Treasury Stock and Share Based Awards (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Summary of Treasury Stock Activity |
Below is a summary of the Company’s treasury stock activity for the nine months ended September 30, 2018:
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Number of
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|
|
|
|
|
|
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Treasury
|
|
|
|
|
|
|
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Shares
|
|
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Cost
|
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Balance at January 1, 2018
|
|
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4,525,870
|
|
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$
|
76,354
|
|
|
Restricted stock withholdings (1)
|
|
|
75,801
|
|
|
|
2,905
|
|
|
Restricted stock forfeitures
|
|
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20,925
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|
|
|
—
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Balance at September 30, 2018
|
|
|
4,622,596
|
|
|
$
|
79,259
|
|
|
(1)
|
The Company withheld restricted shares as a result of the 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 $33.77 to $39.03 per share.
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| Summary of Restricted Stock Activity |
Below is a summary of restricted stock activity for the nine months ended September 30, 2018:
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Shares of
|
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|
Weighted
Average
|
|
|
|
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Restricted
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Grant Date
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Stock
|
|
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Fair Value
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Outstanding at January 1, 2018
|
|
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650,581
|
|
|
$
|
35.81
|
|
|
Granted
|
|
|
321,406
|
|
|
$
|
38.79
|
|
|
Vested
|
|
|
(242,945
|
)
|
|
$
|
31.16
|
|
|
Forfeited
|
|
|
(20,925
|
)
|
|
$
|
38.57
|
|
|
Outstanding at September 30, 2018
|
|
|
708,117
|
|
|
$
|
38.67
|
|
|
Unvested restricted stock at September 30, 2018
|
|
|
708,117
|
|
|
$
|
38.67
|
|
|
| Summary of Restricted Stock Unit Award Activity |
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, 2018 at each of the three target levels of financial performance (excluding forfeiture assumptions):
|
|
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Number of
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|
|
|
|
|
|
|
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Shares
|
|
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Value at
|
|
|
|
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Vesting
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|
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Grant
|
|
|
at IRR of at least 7%
|
|
|
76,065
|
|
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$
|
2,967
|
|
|
at IRR of at least 9.5%
|
|
|
152,129
|
|
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$
|
5,938
|
|
|
at IRR of at least 13%
|
|
|
228,194
|
|
|
$
|
8,906
|
|
|
| Restricted Stock |
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| Summary of Restricted Stock Award Activity |
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|
|
Nine Months Ended
September 30,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Compensation expense recognized during the period
|
|
$
|
7,266
|
|
|
$
|
6,298
|
|
|
Fair value of restricted shares that vested during the period
|
|
$
|
7,815
|
|
|
$
|
8,169
|
|
|
Income tax benefit recognized upon vesting of restricted stock
awards
|
|
$
|
1,751
|
|
|
$
|
2,665
|
|
|
| Restricted Stock Units (RSUs) |
|
| Summary of Restricted Stock Unit Award Activity |
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Number of restricted stock unit awards that vested during
the period
|
|
|
127,084
|
|
|
|
97,115
|
|
|
Fair value of restricted stock unit awards that vested during
the period
|
|
$
|
4,846
|
|
|
$
|
4,155
|
|
|
Accumulated dividends paid upon vesting of restricted stock
unit awards
|
|
$
|
526
|
|
|
$
|
313
|
|
|
Compensation expense recognized during the period
|
|
$
|
3,098
|
|
|
$
|
3,189
|
|
|
Income tax benefit recognized upon vesting of restricted stock
unit awards
|
|
$
|
740
|
|
|
$
|
1,745
|
|
|