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Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation Expense

Total stock-based compensation expense was as follows:

 

 

 

Year Ended December 31,

 

 

 

 

2015

 

 

 

2014

 

 

 

2013

 

 

 

(In thousands)

 

Employee:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock and performance shares

 

$

10,792

 

 

$

8,193

 

 

$

7,269

 

Stock options

 

 

826

 

 

 

676

 

 

 

900

 

 

 

 

11,618

 

 

 

8,869

 

 

 

8,169

 

Non-employee directors:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock

 

 

901

 

 

 

900

 

 

 

710

 

Total stock-based compensation

 

$

12,519

 

 

$

9,769

 

 

$

8,879

 

 

Assumptions Used for the Black-Scholes Option-Pricing Model to Determine the Per Share Weighted Average Fair Value for Options Granted

The following table represents the assumptions used for the Black-Scholes option-pricing model to determine the per share weighted-average fair value for options granted for the three years ended December 31, 2015:

 

 

 

2015

 

 

 

2014

 

 

 

2013

 

Expected life (years)

 

 

7.0

 

 

 

5.0

 

 

 

9.9

 

Risk-free interest rate

 

 

1.9

%

 

 

1.7

%

 

 

1.9

%

Expected volatility

 

 

56.7

%

 

 

35.5

%

 

 

44.3

%

Expected dividend yield

 

 

1.1

%

 

 

1.0

%

 

 

1.2

%

 

Stock Option Activity

The following table reports stock option activity during the three years ended December 31, 2015 and the intrinsic value as of December 31, 2015:

 

 

 

 

 

 

 

 

Weighted-

 

 

Remaining

 

 

 

 

 

 

 

Number of

 

 

Average

 

 

Contractual

 

 

 

 

 

 

 

Shares

 

 

Exercise Price ($)

 

 

Term

 

 

Intrinsic Value ($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Outstanding at December 31, 2012

 

 

1,429,822

 

 

 

13.62

 

 

 

 

 

 

 

 

 

Granted

 

 

51,597

 

 

 

41.75

 

 

 

 

 

 

 

 

 

Canceled

 

 

(4,348

)

 

 

33.84

 

 

 

 

 

 

 

 

 

Exercised

 

 

(256,622

)

 

 

12.33

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2013

 

 

1,220,449

 

 

 

15.01

 

 

 

 

 

 

 

 

 

Granted

 

 

382

 

 

 

63.07

 

 

 

 

 

 

 

 

 

Canceled

 

 

(41,071

)

 

 

41.47

 

 

 

 

 

 

 

 

 

Exercised

 

 

(165,340

)

 

 

15.85

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2014

 

 

1,014,420

 

 

 

13.81

 

 

 

 

 

 

 

 

 

Granted

 

 

120,650

 

 

 

88.15

 

 

 

 

 

 

 

 

 

Canceled

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(196,034

)

 

 

11.60

 

 

 

 

 

 

 

15,312

 

Outstanding at December 31, 2015

 

 

939,036

 

 

 

23.83

 

 

 

2.9

 

 

 

82,412

 

Exercisable at December 31, 2015

 

 

790,471

 

 

 

14.07

 

 

 

2.6

 

 

 

77,084

 

 

Summary of Performance of Share Activity

The following table reports performance share activity for the three years ended December 31, 2015:

Performance year

 

2015

 

 

2014

 

 

2013

 

Share pay-out at plan

 

 

28,520

 

 

 

29,678

 

 

 

42,908

 

Actual share pay-out in following year

 

 

37,076

 

 

 

25,228

 

 

 

46,340

 

Weighted average fair value per share on grant date

 

$

70.60

 

 

$

63.07

 

 

$

35.98

 

 

Restricted Stock and Performance Share Activity

The following table reports restricted stock and performance share activity during the three years ended December 31, 2015:

 

 

 

 

 

 

 

Weighted-Average

 

 

 

Number of

 

 

Grant Date Fair

 

 

 

Restricted Shares

 

 

Value

 

Outstanding at December 31, 2012

 

 

751,259

 

 

$

21.88

 

Granted

 

 

255,266

 

 

 

 

 

Performance share pay-out

 

 

41,481

 

 

 

 

 

Canceled

 

 

(93,358

)

 

 

 

 

Vested

 

 

(384,914

)

 

 

 

 

Outstanding at December 31, 2013

 

 

569,734

 

 

$

31.86

 

Granted

 

 

149,349

 

 

 

 

 

Performance share pay-out

 

 

46,340

 

 

 

 

 

Canceled

 

 

(43,185

)

 

 

 

 

Vested

 

 

(286,249

)

 

 

 

 

Outstanding at December 31, 2014

 

 

435,989

 

 

$

41.83

 

Granted

 

 

210,087

 

 

 

 

 

Performance share pay-out

 

 

25,228

 

 

 

 

 

Canceled

 

 

(3,845

)

 

 

 

 

Vested

 

 

(235,321

)

 

 

 

 

Outstanding at December 31, 2015

 

 

432,138

 

 

$

56.24