Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Award Activity for Stock Options Granted and Weighted Average Exercise Price Per Share

Award activity for stock options granted under the Plan and the weighted average exercise price per share are summarized as follows:

	Time-Based Options			Performance- Based  Options			Total Options			Weighted Average Exercise Price Per Share
Options outstanding at January 1, 2014		412,500			—			412,500		$	18.62
Options issued		325,000			—			325,000		$	31.74
Options forfeited		(125,000	)		—			(125,000	)	$	19.60
Options exercised		—			—			—			—
Options expired		—			—			—			—
Options purchased by the Company		—			—			—			—
Options outstanding at December 31, 2014		612,500			—			612,500		$	25.38
Options issued		—			200,000			200,000		$	28.37
Options forfeited		—			—			—			—
Options exercised		—			—			—			—
Options expired		(12,500	)		—			(12,500	)	$	37.70
Options purchased by the Company		—			—			—			—
Options outstanding at December 31, 2015		600,000			200,000			800,000		$	25.94
Options issued		—			—			—			—
Options forfeited		—			(200,000	)		(200,000	)	$	28.37
Options exercised		—			—			—			—
Options expired		—			—			—			—
Options purchased by the Company		—			—			—			—
Options outstanding at December 31, 2016		600,000			—			600,000		$	25.13
Options exercisable at December 31, 2016		450,000			—			450,000		$	22.71

Option Intrinsic values

Option intrinsic values, which are the differences between the fair value of $38.21 at December 31, 2016 and the strike price of the option, are as follows:

	Number of Shares		Weighted Average Strike Price			Intrinsic Value
Outstanding		600,000	$	25.13		$	7.9 million
Exercisable		450,000	$	22.71	(1)	$	7.0 million
Exercised (1)		—		—			—

(1) The intrinsic value of the exercised options is the difference between the fair market value at time of exercise and the strike price of the option.

Options Exercisable

The options exercisable at December 31, 2016 include the following:

Option Price	Number of options exercisable
$17.87		300,000
$32.38		150,000
Options exercisable at December 31, 2016		450,000

Significant Assumptions Used to Estimate Fair Value of Stock Options Granted Using Black Scholes Option Pricing Model

There were no options granted under the Plan in 2016. The weighted average fair value of options granted under the Plan was $8.69 and $7.92 in 2015 and 2014, respectively, using a Black-Scholes option-pricing model and the following weighted average assumptions.

	2015			2014
Dividend yield		0.0	%		0.0	%
Expected volatility		31.59	%		37.7	%
Risk-free interest rate		1.7	%		1.7	%
Expected option life		5.0 years			6.9 years

Summary of Range of Exercise Prices of Options Outstanding

The following tables summarize the range of exercise prices of options outstanding at December 31, 2016, 2015, and 2014:

Ranges of Exercise Prices	Outstanding at December 31, 2016			Weighted Average Per Share Exercise Price		Weighted Average Remaining Life
$17.87 – $19.99		300,000		$	17.87		4.7 years
$20.00 – $29.99		—			—		N/A
$30.00 – $37.70		300,000	(1)	$	32.38		7.1 years
Total		600,000

(1)—the weighted average per share exercise price on these shares outstanding is variable. See note below under Chief Executive Officer for additional information.

Ranges of Exercise Prices	Outstanding at December 31, 2015			Weighted Average Per Share Exercise Price		Weighted Average Remaining Life
$17.87 – $19.99		300,000		$	17.87		5.7 years
$20.00 – $29.99		200,000		$	28.37		9.0 years
$30.00 – $37.70		300,000	(1)	$	32.38		8.1 years
Total		800,000

(1)—the weighted average per share exercise price on these shares outstanding is variable. See note below under Chief Executive Officer for additional information.

Ranges of Exercise Prices	Outstanding at December 31, 2014			Weighted Average Per Share Exercise Price		Weighted Average Remaining Life
$17.87 – $19.99		300,000		$	17.87		6.7 years
$20.00 – $29.99		—			—		N/A
$30.00 – $37.70		312,500	(1)	$	32.59		8.8 years
Total		612,500

(1)—the weighted average per share exercise price on 300,000 of these shares outstanding is variable. See note below under Chief Executive Officer for additional information.

Summary of Restricted Stock Awards Since Inception

The following table summarizes the restricted stock grants since the 2003 inception of the previous share incentive plan.

	Restricted Stock Awards
Year	Employees		Directors		Total
Inception through 2013		711,068		405,280		1,116,348
2014		95,694		36,608		132,302
2015		138,507		36,321		174,828
2016		121,346		35,185		156,531
		1,066,615		513,394		1,580,009

Summary of Non-Vested Restricted Shares Activity

The following table summarizes the non-vested restricted shares activity for the years ended December 31, 2016, 2015, and 2014:

	Number of Shares			Weighted Average Price Per Share
Non-vested Restricted Shares at January 1, 2014		98,121		$	21.48
Shares issued		132,302		$	25.67
Shares vested		(57,017	)	$	24.29
Shares forfeited		(1,131	)	$	22.13
Non-vested Restricted Shares at December 31, 2014		172,275		$	23.76
Shares issued		174,828		$	28.24
Shares vested		(70,503	)	$	25.31
Shares forfeited		(16,695	)	$	24.11
Non-vested Restricted Shares at December 31, 2015		259,905		$	26.33
Shares issued		156,531		$	29.44
Shares vested		(111,205	)	$	26.11
Shares forfeited		(5,633	)	$	27.25
Non-vested Restricted Shares at December 31, 2016		299,598		$	28.02