Share-based incentives

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based incentives. During 2015, 2014 and 2013, the Company granted executives and senior management shares of restricted common stock which are time-based and vest at the end of three years. The Company also granted performance-based shares of restricted common stock which vest upon achievement of certain financial objectives over a period of three years. The aggregate grant-date fair values of these awards in 2015, 2014 and 2013 were $4.4 million (119,000 shares with an average grant price of $37.16), $4.0 million (125,000 shares with an average grant price of $32.24) and $2.2 million (84,000 shares with an average grant price of $26.01), respectively. Awards were made pursuant to the Company’s employee incentive compensation plans and the compensation expense associated with restricted stock awards is recognized over the corresponding vesting period as part of Employee costs in the statements of operations. Additionally, in May 2015, 2014 and 2013, the Company granted its board of directors, as a component of their annual director retainer compensation, 18,000, 22,000 and 18,000 shares, respectively, of common stock, which immediately vested at grant date. The aggregate fair values of these director awards at grant dates in 2015, 2014 and 2013 were $0.7 million, $0.7 million and $0.5 million, respectively, and the associated expense is recognized in Other operating expenses in the statements of operations.

A summary of the restricted common stock award activity during the year ended December 31, 2015 is presented below:



	Shares		Weighted-Average Grant-Date Fair Value per Share ($)

Nonvested balance at January 1, 2015	205,119		29.78
Granted	118,506		37.16
Adjustment for performance-based shares	19,610		37.18
Vested	(78,115	)	25.78
Forfeited	(12,930	)	31.43
Nonvested balance at December 31, 2015	252,190		34.88

The fair value of shares that vested in 2015 and 2014 aggregated to $2.9 million and $2.3 million, respectively. For the years ended December 31, 2015, 2014 and 2013, compensation costs recognized in the statements of operations were approximately $4.4 million, $4.0 million and $1.0 million, respectively. The total tax benefits recognized in the statement of operations from tax deductions relating to vesting of restricted common stock awards in 2015, 2014 and 2013 were $1.0 million, $0.3 million and $0.3 million, respectively. As of December 31, 2015, compensation costs not yet recognized related to nonvested restricted common stock awards was $4.7 million, which is expected to be recognized over a weighted average period of 1.7 years.