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Share-Based Compensation
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation 
The Company accounts for its share-based compensation by recognizing the grant date fair value of share-based awards, net of estimated forfeitures, as share-based compensation expense over the underlying requisite service periods of the related awards. The grant date fair value is based upon the Company’s share price on the date of the grant. 
The following table reflects the total share-based compensation expense amounts reported in the Consolidated Statements of Operations:
 Year Ended  December 31,
 202020192018
 (In thousands)
Cost of ATM operating revenues$1,488 $1,488 $788 
Selling, general, and administrative expenses20,776 19,474 14,872 
Total share-based compensation expense$22,264 $20,962 $15,660 
Total share-based compensation expense increased by $1.3 million during the year ended December 31, 2020 compared to 2019 and increased by $5.3 million during the year ended December 31, 2019 compared to 2018. These fluctuations are attributable to the amount, timing and terms of share-based payment awards granted during the respective periods, net of estimated forfeitures. Additionally, total share-based compensation expense increased in 2019 due to the recognition of comparatively higher estimated payouts for the performance-based awards granted in 2018.
Share-based compensation plans. The Company currently has two long-term incentive plans - the Fourth Amended and Restated 2007 Stock Incentive Plan (as amended, the “2007 Plan”) and the 2001 Stock Incentive Plan (“2001 Plan”). The purpose of each of these plans is to provide members of the Board and employees of the Company additional incentive and reward opportunities designed to enhance the profitable growth of the Company. Equity grants awarded under these plans generally vest in various increments up to four years based on continued employment. The Company handles stock option exercises and other share grants through the issuance of new common shares. All grants during the periods presented were made under the 2007 Plan. There were no awards outstanding under the 2001 Plan as of December 31, 2020.
2007 Plan. The 2007 Plan provides for the granting of the following awards: incentive stock options intended to qualify under Section 422 of the Internal Revenue Code, options that do not constitute incentive stock options, Restricted Stock Awards (“RSAs”), phantom share awards, Restricted Stock Units (“RSUs”), bonus share awards, and annual incentive awards. The number of common shares that may be issued under the 2007 Plan may not exceed 9,679,393 shares. The shares issued under the 2007 Plan are subject to further adjustment to reflect share dividends, share splits, recapitalizations, and similar changes in the Company’s capital structure. As of December 31, 2020, 904,196 options and 7,278,646 shares of RSAs and RSUs, net of cancellations and forfeitures, had been granted under the 2007 Plan and options to purchase 319,731 common shares have been exercised. There were no unvested RSAs during the years presented because the Company has not granted RSAs since 2013.
Restricted Stock Units. The Company grants RSUs under its Long-Term Incentive Plan (“LTIP”), which is an annual equity award program under the 2007 Plan. The ultimate number of RSUs that are determined to be earned under the LTIP are approved by the Compensation Committee of the Company’s Board of Directors based on the Company’s achievement of previously specified performance levels at the end of the associated performance period. RSU grants are service-based (“Time-RSUs”), performance-based (“Performance-RSUs”), or market-based (“Market-Based-RSUs”). Each is recognized ratably over the associated service period. For Time-RSUs and Market-Based-RSUs, the Company recognizes the related compensation expense based on the grant date fair value. The grant date fair value of the Time-RSUs is the Company's closing stock price on the date of grant while the grant date fair value of the Market-Based-RSUs is derived from a Monte Carlo simulation. For Performance-RSUs, the Company recognizes the related compensation expense based on the estimated performance levels that management believes will ultimately be met. Time-RSUs are convertible into the Company’s common shares upon passage of the annual graded vesting periods, which begin on the grant date and extend 3-4 years. Performance-RSUs and Market-Based-RSUs will be earned to the extent the Company achieves the associated performance-based or market-based vesting conditions and these awards are convertible into the Company’s common shares after the passage of the vesting periods which extend 3-4 years from the grant date. Although Performance-RSUs and Market-Based-RSUs are not considered to be earned and outstanding until the vesting conditions are met, the Company recognizes the related compensation expense over the requisite service period (or to an employee’s qualified retirement date, if earlier). RSUs may also be granted outside of LTIPs, with or without performance-based vesting requirements.
The number of the Company’s earned non-vested RSUs as of December 31, 2020, 2019, and 2018 and the changes during these years are presented below:
 Number of SharesWeighted Average Grant Date Fair Value
Non-vested RSUs as of January 1, 20181,006,009 $37.88 
Granted723,045 26.96 
Vested(657,814)38.67 
Forfeited(160,075)37.34 
Non-vested RSUs as of December 31, 2018911,165 28.74 
Granted268,360 32.29 
Vested(397,451)29.60 
Forfeited(39,722)31.13 
Non-vested RSUs as of December 31, 2019742,352 29.44 
Granted921,962 23.58 
Vested(519,583)27.65 
Forfeited(69,372)27.38 
Non-vested RSUs as of December 31, 20201,075,359 $25.41 
The above table only includes earned RSUs. Performance-RSUs and Market-Based-RSUs that are not yet earned are not included. The number of unearned Performance-RSUs granted at the target threshold in 2020, net of actual forfeitures, was 205,994 units with a grant date fair value of $21.75 per unit. The number of unearned Market-Based-RSUs granted in 2020, net of actual forfeitures, was 189,428 units with a grant date fair value of $30.53 per unit. The number of unearned Performance-RSUs granted at the target threshold in 2019, net of actual forfeitures, was 109,565 units with a grant date fair value of $33.70 per unit. The number of unearned Market-Based-RSUs granted in 2019, net of actual forfeitures, was 109,490 units with a grant date fair value of $49.10 per unit. The number of unearned Market-Based-RSUs granted in 2018, net of actual forfeitures, was 134,989 units with a grant date fair value of $24.13 per unit. Time-RSUs are included in the listing of earned and outstanding RSUs when granted. The weighted average grant date fair value of the earned RSUs granted was $23.58,  $32.29, and $26.96, for the years ended December 31, 2020, 2019, and 2018, respectively.
The total fair value of RSUs that vested during the years ended December 31, 2020, 2019, and 2018 was $21.3 million, $12.7 million, and $16.7 million, respectively. Compensation expense associated with RSUs totaled $20.3 million, $19.5 million, and $15.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, the unrecognized compensation expense associated with earned RSUs was $8.6 million, which will be recognized using a graded vesting schedule for Performance-RSUs and a straight-line vesting schedule for Time-RSUs, over a remaining weighted average vesting period of approximately 1.84 years.
Options. The number of the Company’s outstanding stock options as of December 31, 2020, 2019 and 2018 and the changes during these years are presented below:
 Number of SharesWeighted Average Exercise PriceAggregate Intrinsic ValueWeighted Average Remaining Contractual Term
(in thousands)
Options outstanding as of January 1, 20181,250 $9.69 
Granted234,959 22.31 
Exercised(1,250)9.69 
Options outstanding as of December 31, 2018234,959 $22.31 $867 9.25years
Granted145,221 31.99 
Options outstanding as of December 31, 2019380,180 $26.01 $7,087 8.60years
Granted233,888 20.92 
Exercised(17,856)22.31 
Forfeited(11,747)31.99 
Options outstanding as of December 31, 2020584,465 $23.96 $6,625 8.27years
Options vested and exercisable as of December 31, 2020189,228 $24.59 $2,027 7.47years
During the year ended December 31, 2019, no options were exercised and no options expired or were forfeited. The weighted average exercise prices associated with the grant, exercise and forfeiture activity are reflected in the table above.
As of December 31, 2020, the unrecognized compensation expense associated with outstanding options was approximately $2.2 million, which will be recognized over the remaining weighted average vesting period of approximately 1.71 years.
Fair value assumptions. The Company utilizes the Black-Scholes option-pricing model to value options, which requires the input of certain subjective assumptions, including the expected life of the options, expected volatility of the Company's common equity, expected dividend rate, a risk-free interest rate, and an estimated forfeiture rate. These assumptions are based
on management’s best estimate at the time of grant. The value assumptions for the option awards granted in the years ended December 31, 2020, 2019 and 2018 are presented below:

Valuation assumptions:
Options Granted in 2020Options Granted in 2019Options Granted in 2018
Expected option term (in years)6.06.06.0
Expected stock price volatility44.68 %39.87 %33.02 %
Expected dividend yield— %— %— %
Risk-free interest rate0.51 %2.46 %2.62 %