Quarterly report pursuant to Section 13 or 15(d)

Treasury Stock and Share Based Awards (Tables)

v2.4.0.8
Treasury Stock and Share Based Awards (Tables)
9 Months Ended
Sep. 30, 2014
Summary of Treasury Stock Activity

Below is a summary of the Company’s treasury stock activity for the nine months ended September 30, 2014:

 

     Number of         
     Treasury         
     Shares      Cost  

Balance at January 1, 2014

     3,694,935       $ 51,946   

Restricted stock withholdings (1)

     333,507         9,776   

Restricted stock forfeitures

     17,388         —     
  

 

 

    

 

 

 

Balance at September 30, 2014

     4,045,830       $ 61,722   
  

 

 

    

 

 

 

 

(1)  The Company withheld shares as a result of such election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $27.19 to $30.23 per share.
Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the nine months ended September 30, 2014:

 

     Shares of     Weighted
Average
 
     Restricted     Grant Date  
     Stock     Fair Value  

Outstanding at January 1, 2014

     1,260,913      $ 21.85   

Granted

     268,257      $ 28.90   

Vested

     (619,307   $ 20.50   

Forfeited

     (17,388   $ 21.42   
  

 

 

   

Outstanding at September 30, 2014

     892,475      $ 24.91   
  

 

 

   

Unvested restricted stock at September 30, 2014

     892,475      $ 24.91   
  

 

 

   
Summary of Potential Number of Shares Vesting under Restricted Stock Unit Awards

Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the nine months ended September 30, 2014 at each of the three target levels of financial performance (excluding forfeiture assumptions):

 

     Number of         
     Shares      Value at  
     Vesting      Grant  

at IRR of at least 8.5%

     65,832       $ 1,879   

at IRR of at least 10.5%

     131,683       $ 3,758   

at IRR of at least 12.5%

     197,515       $ 5,637