• Filing Date: 2017-02-22
  • Form Type: 10-K
  • Description: Annual report
v3.6.0.2
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
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, 2016, 2015 and 2014 is as follows (option amounts not in thousands):

 

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

Term

   Value  

Outstanding at January 1, 2014

     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   
  

 

 

          

Exercised

     (120,000    $ 2.82         
  

 

 

          

Outstanding at December 31, 2015

     110,000       $ 3.19       2.3 years    $ 3,482   
  

 

 

          

Exercised

     (60,000    $ 2.50         
  

 

 

          

Outstanding at December 31, 2016

     50,000       $ 4.02       2.3 years    $ 1,773   
  

 

 

          

Exercisable at December 31, 2016

     50,000       $ 4.02       2.3 years    $ 1,773   
  

 

 

          
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, 2016, 2015 and 2014 (option amounts not in thousands):

 

     2016      2015      2014  

Options exercised

     60,000         120,000         50,000   

Total intrinsic value of exercised options

   $ 1,376       $ 4,551       $ 1,970   

Fair value of vested stock options

   $ —         $ —         $ 17   

Tax benefits realized

   $ 501       $ 1,697       $ 603   
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, 2016, 2015 and 2014 is as follows:

 

     Number of      Weighted  
     Restricted      Average  
     Stock      Grant Date  
     Awards      Fair Value  

Nonvested at January 1, 2014

     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   
  

 

 

    

Granted

     83,260       $ 44.46   

Vested

     (59,695    $ 30.13   

Forfeited

     (42,757    $ 28.15   
  

 

 

    

Nonvested at December 31, 2015

     620,513       $ 30.33   
  

 

 

    

Granted

     142,440       $ 32.35   

Vested

     (47,152    $ 42.27   

Cancelled

     (160,000    $ 26.27   

Forfeited

     (13,298    $ 39.06   
  

 

 

    

Nonvested at December 31, 2016

     542,503       $ 30.81   
  

 

 

    
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 and paid dividends, and the fair value of vested restricted stock for the years ended December 31, 2016, 2015 and 2014.

 

     2016      2015      2014  

Deferred tax benefits recognized

   $ 1,619       $ 1,453       $ 3,126   

Tax benefits realized for restricted stock and paid dividends

   $ 140       $ 598       $ 1,477   

Fair value of vested restricted stock

   $ 1,993       $ 1,798       $ 5,326   
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

Expected dividends per share

   $1.10

Expected volatility

   42.1 – 46.6%

Risk-free interest rate

   0.1 – 1.5%

Estimated cost of capital

   11.5%

Expected life (in years)

   4.00