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Employee Benefits and Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2016
Postemployment Benefits [Abstract]  
Summary of Stock Option Activity under 2006 EIP and 2013 LTIP

The following table presents the stock or stock option activity under the 2006 EIP and 2013 LTIP for the year ended December 31, 2016:

 

 

 

Stock or

 

 

Options Outstanding

 

 

 

Options

 

 

 

 

 

 

Weighted

 

 

 

Available

 

 

Number of

 

 

Average

 

 

 

for Grant

 

 

Shares

 

 

Exercise Price

 

Balance at January 1, 2016

 

 

5,868,283

 

 

 

2,280,030

 

 

$

27.08

 

Options granted

 

 

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

(69,336

)

 

 

13.15

 

Options canceled or forfeited (2013 LTIP)

 

 

12,490

 

 

 

(12,490

)

 

 

23.52

 

Options canceled or forfeited (2006 EIP)

 

 

 

 

 

(28,899

)

 

 

33.70

 

Restricted stock granted

 

 

(666,733

)

 

 

 

 

 

 

Restricted stock canceled

 

 

119,480

 

 

 

 

 

 

 

Balance at December 31, 2016

 

 

5,333,520

 

 

 

2,169,305

 

 

$

27.45

 

 

Summary of Information on Options Granted under Executive Incentive Plan

The following table summarizes the information on the options granted under the 2006 EIP and 2013 LTIP at December 31, 2016:

 

Outstanding

 

 

Exercisable

 

 

 

 

 

 

 

Average

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Remaining

 

 

Average

 

 

 

 

 

 

Average

 

Range of

 

Number of

 

 

Contractual

 

 

Exercise

 

 

Number of

 

 

Exercise

 

Exercise Prices

 

Options

 

 

Life (years)

 

 

Price

 

 

Options

 

 

Price

 

$0.00 - $25.36

 

 

389,018

 

 

 

6.70

 

 

$

23.67

 

 

 

244,723

 

 

$

23.47

 

25.37 - 28.80

 

 

1,267,788

 

 

 

4.78

 

 

$

25.52

 

 

 

1,267,788

 

 

$

25.52

 

28.81 - 33.52

 

 

490,126

 

 

 

4.21

 

 

$

33.45

 

 

 

490,126

 

 

$

33.45

 

33.53 - 84.80

 

 

22,373

 

 

 

2.63

 

 

$

71.54

 

 

 

22,373

 

 

$

71.54

 

$0.00 - $84.80

 

 

2,169,305

 

 

 

4.97

 

 

$

27.45

 

 

 

2,025,010

 

 

$

27.70

 

 

Summary of Estimated Fair Value of 2006 EIP Option Awards on Grant Date Using Black-Scholes Option

We account for the stock option grants under the 2006 EIP and 2013 LTIP in accordance with Accounting Standards Codification 718, Compensation-Stock Compensation. The fair value of each option granted was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions used for valuation purposes for grants during 2014:

 

 

 

2014

 

 

Risk-free interest rate

 

 

2.02

%

 

Dividend yield

 

 

3.64

%

 

Expected volatility

 

 

29.10

%

 

Expected life (years)

 

 

6.25

 

 

Weighted-average grant date fair value of options granted

 

$

4.90

 

 

 

Summary of Percentage of Target Award to Vest

In accordance with the schedule below. If the Company’s TSR is negative for the performance period, the maximum award which may vest is the target award.

 

 

 

 

 

Company Percentile Rank vs.
Russell 2000

Aggregate Percentage of
Shares Vested

Below Threshold

Below the 30th percentile

   0%

Threshold

At the  30th percentile

 50%

Target

At the 55th percentile

100%

Maximum

At or above the 80th percentile

175%