Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans

Stock-Based Compensation Plans

The Company recorded $5,316,837 in total stock-based compensation expense with a corresponding tax benefit of $1,948,089 for the three months ended March 31, 2016. For the three months ended March 31, 2015, the Company recorded $1,891,067 in total stock-based compensation expense with a corresponding tax benefit of $694,022.

During the three months ended March 31, 2016 and 2015, the Company did not grant any stock options.

The Company granted 222,408 and 214,832 shares of restricted stock to various employees during the three months ended March 31, 2016 and 2015, respectively.

In 2014, the Company initiated a performance and market-based stock incentive plan for certain executives that provides vesting based on specific financial and market-based performance measurements. The Company granted 91,612 and 69,213 shares of performance and market-based stock during the three months ended March 31, 2016 and 2015, respectively.