Share-Based Compensation Plans

9 Months Ended

Sep. 30, 2015

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

Share-based incentive awards are provided to employees under the terms of various share-based compensation plans (collectively, the “Plans”). The Plans are administered by the Compensation Committee of the Board of Directors. Awards under the Plans principally include at-the-money stock options, nonvested stock and cash awards. Nonvested stock awards include grants of market-based, performance-based and time-vested restricted stock rights. Under the terms of our Plans, dividends may be paid on our nonvested stock awards but are not paid unless the award vests. Upon vesting, the amount of the dividends paid is equal to the aggregate dividends declared on common shares during the period from the grant date of the award until the date the shares underlying the award are delivered.

The following table provides information on share-based compensation expense and income tax benefits recognized during the periods:



	Three months ended September 30,					Nine months ended September 30,
	2015			2014		2015			2014
	(In thousands)
Stock option and stock purchase plans	$	1,948		2,353		$	6,205		6,831
Nonvested stock	2,995			3,104		9,907			8,615
Share-based compensation expense	4,943			5,457		16,112			15,446
Income tax benefit	(1,652		)	(1,864	)	(5,395		)	(5,253	)
Share-based compensation expense, net of tax	$	3,291		3,593		$	10,717		10,193

The following table is a summary of compensation expense recognized for market-based cash awards in addition to the share-based compensation expense reported in the previous table:



	Three months ended September 30,			Nine months ended September 30,
	2015		2014	2015		2014
	(In thousands)
Cash awards	$	197	389	$	661	1,655

Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at September 30, 2015 was $24.5 million and is expected to be recognized over a weighted-average period of 1.8 years.

The following table is a summary of the awards granted under the Plans during the periods presented:



	Nine months ended September 30,
	2015	2014
	(In thousands)

Stock options	362	406
Market-based restricted stock rights	19	22
Performance-based restricted stock rights	42	30
Time-vested restricted stock rights	87	184
Total	510	642