Treasury Stock and Share Based Awards (Tables)

9 Months Ended

Sep. 30, 2016

Below is a summary of the Company’s treasury stock activity for the nine months ended September 30, 2016:


	Number of
	Treasury
	Shares		Cost
Balance at January 1, 2016		4,183,504	$	66,577
Restricted stock withholdings ⁽¹⁾		206,502		6,828
Restricted stock forfeitures		54,210		—

Balance at September 30, 2016		4,444,216	$	73,405

⁽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 $29.17 to $38.11 per share.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the nine months ended September 30, 2016:


	Shares of			Weighted Average
	Restricted			Grant Date
	Stock			Fair Value
Outstanding at January 1, 2016		757,775		$	30.73
Granted		322,700		$	30.68
Vested		(430,056	)	$	26.60
Forfeited		(54,210	)	$	33.83

Outstanding at September 30, 2016		596,209		$	33.41

Unvested restricted stock at September 30, 2016		596,209		$	33.41

Summary of Restricted Stock Unit Award Activity

Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the nine months ended September 30, 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

Summary of Restricted Stock Award Activity

Nine Months Ended September 30,
	2016		2015
Compensation expense recognized during the period	$	6,551	$	7,142
Fair value of restricted shares that vested during the period	$	14,662	$	10,291
Income tax deduction upon vesting of restricted stock awards	$	5,555	$	3,823

Restricted Stock Units (RSUs)

Summary of Restricted Stock Unit Award Activity


	Nine Months Ended September 30,
	2016		2015
Number of restricted stock unit awards that vested during the period		213,984		123,769
Fair value of restricted stock unit awards that vested during the period	$	7,260	$	5,483
Accumulated dividends paid upon vesting of restricted stock unit awards	$	662	$	442
Income tax benefit recognized upon vesting of restricted stock unit awards	$	3,049	$	2,303
Compensation expense recognized during the period	$	3,696	$	2,708