• Filing Date: 2018-03-07
  • Form Type: 10-K
  • Description: Annual report
v3.8.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2017
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, 2017, 2016 and 2015 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, 2015

     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  
  

 

 

          

Granted

     110,000      $ 40.00        

Exercised

     (30,000    $ 2.50        
  

 

 

          

Outstanding at December 31, 2017

     130,000      $ 34.82        8.2 years      $ 472  
  

 

 

          

Exercisable at December 31, 2017

     20,000      $ 6.30        3.7 years      $ 472  
  

 

 

          

Information about Options Exercised

The following table summarizes information about options exercised for the years ended December 31, 2017, 2016 and 2015 (option amounts not in thousands):

 

     2017      2016      2015  

Options exercised

     30,000        60,000        120,000  

Total intrinsic value of exercised options

   $ 1,319      $ 1,376      $ 4,551  

Tax benefits realized

   $ 509      $ 501      $ 1,697  
Assumptions Used to Estimate the Fair Value of Stock Options Granted

The following table provides assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the stock options granted during the year ended December 31, 2017:

 

Expected dividend yield

     3.53

Expected volatility

     42.86

Risk-free interest rate

     1.92

Expected life (in years)

     5  
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, 2017, 2016 and 2015 is as follows:

 

     Number of
Restricted
Stock
Awards
     Weighted
Average
Grant Date
Fair Value
 

Nonvested at January 1, 2015

     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  
  

 

 

    

Granted

     154,936      $ 42.92  

Vested

     (75,983    $ 37.95  

Forfeited

     (23,766    $ 36.32  
  

 

 

    

Nonvested at December 31, 2017

     597,690      $ 32.82  
  

 

 

    
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, 2017, 2016 and 2015.

 

     2017      2016      2015  

Deferred tax benefits recognized

   $ 970      $ 1,619      $ 1,453  

Tax benefits realized for restricted stock and paid dividends

   $ 1,396      $ 140      $ 598  

Fair value of vested restricted stock

   $ 2,884      $ 1,993      $ 1,798