• Filing Date: 2020-03-06
  • Form Type: 10-K
  • Description: Annual report
v3.19.3.a.u2
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Company's Stock Option Plan Activity

 

A summary of the stock option activity for the years ended December 31, 2019, 2018 and 2017 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, 2017

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

110,000

 

 

$

40.00

 

 

 

 

 

 

 

Outstanding at December 31, 2018

 

 

240,000

 

 

$

37.19

 

 

8.8 years

 

$

3,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

110,000

 

 

$

53.00

 

 

 

 

 

 

 

Exercised

 

 

(10,000

)

 

$

6.30

 

 

 

 

 

 

 

Outstanding at December 31, 2019

 

 

340,000

 

 

$

43.21

 

 

7.9 years

 

$

1,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2019

 

 

92,500

 

 

$

36.36

 

 

6.8 years

 

$

868

 

Information about Options Exercised

The following table summarizes information about options exercised for the years ended December 31, 2019, 2018 and 2017 (option amounts not in thousands):

 

 

 

2019

 

 

2018

 

 

2017

 

Options exercised

 

 

10,000

 

 

 

 

 

 

30,000

 

Total intrinsic value of exercised options

 

$

347

 

 

$

 

 

$

1,319

 

Tax benefits realized

 

$

85

 

 

$

 

 

$

509

 

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 years ended December 31, 2019, 2018 and 2017:

 

 

 

2019

 

 

2018

 

 

2017

 

Expected dividend yield

 

 

3.34

%

 

 

4.00

%

 

 

3.53

%

Expected volatility

 

 

40.17

%

 

 

42.22

%

 

 

42.86

%

Risk-free interest rate

 

 

2.53

%

 

 

2.57

%

 

 

1.92

%

Expected life (in years)

 

 

5

 

 

 

5

 

 

 

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, 2019, 2018 and 2017 is as follows:

 

 

 

Number of

Restricted

Stock

Awards

 

 

Weighted

Average

Grant Date

Fair Value

 

Nonvested at January 1, 2017

 

 

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

 

 

 

 

 

 

 

 

 

 

Granted

 

 

189,860

 

 

$

41.81

 

Vested

 

 

(98,617

)

 

$

40.82

 

Forfeited

 

 

(56,637

)

 

$

36.46

 

Nonvested at December 31, 2018

 

 

632,296

 

 

$

33.33

 

 

 

 

 

 

 

 

 

 

Granted

 

 

180,404

 

 

$

42.79

 

Vested

 

 

(116,164

)

 

$

40.10

 

Forfeited

 

 

(299,776

)

 

$

25.31

 

Nonvested at December 31, 2019

 

 

396,760

 

 

$

41.71

 

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, 2019, 2018 and 2017.

 

 

2019

 

 

2018

 

 

2017

 

Deferred tax benefits recognized

 

$

1,075

 

 

$

862

 

 

$

970

 

Tax benefits realized for restricted stock and paid dividends

 

$

1,129

 

 

$

1,086

 

 

$

1,396

 

Fair value of vested restricted stock

 

$

4,658

 

 

$

4,025

 

 

$

2,884