Treasury Stock and Share Based Awards (Tables)

3 Months Ended

Mar. 31, 2016

Below is a summary of the Company’s treasury stock activity for the three months ended March 31, 2016:


	Number of
	Treasury
	Shares		Cost
Balance at January 1, 2016		4,183,504	$	66,577
Restricted stock withholdings ⁽¹⁾		167,252		5,610
Restricted stock forfeitures		30,170		—

Balance at March 31, 2016		4,380,926	$	72,187

⁽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 $32.49 to $35.80 per share.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the three months ended March 31, 2016:


	Shares of			Weighted Average
	Restricted			Grant Date
	Stock			Fair Value
Outstanding at January 1, 2016		757,775		$	30.73
Granted		269,214		$	29.83
Vested		(375,585	)	$	24.70
Forfeited		(30,170	)	$	33.06

Outstanding at March 31, 2016		621,234		$	33.86

Unvested restricted stock at March 31, 2016		621,234		$	33.86

Number of Shares Vested 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, 2016 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 6.0%		84,554	$	2,522
at IRR of at least 8.0%		169,107	$	5,044
at IRR of at least 10.0%		253,661	$	7,568

Restricted Stock Units (RSUs)

Summary of Restricted Stock Unit Award Activity


	Three Months Ended March 31,
	2016		2015
Number of restricted stock unit awards that vested during the period		143,872		123,769
Fair value of restricted stock unit awards that vested during the period	$	4,747	$	5,501
Accumulated dividends paid upon vesting of restricted stock unit awards ⁽¹⁾	$	404	$	46
Income tax benefit recognized upon vesting of restricted stock unit awards	$	1,993	$	2,303
Compensation expense recognized during the period	$	2,217	$	908

⁽¹⁾	Additional dividends of approximately $396 were paid during April 2015 related to the restricted stock unit awards that vested during the three months ended March 31, 2015.

Restricted Stock

Summary of Restricted Stock Award Activity

Three Months Ended March 31,
	2016		2015
Compensation expense recognized during the period	$	2,901	$	2,590
Fair value of restricted shares that vested during the period	$	12,742	$	13,161
Income tax deduction upon vesting of restricted stock awards	$	4,748	$	3,311