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Stock-Based Compensation Plans
 6 Months Ended
Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans Stock-Based Compensation Plans
Employee Stock Purchase Plan
Shares issued under the 2017 Employee Stock Purchase Plan during the six months ended June 30, 2019 and 2018, totaled 60,362 and 77,118, respectively.

Stock Options
A summary of stock option activity is as follows:
 
Number of
Shares
 
Weighted Average
Exercise Price ($)
 
Weighted Average
Remaining Contractual
Term (Years)
 
Aggregate Intrinsic
Value of
In-the-Money
Options ($)
Outstanding as of December 31, 2018
4,864,836

 
$
17.76

 
 
 
 
Exercised
(365,808
)
 
15.90

 
 
 
 
Forfeited
(3,496
)
 
17.89

 
 
 
 
Outstanding as of June 30, 2019
4,495,532

 
$
17.91

 
5.77
 
$
73,859,896

Exercisable as of June 30, 2019
3,951,380

 
$
17.59

 
5.54
 
$
66,188,229



The weighted average grant date fair value of stock options granted during the six months ended June 30, 2018, was $7.03. The total intrinsic value of stock options exercised during the six months ended June 30, 2019 and 2018, was $6.0 million and $11.3 million, respectively. There were no stock options granted during the six months ended June 30, 2019.

The fair value of options granted during the six months ended June 30, 2018, were estimated on the date of grant using the Black-Scholes option-pricing model, acceptable under ASC 718, Compensation – Stock Compensation (“ASC 718”), with the following weighted average assumptions:
 
Six Months Ended
June 30, 2018
Expected life (years)
5.6

Risk-free interest rate
2.7
%
Expected volatility
26.4
%
Expected dividend yield
—



Expected volatilities are based on the Company’s historical common stock volatility, derived from historical stock price data for periods commensurate with the options’ expected life. The expected life of the options granted represents the period of time options are expected to be outstanding, based primarily on historical employee option exercise behavior. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero coupon bonds issued with a term equal to the expected life at the date of grant of the options. The expected dividend yield is zero, as the Company has historically paid no dividends and does not anticipate dividends to be paid in the future.

Long-term Incentive Program Performance Share Awards
A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) is as follows:
 
Number of Shares
at Expected Attainment
 
Weighted Average
Grant Date Fair Value
Nonvested as of December 31, 2018
540,697

 
$
19.83

Forfeited
(16,319
)
 
20.12

Change in attainment
377,557

 
20.22

Nonvested as of June 30, 2019
901,935

 
$
19.99



During the six months ended June 30, 2019, the Company revised the expected attainment rates for all outstanding LTIP performance shares due to changes in forecasted sales and operating income, resulting in additional stock-based compensation expense of approximately $6.0 million for the three and six months ended June 30, 2019.

Restricted Share Awards
A summary of nonvested restricted share awards (“RSAs”) is as follows:
 
Number of
Shares
 
Weighted Average
Grant Date Fair Value
Nonvested as of December 31, 2018
213,337

 
$
20.21

Vested
(104,763
)
 
20.21

Forfeited
(9,068
)
 
20.12

Nonvested as of June 30, 2019
99,506

 
$
20.21



During the six months ended June 30, 2019, a total of 104,763 RSAs vested. The Company withheld 32,371 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

Total Shareholder Return Awards
A summary of nonvested total shareholder return awards (“TSRs”) is as follows:
 
Number of
Shares
 
Weighted Average
Grant Date Fair Value
Nonvested as of December 31, 2018
718,931

 
$
29.25

Granted
436,674

 
47.90

Forfeited
(18,050
)
 
36.06

Nonvested as of June 30, 2019
1,137,555

 
$
36.30



The fair value of TSRs granted during the six months ended June 30, 2019 and 2018, were estimated on the date of grant using the Monte Carlo simulation model, acceptable under ASC 718, using the following weighted average assumptions:
 
Six Months Ended
June 30,
 
2019
 
2018
Expected life (years)
2.8

 
2.9

Risk-free interest rate
2.5
%
 
2.4
%
Expected volatility
29.3
%
 
28.0
%
Expected dividend yield
—

 
—



Restricted Share Units
A summary of nonvested restricted share unit awards (“RSUs”) is as follows:
 
Number of
Shares
 
Weighted Average
Grant Date Fair Value
Nonvested as of December 31, 2018
651,045

 
$
23.82

Granted
679,480

 
33.06

Vested
(257,982
)
 
24.13

Forfeited
(22,465
)
 
26.60

Nonvested as of June 30, 2019
1,050,078

 
$
29.66



During the six months ended June 30, 2019, a total of 257,982 RSUs vested. The Company withheld 57,403 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

As of June 30, 2019, there were unrecognized compensation costs of $27.4 million related to nonvested TSRs, $27.4 million related to nonvested RSUs, $3.8 million related to nonvested LTIP performance shares, $1.3 million related to nonvested RSAs, and $0.8 million related to nonvested stock options, which the Company expects to recognize over weighted average periods of 2.1 years, 1.8 years, 0.7 years, 0.7 years, and 0.7 years, respectively.

The Company recorded stock-based compensation expense recognized under ASC 718 for the three months ended June 30, 2019 and 2018, of $14.4 million and $7.7 million, respectively, with corresponding tax benefits of $2.8 million and $1.2 million, respectively. The Company recorded stock-based compensation expense recognized under ASC 718 for the six months ended June 30, 2019 and 2018, of $21.0 million and $14.1 million, respectively, with the corresponding tax benefits of $4.0 million and $2.2 million, respectively.