Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following table is a summary of restricted stock unit activity:



	Year Ended December 31,
	2018			2017			2016
	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	407,563	$	16.17	348,538	$	15.01	425,438		$	13.81
Granted and fully vested	82,852	23.47		59,025	23.04		69,302		20.62
Issued	—	—		—	—		(146,202	)	14.17
Forfeited	—	—		—	—		—		—
Outstanding at end of period⁽¹⁾⁽²⁾	490,415	$	17.41	407,563	$	16.17	348,538		$	15.01

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(1)	As of December 31, 2018, the aggregate intrinsic value was $11.0 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2018 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.

The following table is a summary of restricted stock award activity:



	Year Ended December 31,
	2018				2017				2016
	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	161,450		$	28.00	43,175		$	33.87	49,825		$	33.76
Granted	—		—		158,500		28.05		—		—
Vested	(7,157	)	25.17		(40,225	)	34.49		(6,650	)	33.02
Forfeited	(4,000	)	28.45		—		—		—		—
Outstanding at end of period⁽¹⁾⁽²⁾	150,293		$	28.12	161,450		$	28.00	43,175		$	33.87

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(1)	As of December 31, 2018, the aggregate intrinsic value was $3.4 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2018 by the number of non-vested restricted stock awards outstanding.


(2)	As of December 31, 2018, the weighted average remaining contractual term of non-vested restricted stock awards outstanding was 0.4 years.

Summary of SAR activity

The following table is a summary of SAR activity:



	Year Ended December 31,
	2018				2017				2016
	Shares		Weighted- Average Exercise Price		Shares		Weighted- Average Exercise Price		Shares		Weighted- Average Exercise Price
Outstanding at beginning of period	57,144		$	17.59	483,286		$	13.04	558,546		$	12.52
Granted	—		—		—		—		—		—
Exercised	(57,144	)	17.59		(426,142	)	12.43		(75,260	)	9.19
Forfeited or expired	—		—		—		—		—		—
Outstanding at end of period⁽¹⁾	—		$	—	57,144		$	17.59	483,286		$	13.04
Exercisable at end of period⁽²⁾	—		$	—	57,144		$	17.59	483,286		$	13.04

Schedule of Performance Share Awards Activity

The following table is a summary of activity for the Hybrid Performance Share Awards:



	Year Ended December 31,
	2018				2017				2016
	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	574,354		$	22.72	479,784		$	25.12	372,385		$	30.37
Granted	321,720		23.25		272,920		22.60		271,938		20.49
Issued and fully vested	(233,686	)	24.12		(178,350	)	29.01		(164,539	)	29.34
Forfeited	—		—		—		—		—		—
Outstanding at end of period	662,388		$	22.48	574,354		$	22.72	479,784		$	25.12

The following table is a summary of activity for Employee Performance Share Awards:



	Year Ended December 31,
	2018				2017				2016
	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	1,095,970		$	23.31	993,530		$	27.26	925,590		$	30.23
Granted	531,670		23.25		406,460		22.60		435,990		20.49
Issued and fully vested	(315,970	)	27.71		(225,780	)	39.43		(340,960	)	26.62
Forfeited	(31,649	)	22.33		(78,240	)	23.20		(27,090	)	27.77
Outstanding at end of period	1,280,021		$	22.22	1,095,970		$	23.31	993,530		$	27.26

The following table is a summary of activity for the TSR Performance Share Awards:



	Year Ended December 31,
	2018				2017				2016
	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	1,109,708		$	19.23	885,213		$	21.62	732,286		$	23.82
Granted	482,581		19.92		409,380		19.85		407,907		18.57
Issued and fully vested	(292,421	)	19.29		(157,147	)	32.04		(254,980	)	23.06
Forfeited	—		—		(27,738	)	32.04		—		—
Outstanding at end of period	1,299,868		$	19.47	1,109,708		$	19.23	885,213		$	21.62

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(1)	The grant date fair value figures in this table represent the fair value of the equity component of the performance share awards.

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

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,
	2018			2017			2016
Fair value per performance share award granted during the period	$	19.92		$	19.85		$	18.57
Assumptions
Stock price volatility	37.3		%	37.8		%	34.4		%
Risk free rate of return	2.4		%	1.4		%	0.9		%

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,
	2018	2017	2016
Fair value per performance share award at the end of the period	$15.15 - $20.12	$13.23 - $21.64	$5.59 - $7.10
Assumptions
Stock price volatility	29.9% - 31.1%	29.1% - 36.7%	40.4% - 43.0%
Risk free rate of return	2.5% - 2.6%	1.8% - 1.9%	0.9% - 1.2%