Common Stock (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table provides a summary of the impact of our outstanding stock-based compensation plans on the results of operations for the periods presented:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(in thousands)

Stock-based compensation expense	$	4,079		$	4,813		$	15,205		$	14,278
Income tax benefit	(1,552		)	(1,828		)	(5,786		)	(5,423		)
Net stock-based compensation expense	$	2,527		$	2,985		$	9,419		$	8,855

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

In January 2016, the Compensation Committee awarded 58,709 SARs to our executive officers. The fair value of each SAR award was estimated on the date of grant using a Black-Scholes pricing model using the following assumptions:



	Nine Months Ended September 30,
	2016			2015

Expected term of award	6.0 years			5.2 years
Risk-free interest rate	1.8		%	1.4		%
Expected volatility	54.5		%	58.0		%
Weighted-average grant date fair value per share	$	26.96		$	22.23

Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity

The following table presents the changes in our SARs for all periods presented:



	Nine Months Ended September 30,
	2016							2015
	Number of SARs		Weighted-Average Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)		Number of SARs	Weighted-Average Exercise Price		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding beginning of year, January 1,	326,453		$	38.99				279,011	$	38.77
Awarded	58,709		51.63					68,274	39.63
Exercised	(141,084	)	40.16			$	2,770	—	—
Outstanding at September 30,	244,078		41.36		7.1	6,273		347,285	38.94		7.5	$	4,888
Vested and expected to vest at September 30,	238,671		41.20		7.1	6,171		341,423	38.89		7.5	4,821
Exercisable at September 30,	136,644		36.74		5.9	4,143		191,149	35.68		6.6	3,312

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The following table presents the changes in non-vested time-based awards to all employees, including executive officers, for the nine months ended September 30, 2016:



	Shares		Weighted-Average Grant Date Fair Value

Non-vested at December 31, 2015	525,081		$	50.23
Granted	269,709		57.12
Vested	(256,976	)	48.60
Forfeited	(14,716	)	55.70
Non-vested at September 30, 2016	523,098		54.43

The following table presents the weighted-average grant date fair value per share and related information as of/for the periods presented:



	As of/for the Nine Months Ended September 30,
	2016		2015
	(in thousands, except per share data)

Total intrinsic value of time-based awards vested	$	14,675	$	13,061
Total intrinsic value of time-based awards non-vested	35,079		30,959
Market price per common share as of September 30,	67.06		53.01
Weighted-average grant date fair value per share	57.12		48.58

Restricted Stock Awards, Market-Based, Valuation assumptions

In January 2016, the Compensation Committee awarded a total of 24,280 market-based restricted shares to our executive officers. In addition to continuous employment, the vesting of these shares is contingent on the Company's total shareholder return ("TSR"), which is essentially the Company’s stock price change including any dividends, as compared to the TSR of a group of peer companies. The shares are measured over a three-year period ending on December 31, 2018 and can result in a payout between 0% and 200% of the total shares awarded. The weighted-average grant date fair value per market-based share for these awards was computed using the Monte Carlo pricing model using the following assumptions:



	Nine Months Ended September 30,
	2016			2015

Expected term of award	3 years			3 years
Risk-free interest rate	1.2		%	0.9		%
Expected volatility	52.3		%	53.0		%
Weighted-average grant date fair value per share	$	72.54		$	66.16

Schedule of Nonvested Performance-based Units Activity

The following table presents the change in non-vested market-based awards during the nine months ended September 30, 2016:



	Shares		Weighted-Average Grant Date Fair Value per Share

Non-vested at December 31, 2015	71,549		$	63.60
Granted	24,280		72.54
Vested (1)	(11,283	)	98.50
Non-vested at September 30, 2016	84,546		61.51

__________

(1)Vested shares were issued at 200% based on our relative total shareholder return as ranked among the Company's peer group.

The following table presents the weighted-average grant date fair value per share and related information as of/for the periods presented:



	As of/for the Nine Months Ended September 30,
	2016		2015
	(in thousands, except per share data)

Total intrinsic value of market-based awards vested	$	1,174	$	—
Total intrinsic value of market-based awards non-vested	5,670		5,996
Market price per common share as of September 30,	67.06		53.01
Weighted-average grant date fair value per share	72.54		66.16