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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Share-Based Compensation Expense

The following table summarizes the share-based compensation expense (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax expense

 

$

10,202

 

 

$

7,895

 

 

$

8,195

 

Tax effect

 

 

(3,846

)

 

 

(3,000

)

 

 

(3,114

)

After tax expense

 

$

6,356

 

 

$

4,895

 

 

$

5,081

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic shares—Weighted average shares

 

 

36,580

 

 

 

37,457

 

 

 

38,705

 

Denominator for diluted shares—Adjusted weighted average shares and the effect of dilutive securities

 

 

36,918

 

 

 

37,457

 

 

 

39,130

 

Net expense per share:

 

 

 

 

 

 

 

 

 

 

 

 

Net expense per share—basic

 

$

0.17

 

 

$

0.13

 

 

$

0.13

 

Net expense per share—diluted

 

$

0.17

 

 

$

0.13

 

 

$

0.13

 

 

Schedule of Intrinsic Value of Options Outstanding, Exercisable and Exercised

 

 

 

As of December 31,

 

 

Year ended December 31,

 

 

 

Outstanding

 

 

Exercisable

 

 

Exercised

 

2016

 

$

-

 

 

$

-

 

 

$

535

 

2015

 

 

1,253

 

 

 

1,253

 

 

 

902

 

2014

 

 

6,092

 

 

 

4,543

 

 

 

537

 

 

 

 

As of December 31,

 

 

Year ended December 31,

 

 

 

Outstanding

 

 

Vested

 

2016

 

$

29,056

 

 

$

4,705

 

2015

 

 

34,981

 

 

 

8,159

 

2014

 

 

45,928

 

 

 

10,976

 

 

Schedule of Stock Options

The following table summarizes the transactions, excluding restricted stock, under the Company’s equity compensation plans for the last three years:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Exercise

 

 

 

 

 

 

Exercise

 

 

 

 

 

 

Exercise

 

 

 

2016

 

 

Price

 

 

2015

 

 

Price

 

 

2014

 

 

Price

 

Options outstanding—January 1

 

 

448,687

 

 

$

33.31

 

 

 

727,378

 

 

$

33.81

 

 

 

812,160

 

 

$

33.70

 

Granted

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,538

 

 

 

45.89

 

Exercised

 

 

(82,228

)

 

 

24.94

 

 

 

(77,918

)

 

 

24.11

 

 

 

(32,610

)

 

 

24.43

 

Cancelled

 

 

(35,988

)

 

 

38.69

 

 

 

(200,773

)

 

 

38.71

 

 

 

(57,710

)

 

 

38.74

 

Expired

 

 

(100,938

)

 

 

31.13

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Options outstanding—December 31

 

 

229,533

 

 

$

36.42

 

 

 

448,687

 

 

$

33.31

 

 

 

727,378

 

 

$

33.81

 

Number of options exercisable

 

 

229,533

 

 

$

36.42

 

 

 

195,402

 

 

$

26.11

 

 

 

273,320

 

 

$

25.54

 

 

Schedule of Proceeds Related to Option Exercises and Related Tax Benefits

The following table summarizes proceeds related to option exercises and related tax benefits for the years ended December 31, 2016, 2015 and 2014 (in thousands):

 

 

Years Ended December 31,

 

 

2016

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from options exercised

 

2,097

 

 

 

1,939

 

 

 

814

 

Tax Benefit

 

199

 

 

 

340

 

 

 

203

 

 

Schedule of Outstanding and Exercisable Options Granted

The following table summarizes outstanding and exercisable options granted under the Company’s equity compensation plans as of December 31, 2016:

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

 

 

 

 

Contractual

 

 

 

 

 

Exercise Prices

 

Outstanding

 

 

Life (Years)

 

 

Exercisable

 

25.00-30.00

 

 

60,216

 

 

 

0.6

 

 

 

60,216

 

30.01-35.00

 

 

2,246

 

 

 

0.4

 

 

 

2,246

 

35.01-40.00

 

 

161,533

 

 

 

6.1

 

 

 

161,533

 

45.01-50.00

 

 

5,538

 

 

 

7.0

 

 

 

5,538

 

Total

 

 

229,533

 

 

 

 

 

 

 

229,533

 

 

Schedule of Restricted Stock and RSU Grants and Changes

The following table summarizes restricted stock and RSU transactions for the last three years.

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Grant Date

 

 

 

 

 

 

Grant Date

 

 

 

 

 

 

Grant Date

 

Restricted Stock and RSUs

 

2016

 

 

Fair Value

 

 

2015

 

 

Fair Value

 

 

2014

 

 

Fair Value

 

Nonvested—January 1

 

 

1,076,000

 

 

$

36.13

 

 

 

1,089,374

 

 

$

31.23

 

 

 

1,041,189

 

 

$

31.24

 

Granted

 

 

830,601

 

 

 

24.34

 

 

 

624,789

 

 

 

36.79

 

 

 

429,759

 

 

 

40.52

 

Vested

 

 

(196,394

)

 

 

37.32

 

 

 

(212,537

)

 

 

33.94

 

 

 

(237,739

)

 

 

41.59

 

Cancelled

 

 

(319,965

)

 

 

36.31

 

 

 

(425,626

)

 

 

34.58

 

 

 

(143,835

)

 

 

34.04

 

Nonvested—December 31

 

 

1,390,242

 

 

$

28.88

 

 

 

1,076,000

 

 

$

36.13

 

 

 

1,089,374

 

 

$

31.23