XML 60 R44.htm IDEA: XBRL DOCUMENT v3.3.1.900
Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Share-based Compensation [Abstract]  
Schedule of Number of Awards and Weighted Average Grant Date Fair Value
The following table provides the number of options, shares of restricted stock, as well as, restricted stock units and performance stock units (that will convert to shares upon vesting) that were issued during the years ended December 31 along with the weighted-average grant-date fair value of each award:
 
2015
 
2014
 
2013
Awards
Number of
Awards
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Awards
 
Weighted
Average
Grant Date
Fair Value
 
Number of
Awards
 
Weighted
Average
Grant Date
Fair Value
Restricted stock units
212,419

 
$
17.78

 
218,857

 
$
16.96

 
150,570

 
$
14.60

Restricted shares
21,318

 
$
17.48

 
21,721

 
$
16.76

 
13,188

 
$
16.83

Options
37,500

 
$
25.44

 

 
$

 

 
$

Performance stock units
396,714

 
$
19.78

 

 
$

 

 
$

Summary of Compensation Expense Connection with Awards
The Company recognized the following compensation expense in connection with awards that vested under the Plan and the Prior Plan along with the related tax benefits recognized during the years ended December 31 (in thousands):
 
2015
 
2014
 
2013
Expense recognized under the Prior Plan
$
1,953

 
$
3,150

 
$
2,564

Expense recognized under the Plan
1,938

 

 

Total stock compensation expense
$
3,891

 
$
3,150

 
$
2,564

Tax benefits recognized related to stock compensation expense
$
1,518

 
$
1,229

 
$
1,000

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following table provides the weighted average assumptions used to value stock options issued during the year ended December 31:
Year of Grant
 
Fair Value
 
Expected Life (in years)
 
Expected Stock Volatility
 
Risk-free Interest Rate
 
Annual Forfeiture Rate
 
Expected Dividend Yield
2015
 
$
7.67

 
4.00
 
35.7
%
 
1.5
%
 
%
 
%
Summary of Ranges of Outstanding and Exercisable Options
The following table summarizes the ranges of outstanding and exercisable options at December 31, 2015:
Range of Exercise Prices
Options
Outstanding
 
Weighted Average
Remaining
Contractual Life
(in years)
 
Weighted
Average
Exercise
Price
 
Options
Exercisable
 
Weighted
Average
Exercise
Price
$8.90 – $8.90
42,000

 
4.63
 
$
8.90

 
42,000

 
$
8.90

$9.74 – $9.74
121,941

 
5.63
 
$
9.74

 
121,941

 
$
9.74

$11.89 – $18.78
117,033

 
2.52
 
$
16.14

 
117,033

 
$
16.14

$20.52 – $23.78
139,875

 
1.68
 
$
22.81

 
139,875

 
$
22.81

$23.79 – $25.44
37,500

 
9.93
 
$
25.44

 

 
$

 
458,349

 
 
 
 
 
420,849

 
 
Summary of Stock Options Transactions
The following table summarizes information about stock option transactions:
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
(in years)
 
Aggregate
Intrinsic Value
Balance at January 1, 2013
711,624

 
$
14.97

 
 
 
 
Exercised
(59,750
)
 
11.00

 
 
 
 
Forfeited
(29,750
)
 
12.38

 
 
 
 
Balance at December 31, 2013
622,124

 
$
15.48

 
 
 
 
Exercised
(52,805
)
 
11.18

 
 
 
 
Forfeited

 

 
 
 
 
Balance at December 31, 2014
569,319

 
$
15.88

 
 
 
 
Granted
37,500

 
25.44

 
 
 
 
Exercised
(119,096
)
 
15.13

 
 
 
 
Forfeited
(750
)
 
9.74

 
 
 
 
Expired
(28,624
)
 
20.56

 
 
 
 
Balance at December 31, 2015
458,349

 
$
16.57

 
3.42
 
$
4,065,000

Aggregate Intrinsic Value of Options Exercised and Aggregate Fair Value of Restricted Stock Units and Restricted Shares that Vested
The following table sets forth the aggregate intrinsic value of options exercised and aggregate fair value of restricted stock units and restricted shares that vested during the years ended December 31 (in thousands):
 
2015
 
2014
 
2013
Aggregate intrinsic value of options exercised
$
1,089

 
$
326

 
$
398

Aggregate fair value of vested restricted stock units
$
6,578

 
$
2,416

 
$
1,900

Aggregate fair value of vested restricted shares
$
111

 
$
364

 
$
222

Summary of Information About Restricted Stock Units and Weighted Average Grant Date Fair Value
The following table summarizes information about non-vested restricted stock units and performance stock units (that will convert to shares upon vesting) and restricted shares:
 
Restricted
Stock Units
 
Weighted
Average
Grant Date
Fair Value
 
Restricted
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Performance Stock Units
 
Weighted Average Grant Date Fair Value
Balance at December 31, 2014
647,492

 
$
15.26

 
10,259

 
$
15.89

 

 
$

Granted
212,419

 
17.78

 
21,318

 
17.48

 
396,714

 
19.78

Vested
(297,080
)
 
17.13

 
(7,156
)
 
15.49

 

 

Forfeited
(14,016
)
 
15.43

 
(2,936
)
 
17.71

 

 

Balance at December 31, 2015
548,815

 
$
15.22

 
21,485

 
$
17.59

 
396,714

 
$
19.78

Schedule of Compensation Expense Recognized from Change in Fair Value and Vesting of Performance Stock Units
The following table summarizes the compensation expense recognized from the change in fair value and vesting of performance stock units awarded for the years ended December 31 (in thousands):
 
2015
 
2014
 
2013
Performance stock unit compensation expense
$
6,965

 
$
31

 
$
2,214

Cash Paid to Settle Liability Awards
The MSPP is a share-based liability settled in cash. The following table sets forth the cash paid to settle these liability awards and expense recognized for the years ended December 31 (in thousands):
 
2015
 
2014
 
2013
Share-based liabilities paid
$
1,901

 
$
2,120

 
$
531

MSPP expense
$
2,767

 
$
329

 
$
3,857