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Capital Transactions (Tables)
 12 Months Ended
Dec. 31, 2016
Schedule of assumptions used and weighted average fair value for stock option grants

 

 

 

 

 

 

 

 

 

 

 

 

    

2016

    

2015

    

2014

 

Expected annual dividend rate

 

 
1.08

% 

 
1.18

% 

 
1.32

%

Risk-free interest rate

 

 
1.15

% 

 
1.62

% 

 
1.50

%

Average expected life (years)

 

 
5.7

 

 
5.7

 

 
5.8

 

Expected volatility of common stock

 

 
0.412

 

 
0.401

 

 
0.431

 

Forfeiture rate

 

 
0.0

% 

 
0.0

% 

 
0.0

%

Weighted average fair value of option grants

 

$
5.27

 

$
4.75

 

$
4.47

 

 

Schedule of restricted stock activity

During the year ended December 31, 2016, the Company granted 380,358 shares of restricted stock units to certain Company’s employees under the 2010 Incentive Plan. The restricted stock units granted during the year ended December 31, 2016 have a three‑year vesting period, during which the recipient must remain employed with the Company or its subsidiaries. The weighted average fair value of the restricted stock units the date of grants made during the year ended December 31, 2016 was $14.81 per share. The following table summarizes the activity of restricted stock units granted to certain Company employees as of December 31, 2016, 2015 and 2014:

 

 

 

 

 

 

 

    

 

    

 

Weighted-Average

 

 

 

 

 

 

Grant-Date Fair

 

 

 

Number of Shares

 

 

Value

 

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

 

Granted

 
384,148

 

 
14.81

 

Vested

 
(215,146)

 

 
13.29

 

Cancelled

 
(51,370)

 

 
13.72

 

Non-vested shares outstanding at December 31, 2016

 
926,931

 

$
13.65

 

 

Schedule of stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

2015

 

2014

 

 

 

 

 

 

 

 

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

 
1,064,429

 

$
13.64

  
3.7

years

$
5,726.7

 
2,888,074

  

$
16.46

    
3,407,575

    

$
17.99

 

Granted

 
206,021

 

 
14.90

 

 

 

 

 

 
267,433

 

 
13.63

 
255,503

 

 
11.96

 

Exercised

 
(351,296)

 

 
14.17

 

 

 

 

 

 
(544,917)

 

 
14.68

 
(6,701)

 

 
12.10

 

Cancelled

 
(99,173)

 

 
14.90

 

 

 

 

 

 
(1,546,161)

 

 
18.53

 
(768,303)

 

 
6.81

 

Outstanding at end of year

 
819,981

 

 
13.58

 
4.4

years

$
18,756.9

 
1,064,429

 

 
13.64

 
2,888,074

 

 
16.46

 

Exercisable at December 31, 2016

 
263,851

 

 
13.76

 
2.8

years

$
5,985.5

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2015

 
484,747

 

 
14.46

 
1.7

years

$
2,212.5

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of non-vested stock options

The following table summarizes the status of the Company’s non‑vested stock options as of December 31, 2016:

 

 

 

 

 

 

 

 

    

 

    

Weighted-Average

 

 

 

Number of

 

Grant-Date

 

 

 

Shares

 

Fair Value

 

Non-vested shares at beginning of year

 
579,682

 

$
4.75

 

Granted

 
206,021

 

 
5.31

 

Vested

 
(209,419)

 

 
5.00

 

Cancelled

 
(20,154)

 

 
4.96

 

Non-vested shares at end of year

 
556,130

 

$
4.86

 

 

Schedule of stock options outstanding

The following table summarizes information about the Company’s stock options outstanding at December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

  
4.4

years

    

$
11.10

 

—

    

$

—

 

$12

to

$14

 
732,048

 
4.6

years

 

 
13.43

 
205,087

 

 
13.26

 

$15

to

$19

 
68,475

 
1.9

years

 

 
15.88

 
58,764

 

 
15.54

 

$8

to

$19

 
819,981

 
4.4

years

 

$
13.58

 
263,851

 

$
13.76

 

 

 

 

 

 

 

 

 

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, 2016.

 

 

 

 

 

 

 

    

 

    

 

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

Granted

 
183,577

 

 
14.89

Vested

 

—

 

 

 —

Cancelled

 
(22,413)

 

 
14.16

Non-vested shares outstanding at December 31, 2016

 
363,993

 

$
14.23