Share-Based Compensation Plans

9 Months Ended

Sep. 30, 2016

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 and principally include at-the-money stock options, unvested stock and cash awards. Unvested stock awards include grants of market-based, performance-based and time-vested restricted stock rights. Under the terms of our Plans, dividends are not paid unless the stock 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,
	2016			2015		2016			2015
	(In thousands)
Stock option and stock purchase plans	$	1,633		1,948		$	5,410		6,205
Unvested stock	2,237			2,995		8,460			9,907
Share-based compensation expense	3,870			4,943		13,870			16,112
Income tax benefit	(1,321		)	(1,652	)	(4,691		)	(5,395	)
Share-based compensation expense, net of tax	$	2,549		3,291		$	9,179		10,717

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,
	2016		2015	2016		2015
	(In thousands)
Cash awards	$	119	197	$	447	661

Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at September 30, 2016 was $21.2 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,
	2016	2015
	(Shares in thousands)
Stock options	513	362
Market-based restricted stock rights	34	19
Performance-based restricted stock rights	45	42
Time-vested restricted stock rights	129	87
Total	721	510

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details