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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Summary of Restricted Stock Award / Unit Activity
The following table is a summary of restricted stock award activity:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
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
150,293

 
$
28.12

 
161,450

 
$
28.00

 
43,175

 
$
33.87

Granted
55,500

 
25.29

 
—

 
—

 
158,500

 
28.05

Vested
(143,959
)
 
28.29

 
(7,157
)
 
25.17

 
(40,225
)
 
34.49

Forfeited
(3,000
)
 
25.29

 
(4,000
)
 
28.45

 
—

 
—

Outstanding at end of period(1)(2)
58,834

 
$
25.19

 
150,293

 
$
28.12

 
161,450

 
$
28.00

__________________________________________________________________
(1)
As of December 31, 2019, the aggregate intrinsic value was $1.0 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2019 by the number of non-vested restricted stock awards outstanding.
(2)
As of December 31, 2019, the weighted average remaining contractual term of non-vested restricted stock awards outstanding was 2.2 years.
The following table is a summary of restricted stock unit activity:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
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
490,415

 
$
17.41

 
407,563

 
$
16.17

 
348,538

 
$
15.01

Granted and fully vested
83,804

 
24.70

 
82,852

 
23.47

 
59,025

 
23.04

Issued
—

 
—

 
—

 
—

 
—

 
—

Forfeited
—

 
—

 
—

 
—

 
—

 
—

Outstanding at end of period(1)(2)
574,219

 
$
18.47

 
490,415

 
$
17.41

 
407,563

 
$
16.17

_______________________________________________________________________________
(1)
As of December 31, 2019, the aggregate intrinsic value was $10.0 million and was calculated by multiplying the closing market price of the Company's stock on December 31, 2019 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.
Schedule of Performance Share Awards Activity
The following table is a summary of activity for the TSR Performance Share Awards:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
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
1,299,868

 
$
19.47

 
1,109,708

 
$
19.23

 
885,213

 
$
21.62

Granted
536,673

 
20.63

 
482,581

 
19.92

 
409,380

 
19.85

Issued and fully vested
(407,907
)
 
18.57

 
(292,421
)
 
19.29

 
(157,147
)
 
32.04

Forfeited
—

 
—

 
—

 
—

 
(27,738
)
 
32.04

Outstanding at end of period
1,428,634

 
$
20.17

 
1,299,868

 
$
19.47

 
1,109,708

 
$
19.23

_______________________________________________________________________________
(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,
 
2019
 
2018
 
2017
 
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
1,280,021

 
$
22.22

 
1,095,970

 
$
23.31

 
993,530

 
$
27.26

Granted
526,730

 
24.95

 
531,670

 
23.25

 
406,460

 
22.60

Issued and fully vested
(388,370
)
 
20.49

 
(315,970
)
 
27.71

 
(225,780
)
 
39.43

Forfeited
(159,094
)
 
24.29

 
(31,649
)
 
22.33

 
(78,240
)
 
23.20

Outstanding at end of period
1,259,287

 
$
23.64

 
1,280,021

 
$
22.22

 
1,095,970

 
$
23.31


The following table is a summary of activity for the Hybrid Performance Share Awards:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
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
662,388

 
$
22.48

 
574,354

 
$
22.72

 
479,784

 
$
25.12

Granted
315,029

 
24.95

 
321,720

 
23.25

 
272,920

 
22.60

Issued and fully vested
(284,629
)
 
21.78

 
(233,686
)
 
24.12

 
(178,350
)
 
29.01

Forfeited
—

 
—

 
—

 
—

 
—

 
—

Outstanding at end of period
692,788

 
$
23.90

 
662,388

 
$
22.48

 
574,354

 
$
22.72
Assumptions Used to Determine Grant Date Fair Value of Equity and Liability Component 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,
 
2019
 
2018
 
2017
Fair value per performance share award granted during the period
$
20.63

 
$
19.92

 
$
19.85

Assumptions
 

 
 

 
 

Stock price volatility
31.3
%
 
37.3
%
 
37.8
%
Risk free rate of return
2.5
%
 
2.4
%
 
1.4
%

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,
 
2019
 
2018
 
2017
Fair value per performance share award at the end of the period
$6.18 - $14.80
 
$15.15 - $20.12
 
$13.23 - $21.64
Assumptions
 
 
 
 
 
Stock price volatility
29.8% - 30.4%
 
29.9% - 31.1%
 
29.1% - 36.7%
Risk free rate of return
1.6%
 
2.5% - 2.6%
 
1.8% - 1.9%