Treasury Stock and Share Based Awards (Tables)

3 Months Ended

Mar. 31, 2014

Below is a summary of the Company’s treasury stock activity for the three months ended March 31, 2014:


	Number of
	Treasury
	Shares		Cost
Balance at January 1, 2014		3,694,935	$	51,946
Restricted stock withholdings ⁽¹⁾		333,507		9,776
Restricted stock forfeitures		786		—

Balance at March 31, 2014		4,029,228	$	61,722

⁽¹⁾

The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $28.84 to $30.75 per share.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the three months ended March 31, 2014:


	Shares of			Weighted Average
	Restricted			Grant Date
	Stock			Fair Value
Outstanding at January 1, 2014		1,260,913		$	21.85
Granted		234,813		$	28.54
Vested		(586,955	)	$	20.04
Forfeited		(786	)	$	23.36

Outstanding at March 31, 2014		907,985		$	24.75

Unvested restricted stock at March 31, 2014		907,985		$	24.75

Summary of Potential Number of Shares Vesting under Restricted Stock Unit Awards

Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the three months ended March 31, 2014 at each of the three target levels of financial performance (excluding forfeiture assumptions):


	Number of
	Shares		Value at
	Vesting		Grant
at IRR of at least 8.5%		65,832	$	1,879
at IRR of at least 10.5%		131,683	$	3,758
at IRR of at least 12.5%		197,515	$	5,637