STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

NOTE 5 — STOCK-BASED COMPENSATION

Pursuant to the Company’s 1998 Stock Incentive Plan, as amended, the Company issues stock options, restricted stock awards and restricted stock units (“RSUs”) to employees. The Company did not issue any stock options during the three and nine months ended September 30, 2015 and 2014.

The restricted stock awards vest ratably over three years, cliff vest after three years, or vest at a rate of 50% each at the fourth and fifth year of continued employment from the date of the grant. The RSUs vest ratably over three years or cliff vest after three or five years of continued employment from the date of the grant. The restricted stock entitles the recipient to receive cash dividends equivalent to any dividends paid on the underlying common stock during the period the restricted stock is outstanding and, as such, are considered participating securities as discussed in Note 13 — Stockholders’ Equity and Earnings Per Share to the Consolidated Financial Statements. All restricted stock awards have vested as of September 30, 2015. While a portion of the restricted stock awards and RSUs are time-vesting awards, others vest subject to the attainment of specified performance goals. All restricted stock awards and RSUs are subject to forfeiture until vested.

The Company recognized the following stock compensation expense and related net tax benefit associated with its various employee share-based compensation plans:

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2015		2014		2015		2014
Compensation expense related to restricted stock awards	$	4,050	$	3,637	$	11,702	$	10,382
Net tax benefit recognized in equity for stock compensation plans	$	31	$	129	$	3,227	$	3,916

The following table presents a summary of the activity for the Company’s time-based and performance-based restricted stock awards as of September 30, 2015, including changes during the nine months ended September 30, 2015:

	September 30, 2015
	Restricted Stock and RSU Awards
	Time-Based				Performance-Based
	Shares		Weighted Average Price		Shares		Weighted Average Price
Outstanding at beginning of period	751,020		$	30.61	518,553		$	29.64
Granted	466,125		40.35		149,284		39.95
Vested	(218,363	)	23.41		(144,445	)	22.05
Forfeited	(57,278	)	36.41		—		—
Outstanding at end of period	941,504		$	36.75	523,392		$	35.64

As of September 30, 2015, total unrecognized compensation cost related to time-based and performance-based restricted stock awards amounted to $25.6 million and $9.5 million, respectively. These costs are expected to be recognized over a weighted average period of 2.08 years and 1.88 years, respectively.