XML 52 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Restricted Stock Activity
The following table is a summary of restricted stock award activity:
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
Outstanding at beginning of period
49,869

 
$
33.40

 
27,806

 
$
20.53

 
71,508

 
$
11.82

Granted
5,900

 
25.44

 
47,500

 
34.76

 
7,200

 
35.70

Vested
(5,944
)
 
22.55

 
(17,437
)
 
15.84

 
(50,902
)
 
10.44

Forfeited
—

 
—

 
(8,000
)
 
35.00

 
—

 
—

Outstanding at end of period(1)(2)
49,825

 
$
33.76

 
49,869

 
$
33.40

 
27,806

 
$
20.53

_______________________________________________________________________________
(1)
As of December 31, 2015, the aggregate intrinsic value was $0.9 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2015 by the number of non-vested restricted stock awards outstanding.
(2)
As of December 31, 2015, the weighted average remaining contractual term of non-vested restricted stock awards outstanding was 1.2 years.
The following table is a summary of restricted stock unit activity:
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
Outstanding at beginning of period
604,214

 
$
12.48

 
566,321

 
$
10.75

 
515,468

 
$
9.10

Granted and fully vested
51,292

 
27.87

 
37,893

 
38.28

 
50,853

 
27.53

Issued
(230,068
)
 
13.45

 
—

 
—

 
—

 
—

Forfeited
—

 
—

 
—

 
—

 
—

 
—

Outstanding at end of period(1)(2)
425,438

 
$
13.81

 
604,214

 
$
12.48

 
566,321

 
$
10.75

_______________________________________________________________________________
(1)
As of December 31, 2015, the aggregate intrinsic value was $7.5 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2015 by the number of outstanding restricted stock units.
(2)
Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has not been provided.
Summary of SAR activity
The following table is a summary of SAR activity:
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
Shares
 
Weighted-
Average
Exercise
Price
 
Shares
 
Weighted-
Average
Exercise
Price
 
Shares
 
Weighted-
Average
Exercise
Price
Outstanding at beginning of period
667,764

 
$
12.63

 
667,764

 
$
12.63

 
1,722,444

 
$
9.75

Granted
—

 
—

 
—

 
—

 
—

 
—

Exercised
(109,218
)
 
13.19

 
—

 
—

 
(1,054,680
)
 
7.92

Forfeited or expired
—

 
—

 
—

 
—

 
—

 
—

Outstanding at end of period(1)
558,546

 
$
12.52

 
667,764

 
$
12.63

 
667,764

 
$
12.63

Exercisable at end of period(2)
558,546

 
$
12.52

 
590,960

 
$
11.98

 
386,582

 
$
11.33

_______________________________________________________________________________
(1)
The intrinsic value of a SAR is the amount which the current market value of the underlying stock exceeds the exercise price of the SAR. As of December 31, 2015, the aggregate intrinsic value and weighted-average remaining contractual term of SARs outstanding was $2.9 million and 2.2 years, respectively.
(2)
As of December 31, 2015, the aggregate intrinsic value and weighted-average remaining contractual term of SARs exercisable was $2.9 million and 2.2 years, respectively.
Schedule of Performance Share Awards Activity
The following table is a summary of activity for the TSR Performance Share Awards:
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share(1)
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share(1)
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share(1)
Outstanding at beginning of period
674,787

 
$
22.42

 
860,686

 
$
14.06

 
605,706

 
$
10.27

Granted
292,421

 
19.29

 
184,885

 
32.04

 
254,980

 
23.06

Issued and fully vested
(234,922
)
 
14.16

 
(370,784
)
 
7.81

 
—

 
—

Forfeited
—

 
—

 
—

 
—

 
—

 
—

Outstanding at end of period
732,286

 
$
23.82

 
674,787

 
$
22.42

 
860,686

 
$
14.06

_______________________________________________________________________________
(1) The grant date fair value figures in this table represent the fair value of the equity component of the performance
share awards.
The following table is a summary of activity for Employee Performance Share Awards:
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
Outstanding at beginning of period
1,088,960

 
$
25.18

 
1,657,980

 
$
16.25

 
1,919,640

 
$
12.27

Granted
349,780

 
27.71

 
241,130

 
39.43

 
379,540

 
26.62

Issued and fully vested
(504,620
)
 
17.59

 
(751,780
)
 
10.19

 
(610,960
)
 
10.13

Forfeited
(8,530
)
 
31.11

 
(58,370
)
 
23.57

 
(30,240
)
 
17.06

Outstanding at end of period
925,590

 
$
30.23

 
1,088,960

 
$
25.18

 
1,657,980

 
$
16.25

The following table is a summary of activity for the Hybrid Performance Share Awards:
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
 
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
Outstanding at beginning of period
329,061

 
$
29.27

 
450,212

 
$
18.96

 
592,162

 
$
13.11

Granted
194,947

 
27.71

 
123,257

 
39.43

 
169,980

 
26.62

Issued and fully vested
(151,623
)
 
24.56

 
(244,408
)
 
15.41

 
(311,930
)
 
12.03

Forfeited
—

 
—

 
—

 
—

 
—

 
—

Outstanding at end of period
372,385

 
$
30.37

 
329,061

 
$
29.27

 
450,212

 
$
18.96
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following assumptions were used to determine the fair value of the SEIP IV liabilities at the end of the respective periods:
 
December 31,
 
2015
 
2014
 
2013
Valuation Assumptions
 

 
 
 
 
Stock price volatility
33.9
%
 
33.4
%
 
38.0
%
Risk free rate of return
1.0
%
 
1.0
%
 
1.1
%
Annual salary increase rate
4.0
%
 
4.0
%
 
4.0
%
Annual turnover rate
4.6
%
 
4.6
%
 
4.6
%
The following assumptions were used to determine the grant date fair value of the equity component of the TSR Performance Share Awards for the respective periods:
 
Year Ended December 31,
 
2015
 
2014
 
2013
Fair value per performance share award granted during the period
$
19.29

 
$
32.04

 
$
23.06

Assumptions
 

 
 

 
 

Stock price volatility
32.3
%
 
41.3
%
 
43.8
%
Risk free rate of return
1.0
%
 
0.7
%
 
0.4
%
Expected dividend yield
0.3
%
 
0.2
%
 
0.2
%

The following assumptions were used to determine the fair value of the liability component of the TSR Performance Share Awards for the respective periods:
 
December 31,
 
2015
 
2014
 
2013
Fair value per performance share award at the end of the period
$2.49 - $6.39
 
$12.88 - $29.72
 
$23.96 - $38.61
Assumptions
 
 
 
 
 
Stock price volatility
33.5% - 37.5%
 
29.1% - 29.7%
 
30.2% - 35.9%
Risk free rate of return
0.7% - 1.1%
 
0.3% - 0.7%
 
0.1% - 0.4%
Expected dividend yield
—%
 
0.3%
 
0.2%