price per

 

 

Intrinsic

 

 

Remaining

 

 

Number

 

 

Fair Value

 

 

of Share

 

 

Fair Value

 

 

 

Options

 

 

Share (1)

 

 

Value

 

 

Term

 

 

of Shares (2)

 

 

per Share (1)

 

 

Units (2)

 

 

per Share (1)

 

Outstanding as of December 31, 2015

 

 

2,269

 

 

$

13.22

 

 

 

 

 

 

 

 

 

 

 

615

 

 

$

26.04

 

 

 

—

 

 

$

—

 

Granted

 

 

1,114

 

 

 

19.56

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

—

 

 

 

173

 

 

 

23.18

 

Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

Exercised

 

 

(124

)

 

 

7.29

 

 

 

 

 

 

 

 

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

Vested

 

n/a

 

 

n/a

 

 

 

 

 

 

 

 

 

 

 

(615

)

 

 

26.04

 

 

 

—

 

 

 

—

 

Expired

 

 

(45

)

 

 

4.70

 

 

 

 

 

 

 

 

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

Outstanding as of December 31, 2016

 

 

3,214

 

 

$

15.77

 

 

$

40,589

 

 

 

5.05

 

 

 

—

 

 

$

—

 

 

 

173

 

 

$

23.18

 

Exercisable as of December 31, 2016

 

 

1,249

 

 

$

11.23

 

 

$

21,438

 

 

 

2.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Unless otherwise specified, such as in the case of the exercise of Stock Options, the per share prices were determined using the closing price of the Company’s Common Stock as quoted on the exchanges on which the Company was listed. Shares issued upon exercise of options represent original issuances in private transactions pursuant to Section 4(2) of the Securities Act of 1933, as amended or issuances under the Company's Incentive Plan.

(2)

All shares outstanding as of December 31, 2016 are expected to vest.

n/a

Not applicable
Certain Information Regarding Company's Share-Based Compensation

The following table provides certain information in connection with the Company’s share-based compensation arrangements for the periods presented (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

3,641

 

 

$

1,389

 

 

$

675

 

Restricted stock

 

 

3,433

 

 

 

15,997

 

 

 

11,667

 

Performance share units

 

 

3,214

 

 

 

—

 

 

 

—

 

Total

 

$

10,288

 

 

$

17,386

 

 

$

12,342

 

Deferred tax benefits:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

1,392

 

 

$

532

 

 

$

260

 

Restricted stock

 

 

1,312

 

 

 

4,816

 

 

 

83

 

Performance share units

 

 

1,229

 

 

 

—

 

 

 

—

 

Total

 

$

3,933

 

 

$

5,348

 

 

$

343

 

Realized tax benefits:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

724

 

 

$

5,369

 

 

$

7,321

 

Restricted stock

 

 

4,326

 

 

 

—

 

 

 

967

 

Performance share units

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

5,050

 

 

$

5,369

 

 

$

8,288

 

Excess tax benefits (shortfall):

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

642

 

 

$

5,310

 

 

$

6,472

 

Restricted stock

 

 

(1,796

)

 

 

—

 

 

 

534

 

Performance share units

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

(1,154

)

 

$

5,310

 

 

$

7,006

 

Weighted average fair value per option or share:

 

 

 

 

 

 

 

 

 

 

 

 

Stock option grants

 

$

6.01

 

 

$

6.34

 

 

$

3.39

 

Restricted stock grants

 

$

—

 

 

$

26.04

 

 

$

12.88

 

Performance share unit grants

 

$

23.18

 

 

$

—

 

 

$

—

 

Intrinsic value of options exercised

 

$

1,894

 

 

$

14,734

 

 

$

18,979

 

Fair value of restricted stock vested

 

$

11,319

 

 

$

17,505

 

 

$

28,350

 

Cash received for strike price and tax withholdings

 

$

119

 

 

$

519

 

 

$

73

 

Shares acquired through cashless exercise (1)

 

 

325

 

 

 

611

 

 

 

1,787

 

Value of shares acquired through cashless exercise (1)

 

$

6,238

 

 

$

15,445

 

 

$

26,947

 

 

(1)

All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised or Restricted Stock vested. These shares have been cancelled by the Company.
Unrecognized Compensation Expense and Weighted Average Period

The following table provides the amount of unrecognized compensation expense as of the most recent balance sheet date and the weighted average period over which those expenses will be recorded for both Stock Options, Restricted Stock, and PSUs (dollars in thousands):

 

 

 

As of December 31, 2016

 

 

 

Stock

 

 

Restricted

 

Performance

 

 

 

Options

 

 

Stock

 

Share Units

 

Unrecognized expense

 

$

7,854

 

 

$

—

 

$

786

 

Weighted average remaining years

 

 

1.92

 

 

 

—

 

 

1.56

 

 
Summary of Assumptions Utilized in the Black-Scholes Model for Stock Options Granted

The following table provides the assumptions utilized in the Black-Scholes model for Stock Options granted during the periods presented:

 

 

 

Years Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Weighted-average risk-free interest rate

 

 

1.40

%

 

 

0.54

%

 

 

0.48

%

Expected term of option in years

 

 

5.44

 

 

 

3.38

 

 

 

2.98

 

Weighted-average volatility

 

 

45.2

%

 

 

44.3

%

 

 

40.3

%

Dividend yield

 

 

3.4

%

 

 

3.4

%

 

 

3.9

%

Weighted average grant date fair value per share

 

$

6.01

 

 

$

6.34

 

 

$

3.39