Treasury Stock and Share Based Awards (Tables)

6 Months Ended

Jun. 30, 2019

Summary of Treasury Stock Activity

Below is a summary of the Company’s treasury stock activity for the six months ended June 30, 2019:

	Number of
	Treasury
	Shares		Cost
Balance at January 1, 2019		4,626,191	$	79,259
Restricted stock withholdings (1)		57,456		2,247
Restricted stock forfeitures		14,664		—
Balance at June 30, 2019		4,698,311	$	81,506

(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 $36.81 to $40.32 per share.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the six months ended June 30, 2019:

	Shares of			Weighted Average
	Restricted			Grant Date
	Stock			Fair Value
Outstanding at January 1, 2019		704,353		$	38.68
Granted		305,287		$	37.41
Vested		(198,711	)	$	41.38
Forfeited		(14,664	)	$	37.31
Outstanding at June 30, 2019		796,265		$	37.55
Unvested restricted stock at June 30, 2019		796,265		$	37.55

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 six months ended June 30, 2019 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%		136,285	$	5,011
at IRR of at least 8%		204,427	$	7,517
at IRR of at least 14%		306,651	$	11,276

Restricted Stock

Summary of Restricted Stock Award Activity

	Six Months Ended June 30,
	2019		2018
Compensation expense recognized during the period	$	4,869	$	4,798
Fair value of restricted shares that vested during the period	$	7,630	$	7,815
Income tax benefit recognized upon vesting of restricted stock awards	$	1,473	$	1,751

Restricted Stock Units (RSUs)

Summary of Restricted Stock Unit Award Activity

	Six Months Ended June 30,
	2019		2018
Number of restricted stock unit awards that vested during the period		88,074		127,084
Fair value of restricted stock unit awards that vested during the period	$	3,550	$	4,846
Accumulated dividends paid upon vesting of restricted stock unit awards	$	375	$	501
Compensation expense recognized during the period	$	1,777	$	2,080
Income tax benefit recognized upon vesting of restricted stock unit awards	$	170	$	740