XML 51 R35.htm IDEA: XBRL DOCUMENT v3.20.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Restricted Stock Awards ("RSAs")

Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the years ended December 31, 2020, 2019 and 2018:

 

 

 

Number of Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

Unvested at January 1, 2018

 

 

461,639

 

 

 

26.47

 

Granted

 

 

367,463

 

 

 

27.34

 

Vested

 

 

(214,208

)

 

 

26.67

 

Forfeited

 

 

(29,788

)

 

 

27.48

 

Unvested at December 31, 2018

 

 

585,106

 

 

 

26.89

 

Granted

 

 

302,506

 

 

 

31.24

 

Vested

 

 

(312,462

)

 

 

26.99

 

Forfeited

 

 

(17,905

)

 

 

29.58

 

Unvested at December 31, 2019

 

 

557,245

 

 

 

29.10

 

Granted

 

 

672,689

 

 

 

18.18

 

Vested

 

 

(333,685

)

 

 

25.67

 

Forfeited

 

 

(61,991

)

 

 

28.97

 

Unvested at December 31, 2020

 

 

834,258

 

 

$

21.68

 
Schedule of Performance Stock Units ("PSUs") The following table provides a summary of PSUs for the years ended December 31, 2020, 2019 and 2018:

 

 

Number of Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

Unvested at January 1, 2018

 

 

371,557

 

 

 

31.96

 

Granted

 

 

179,774

 

 

 

29.47

 

Forfeited

 

 

(13,395

)

 

 

30.48

 

Unvested at December 31, 2018

 

 

537,936

 

 

 

31.16

 

Granted

 

 

314,858

 

 

 

34.28

 

Vested

 

 

(277,325

)

 

 

31.25

 

Forfeited

 

 

(672

)

 

 

42.05

 

Unvested at December 31, 2019

 

 

574,797

 

 

 

32.82

 

Granted

 

 

1,641,117

 

 

 

14.39

 

Vested

 

 

(973,891

)

 

 

20.00

 

Forfeited

 

 

(163,468

)

 

 

17.34

 

Unvested at December 31, 2020

 

 

1,078,555

 

 

$

18.70

 

 
Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model

The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return or our stock price were determined using a Monte Carlo simulation valuation model with the following assumptions:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Expected volatility(1)

 

22.0% - 65.0%

 

 

19.5% - 21.5%

 

 

20.0% - 24.0%

 

Dividend yield(2)

 

 

—

 

 

 

—

 

 

 

—

 

Risk-free rate

 

0.3% - 1.5%

 

 

1.8% - 2.4%

 

 

2.4% - 2.7%

 

Expected term

 

1 - 4 years

 

 

3 years

 

 

3 years

 

 

(1)

For the years ended December 31, 2020, 2019 and 2018, the weighted average expected volatility was 46.2%, 20.5% and 24.0%, respectively.

(2)

Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.