• Filing Date: 2015-03-10
  • Form Type: 10-K
  • Description: Annual report
v2.4.1.9
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Company's Stock Option Plan Activity

A summary of the stock option activity for the years ended December 31, 2014, 2013 and 2012 is as follows (option amounts not in thousands):

 

     Number of
Options
     Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Term
   Aggregate
Intrinsic
Value
 

Outstanding at January 1, 2012

     620,000       $ 2.97       5.7 years    $ 3,122   

Exercised

     (340,000    $ 3.03         
  

 

 

          

Outstanding at December 31, 2012

  280,000    $ 2.91    4.9 years $ 5,007   
  

 

 

          

Outstanding at December 31, 2013

  280,000    $ 2.91    3.9 years $ 14,166   
  

 

 

          

Exercised

  (50,000 $ 2.50   
  

 

 

          

Outstanding at December 31, 2014

  230,000    $ 3.00    3.0 years $ 9,256   
  

 

 

          

Exercisable at December 31, 2014

  230,000    $ 3.00    3.0 years $ 9,256   
  

 

 

          

Information about Options Exercised

The following table summarizes information about options exercised, and the fair value of vested options for the years ended December 31, 2014, 2013 and 2012 (option amounts not in thousands):

 

     2014      2013      2012  

Options exercised

     50,000         —           340,000   

Total intrinsic value of exercised options

   $ 1,970       $ —         $ 3,648   

Fair value of vested stock options

   $ 17       $ 17       $ 22   

Tax benefits realized

   $ 603       $ —         $ 1,161   
Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan

Information with respect to the activity of unvested restricted stock awards during the years ended December 31, 2014, 2013 and 2012 is as follows (share amounts not in thousands):

 

     Number of
Restricted
Stock
Awards
     Weighted
Average
Grant Date
Fair Value
 

Nonvested at January 1, 2012

     —           —     

Granted

     246,320       $ 14.54   
  

 

 

    

Nonvested at December 31, 2012

  246,320    $ 14.54   
  

 

 

    

Granted

  612,000    $ 27.36   

Vested

  (93,000 $ 12.18   

Forfeited

  (29,670 $ 15.03   
  

 

 

    

Nonvested at December 31, 2013

  735,650    $ 25.48   
  

 

 

    

Granted

  108,720    $ 47.40   

Vested

  (193,825 $ 27.48   

Forfeited

  (10,840 $ 41.53   
  

 

 

    

Nonvested at December 31, 2014

  639,705    $ 28.33   
  

 

 

    

Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock

The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards as well as their paid dividends, and the fair value of vested restricted stock for the years ended December 31, 2014, 2013 and 2012.

 

     2014      2013      2012  

Deferred tax benefits recognized

   $ 3,126       $ 2,062       $ 299   

Tax benefits realized for restricted stock and paid dividends

   $ 1,477       $ 1,060       $ —     

Fair value of vested restricted stock

   $ 5,326       $ 1,133       $ —     
Assumptions Used to Determine the Fair Value of the Awards with Market-Based

The following presents assumptions used in a Monte Carlo simulation model to determine the fair value of the awards with market-based conditions:

 

     2014    2013    2012

Expected dividends per share

   $1.10    $0.90    $0.80

Expected volatility

   42.1 – 46.6%    41.5 – 51.6%    36.7 – 50.0%

Risk-free interest rate

   0.1 – 1.5%    0.0 – 1.9%    0.1 – 1.2%

Estimated cost of capital

   11.5%    9.3 – 10.3%    11.9 – 12.1%

Expected life (in years)

   4.00    4.00 – 6.00    6.00