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Equity-based Compensation
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity-based Compensation
EQUITY-BASED COMPENSATION
Stock Awards
Stock awards, which include shares of restricted stock, restricted stock units and performance stock units, are awarded from time to time to executive officers and certain key employees of the Company. Stock award compensation is recorded based on the award date fair value and charged to expense ratably through the requisite service period. The forfeiture of unvested restricted stock, restricted stock units and performance stock units causes the reversal of all previous expense recorded as a reduction of current period expense.
A summary of stock award activity is as follows:
 
Years Ended December 31,
 
2018
 
2017
 
2016
 
Stock Awards

Weighted
Average
Award Date
Fair Value
 
Stock Awards
 
Weighted
Average
Award Date
Fair Value
 
Stock Awards
 
Weighted
Average
Award Date
Fair Value
Outstanding, beginning of year
1,428,878

 
$
21.53

 
1,501,021

 
$
20.58

 
1,275,707

 
$
20.54

Restricted stock units awarded
281,567

 
24.13

 
257,532

 
23.06

 
335,026

 
18.43

Performance stock units awarded
219,943

 
23.25

 
213,436

 
28.18

 
245,586

 
25.69

Restricted shares distributed
—

 


 
(179,169
)
 
22.44

 
(162,554
)
 
23.49

Restricted stock units distributed
(312,182
)
 
17.47

 
(95,510
)
 
20.71

 
(23,739
)
 
20.73

Performance stock units distributed
(296,909
)
 
21.55

 
(49,672
)
 
21.95

 
—

 
—

Restricted shares forfeited
—

 
—

 
(1,084
)
 
23.01

 
(22,045
)
 
23.34

Restricted stock units forfeited
(90,896
)
 
21.79

 
(81,626
)
 
20.36

 
(71,992
)
 
17.60

Performance stock units forfeited
(87,196
)
 
25.95

 
(136,050
)
 
24.29

 
(74,968
)
 
22.64

Outstanding, end of year
1,143,205

 
$
23.26

 
1,428,878

 
$
21.53

 
1,501,021

 
$
20.58

Expense associated with stock awards was $6.8 million, $9.0 million and $9.1 million in 2018, 2017 and 2016, respectively. Unrecognized pre-tax expense of $9.9 million related to stock awards is expected to be recognized over the weighted average remaining service period of 2.4 years for awards outstanding at December 31, 2018.
Deferred Stock Unit Awards
Deferred stock units generally are awarded to directors of the Company and represent the Company’s obligation to transfer one share of the Company’s common stock to the grantee at a future date and generally are fully vested on the date of grant. The expense related to the issuance of deferred stock units is recorded as of the date of the award.
A summary of deferred stock unit activity is as follows:
 
Years Ended December 31,
 
2018
 
2017
 
2016

Deferred
Stock
Units

Weighted
Average
Award
Date
Fair Value
 
Deferred
Stock
Units
 
Weighted
Average
Award
Date
Fair Value
 
Deferred
Stock
Units
 
Weighted
Average
Award
Date
Fair Value
Outstanding, beginning of year
269,977

 
$
20.14

 
253,445

 
$
19.93

 
247,219

 
$
19.92

Awarded
45,681

 
23.72

 
47,091

 
23.53

 
45,886

 
21.22

Shares distributed
(28,308
)
 
19.22

 
(30,559
)
 
23.57

 
(39,660
)
 
21.29

Outstanding, end of year
287,350


$
22.80

 
269,977

 
$
20.14

 
253,445

 
$
19.93

Expense associated with awards of deferred stock units was $1.1 million, $1.1 million and $1.0 million in 2018, 2017 and 2016, respectively.
Stock Options
Stock options on the Company’s common stock are awarded from time to time to executive officers and certain key employees of the Company. Stock options granted generally have a term of seven to ten years and an exercise price equal to the market value of the underlying common stock on the date of grant.
A summary of stock option activity is as follows:
 
Years Ended December 31,
 
2018
 
2017
 
2016

Shares

Weighted
Average
Exercise
Price
 
Shares
 
Weighted
Average
Exercise
Price
 
Shares
 
Weighted
Average
Exercise
Price
Outstanding, beginning of year
126,680

 
$
23.06

 
170,253

 
$
21.99

 
288,383

 
$
21.73

Exercised
—

 
—

 
(43,573
)
 
18.87

 
(114,307
)
 
21.33

Canceled/Expired
(73,897
)
 
26.60

 
—

 
—

 
(3,823
)
 
22.24

Outstanding, end of year
52,783


$
18.11

 
126,680

 
$
23.06

 
170,253

 
$
21.99

 
 
 
 
 
 
 
 
 
 
 
 
Exercisable, end of year
52,783

 
$
18.11

 
126,680

 
$
23.06

 
170,253

 
$
21.99

In 2018, 2017 and 2016, the Company recorded expense of zero(2), zero(2) and less than $0.1 million, respectively, related to stock option grants. Unrecognized pre-tax expense related to stock option grants was zero at December 31, 2018.
Financial data for stock option exercises are summarized in the following table (in thousands):

Years Ended December 31,

2018
 
2017
 
2016
Amount collected from stock option exercises
$
—

 
$
822

 
$
306

Total intrinsic value of stock option exercises
—

 
370

 
47

Tax benefit of stock option exercises recorded in income tax expense (1)
1,556

 
63

 
—

Tax benefit of stock option exercises recorded in additional paid-in-capital (1)
—

 
—

 
315

Aggregate intrinsic value of outstanding stock options
—

 
386

 
102

Aggregate intrinsic value of exercisable stock options
—

 
386

 
102

__________________________
(1) 
As of January 1, 2017, the Company adopted FASB Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which, among other items, changed the accounting for the tax benefit of stock option exercises so that it is now recorded as part of current earnings rather than additional paid-in capital. Prior period balances were not retrospectively adjusted.
(2)
In 2018 and 2017 there were no expenses related to stock options as all issued stock options were fully vested at December 31, 2017 and expire in 2019.
The intrinsic value calculations are based on the Company’s closing stock price of $16.32, $25.43 and $23.70 on December 31, 2018, 2017 and 2016, respectively.