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SHARE-BASED COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Share-based compensation expense
The following amounts were recognized in our consolidated statements of (loss) income for share-based compensation awards for the years ended December 31:
(in thousands)
 
2019
 
2018
 
2017
Restricted shares and restricted stock units
 
$
13,411

 
$
5,232

 
$
6,533

Performance share awards
 
2,907

 
4,502

 
4,782

Stock options
 
2,954

 
3,143

 
3,270

Employee stock purchase plan
 
430

 
501

 
524

Total share-based compensation expense
 
$
19,702

 
$
13,378

 
$
15,109

Income tax benefit
 
$
(5,350
)
 
$
(3,946
)
 
$
(5,152
)
Weighted-average assumptions used in Black-Scholes option pricing model The following weighted-average assumptions were used in the Black-Scholes option pricing model to determine the fair value of stock options granted:
 
 
2019
 
2018
 
2017
Risk-free interest rate
 
2.3
%
 
2.7
%
 
1.6
%
Dividend yield
 
2.7
%
 
2.0
%
 
1.6
%
Expected volatility
 
24.5
%
 
23.0
%
 
23.7
%
Weighted-average option life (in years)
 
5.3

 
3.9

 
3.7
Stock options rollforward Information regarding options issued under the current and all previous plans was as follows:
 
 
Number of options
(in thousands)
 
Weighted-average exercise price per option
 
Aggregate intrinsic value
(in thousands)
 
Weighted-average remaining contractual term
(in years)
Outstanding, December 31, 2016
 
1,251

 
$
47.68

 
 
 
 
Granted
 
270

 
75.30

 
 
 
 
Exercised
 
(347
)
 
38.72

 
 
 
 
Forfeited or expired
 
(35
)
 
62.19

 
 
 
 
Outstanding, December 31, 2017
 
1,139

 
56.51

 
 
 
 
Granted
 
519

 
62.12

 
 
 
 
Exercised
 
(339
)
 
42.55

 
 
 
 
Forfeited or expired
 
(74
)
 
66.85

 
 
 
 
Outstanding, December 31, 2018
 
1,245

 
62.04

 
 
 
 
Granted
 
644

 
44.72

 
 
 
 
Exercised
 
(21
)
 
32.42

 
 
 
 
Forfeited or expired
 
(521
)
 
62.75

 
 
 
 
Outstanding, December 31, 2019
 
1,347

 
53.92

 
$
3,311

 
6.1
 
 
 
 
 
 
 
 
 
Exercisable at December 31, 2017
 
555

 
$
47.42

 
 
 
 
Exercisable at December 31, 2018
 
472

 
59.90

 
 
 
 
Exercisable at December 31, 2019
 
485

 
61.44

 
$
292

 
2.7
Restricted stock units rollforward Information regarding our restricted stock units was as follows:
 
 
Number of units
(in thousands)
 
Weighted-average grant date fair value per unit
 
Weighted-average remaining contractual term
(in years)
Outstanding at December 31, 2016
 
139

 
$
37.99

 
 
Granted
 
16

 
73.27

 
 
Vested
 
(43
)
 
43.18

 
 
Forfeited
 
(3
)
 
57.18

 
 
Outstanding at December 31, 2017
 
109

 
38.31

 
 
Granted
 
110

 
52.32

 
 
Vested
 
(22
)
 
48.14

 
 
Forfeited
 
(2
)
 
74.96

 
 
Outstanding at December 31, 2018
 
195

 
45.41

 
 
Granted
 
611

 
44.73

 
 
Vested
 
(93
)
 
49.31

 
 
Forfeited
 
(49
)
 
45.40

 
 
Outstanding at December 31, 2019
 
664

 
44.35

 
2.3
Restricted shares rollforward
Information regarding unvested restricted shares was as follows:
 
 
Number of shares
(in thousands)
 
Weighted-average grant date fair value per share
 
Weighted-average remaining contractual term
(in years)
Unvested at December 31, 2016
 
220

 
$
56.43

 
 
Granted
 
68

 
74.84

 
 
Vested
 
(99
)
 
52.41

 
 
Forfeited
 
(8
)
 
61.37

 
 
Unvested at December 31, 2017
 
181

 
65.33

 
 
Granted
 
77

 
71.29

 
 
Vested
 
(76
)
 
69.73

 
 
Forfeited
 
(14
)
 
66.24

 
 
Unvested at December 31, 2018
 
168

 
66.02

 
 
Vested
 
(117
)
 
63.15

 
 
Forfeited
 
(25
)
 
73.62

 
 
Unvested at December 31, 2019
 
26

 
71.61

 
1.0
Weighted-average assumptions used in Monte Carlo simulation pricing model, performance share awards The following weighted-average assumptions were used in the Monte Carlo simulation model in determining the fair value of market-based performance shares granted:
 
 
2019
 
2018
 
2017
Risk-free interest rate
 
2.3
%
 
2.4
%
 
1.4
%
Dividend yield
 
3.1
%
 
1.6
%
 
1.7
%
Expected volatility
 
26.8
%
 
21.6
%
 
21.9
%
Performance share awards rollforward

Information regarding unvested performance shares was as follows:
 
 
Performance shares
(in thousands)
 
Weighted-average grant date fair value per share
 
Weighted-average remaining contractual term
(in years)
Unvested at December 31, 2016
 
236

 
$
55.15

 
 
Granted(1)
 
83

 
75.31

 
 
Forfeited
 
(9
)
 
64.85

 
 
Vested
 
(60
)
 
50.17

 
 
Adjustment for performance results achieved(2)
 
5

 
50.34

 
 
Unvested at December 31, 2017
 
255

 
63.42

 
 
Granted(1)
 
91

 
74.49

 
 
Forfeited
 
(48
)
 
59.32

 
 
Vested
 
(45
)
 
67.10

 
 
Adjustment for performance results achieved(2)
 
(3
)
 
67.11

 
 
Unvested at December 31, 2018
 
250

 
67.54

 
 
Granted(1)
 
151

 
41.79

 
 
Forfeited
 
(38
)
 
54.42

 
 
Vested
 
(118
)
 
59.67

 
 
Adjustment for performance results achieved(2)
 
7

 
54.42

 
 
Unvested at December 31, 2019
 
252

 
57.64

 
1.5


(1) Reflects awards granted assuming achievement of performance goals at target.

(2) Reflects the difference between the awards earned at the end of the performance period and the target number of shares.