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Capital Transactions (Tables)
12 Months Ended
Dec. 31, 2015
Schedule of assumptions used and weighted average fair value for stock option grants

 

 

 

 

 

 

 

 

 

 

 

2015

    

2014

    

2013

 

Expected annual dividend rate

 

1.18

%  

 

1.32

%  

 

1.21

%

Risk-free interest rate

 

1.62

%  

 

1.50

%  

 

0.92

%

Average expected life (years)

 

5.7

 

 

5.8

 

 

6.0

 

Expected volatility of common stock

 

0.401

 

 

0.431

 

 

0.446

 

Forfeiture rate

 

0.0

%  

 

0.0

%  

 

0.0

%

Weighted average fair value of option grants

$

4.75

 

$

4.47

 

$

5.04

 

 

Schedule of restricted stock activity

 

 

 

 

 

 

 

 

    

 

    

 

Weighted-Average

 

 

 

 

 

 

Grant-Date Fair

 

 

 

Number of Shares

 

 

Value

 

Non-vested shares outstanding at December 31, 2012

 

698,885

 

$

14.21

 

Granted

 

282,651

 

 

13.43

 

Vested

 

(202,012)

 

 

14.51

 

Cancelled

 

(45,933)

 

 

13.69

 

Non-vested shares outstanding at December 31, 2013

 

733,591

 

 

13.79

 

Granted

 

312,749

 

 

12.00

 

Vested

 

(284,891)

 

 

14.74

 

Cancelled

 

(38,273)

 

 

12.83

 

Non-vested shares outstanding at December 31, 2014

 

723,176

 

 

12.70

 

Granted

 

408,163

 

 

13.57

 

Vested

 

(215,856)

 

 

13.06

 

Cancelled

 

(106,184)

 

 

13.52

 

Non-vested shares outstanding at December 31, 2015

 

809,299

 

 

13.13

 

 

Schedule of stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Average

 

Aggregate

 

 

 

Weighted

 

 

 

Weighted

 

 

 

 

 

Average

 

Remaining

 

Intrinsic

 

 

 

Average

 

 

 

Average

 

 

 

Number of

 

Exercise

 

Contractual

 

Value

 

Number of

 

Exercise

 

Number of

 

Exercise

 

 

 

Options

 

Price

 

Term

 

($000)

 

Options

 

Price

 

Options

 

Price

 

Outstanding at beginning of year

    

2,888,074

    

$

16.46

    

1.7

years

$

    

3,407,575

    

$

17.99

    

3,653,859

    

$

18.44

 

Granted

 

267,433

 

 

13.63

 

 

 

 

 

 

255,503

 

 

11.96

 

173,560

 

 

13.24

 

Exercised

 

(544,917)

 

 

14.68

 

 

 

 

 

 

(6,701)

 

 

12.10

 

(75,080)

 

 

10.91

 

Cancelled

 

(1,546,161)

 

 

18.53

 

 

 

 

 

 

(768,303)

 

 

6.81

 

(344,764)

 

 

20.67

 

Outstanding at end of year

 

1,064,429

 

 

13.64

 

3.7

years

$

5,726.7

 

2,888,074

 

 

16.46

 

3,407,575

 

 

17.99

 

Exercisable at December 31, 2015

 

484,747

 

 

14.46

 

1.7

years

$

2,212.5

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2014

 

2,324,336

 

 

17.39

 

0.8

years

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of non-vested stock options

The following table summarizes the status of the Company’s non‑vested stock options as of December 31, 2015:

 

 

 

 

 

 

 

 

 

    

 

    

Weighted-Average

 

 

 

Number of

 

Grant-Date

 

 

 

Shares

 

Fair Value

 

Non-vested shares at beginning of year

 

563,738

 

$

4.56

 

Granted

 

267,433

 

 

4.92

 

Vested

 

(187,403)

 

 

4.43

 

Cancelled

 

(64,086)

 

 

4.65

 

Non-vested shares at end of year

 

579,682

 

$

4.75

 

 

Schedule of stock options outstanding

The following table summarizes information about the Company’s stock options outstanding at December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

Options Exercisable

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

 

Remaining

 

Weighted Average

 

Number

 

Weighted Average

 

Range of Exercise Prices

 

Outstanding

 

Contractual Life

 

Exercise Price

 

Exercisable

 

Exercise Price

 

$8

to

$11

    

19,458

  

5.4

years

    

$

11.10

 

    

$

 

$12

to

$14

 

859,595

 

4.1

years

 

 

13.31

 

305,331

 

 

13.90

 

$15

to

$18

 

185,376

 

1.4

years

 

 

15.43

 

179,416

 

 

15.64

 

$8

to

$18

 

1,064,429

 

3.7

years

 

$

13.64

 

484,747

 

$

14.46

 

 

Performance Share Units  
Schedule of non-vested stock options

The following table summarizes the activity of performance share units granted at target as of December 31, 2015.

 

 

 

 

 

 

 

    

 

    

 

Weighted-Average

 

 

 

 

 

Grant-Date Fair

 

 

Number of Shares

 

 

Value

Non-vested shares outstanding at December 31, 2014

 

 

$

 —

Granted

 

222,583

 

 

13.61

Vested

 

 

 

 

Cancelled

 

(19,754)

 

 

13.51

Non-vested shares outstanding at December 31, 2015

 

202,829

 

 $

13.62