Quarterly report pursuant to Section 13 or 15(d)

Treasury Stock and Share Based Awards (Tables)

v3.7.0.1
Treasury Stock and Share Based Awards (Tables)
3 Months Ended
Mar. 31, 2017
Summary of Treasury Stock Activity

Below is a summary of the Company’s treasury stock activity for the three months ended March 31, 2017:

 

     Number of
Treasury
Shares
     Cost  

Balance at January 1, 2017

     4,447,002      $ 73,411  

Restricted stock withholdings (1)

     62,318        2,694  

Restricted stock forfeitures

     855        —    
  

 

 

    

 

 

 

Balance at March 31, 2017

     4,510,175      $ 76,105  
  

 

 

    

 

 

 

 

(1) The Company withheld 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 $40.40 to $44.44 per share.
Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the three months ended March 31, 2017:

 

     Shares of
Restricted
Stock
     Weighted
Average
Grant Date
Fair Value
 

Outstanding at January 1, 2017

     606,618      $ 33.51  

Granted

     178,259      $ 42.37  

Vested

     (137,992    $ 36.18  

Forfeited

     (855    $ 36.55  
  

 

 

    

Outstanding at March 31, 2017

     646,030      $ 35.38  
  

 

 

    

Unvested restricted stock at March 31, 2017

     646,030      $ 35.38  
  

 

 

    

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 three months ended March 31, 2017 at each of the three target levels of financial performance (excluding forfeiture assumptions):

 

     Number of
Shares
Vesting
     Value at
Grant
 

at IRR of at least 7%

     58,545      $ 2,481  

at IRR of at least 9.5%

     117,089      $ 4,961  

at IRR of at least 13%

     175,634      $ 7,442  

Restricted Stock  
Summary of Restricted Stock Award Activity
Three Months Ended
March 31,
 
     2017      2016  

Compensation expense recognized during the period

   $ 2,127      $ 2,901  

Fair value of restricted shares that vested during the period

   $ 6,013      $ 12,742  

Income tax deduction upon vesting of restricted stock awards

   $ 1,972      $ 4,748  
Restricted Stock Units (RSUs)  
Summary of Restricted Stock Unit Award Activity
Three Months Ended March 31,  
     2017      2016  

Number of restricted stock unit awards that vested during the period

     97,115        143,872  

Fair value of restricted stock unit awards that vested during the period

   $ 4,155      $ 4,747  

Accumulated dividends paid upon vesting of restricted stock unit awards (1)

   $ 68      $ 404  

Compensation expense recognized during the period

   $ 1,114      $ 2,217  

Income tax benefit recognized upon vesting of restricted stock unit awards

   $ 1,745      $ 1,993  

 

(1) Additional dividends of approximately $244 were paid during April 2017 related to the restricted stock unit awards that vested during the three months ended March 31, 2017.