Quarterly report pursuant to Section 13 or 15(d)

Treasury Stock and Share Based Awards (Tables)

v3.8.0.1
Treasury Stock and Share Based Awards (Tables)
3 Months Ended
Mar. 31, 2018
Summary of Treasury Stock Activity

Below is a summary of the Company’s treasury stock activity for the three months ended March 31, 2018:

 

 

 

Number of

 

 

 

 

 

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Cost

 

Balance at January 1, 2018

 

 

4,525,870

 

 

$

76,354

 

Restricted stock withholdings (1)

 

 

70,010

 

 

 

2,695

 

Restricted stock forfeitures

 

 

11,303

 

 

 

 

Balance at March 31, 2018

 

 

4,607,183

 

 

$

79,049

 

 

(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 $34.83 to $39.03 per share.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the three months ended March 31, 2018:

 

 

 

Shares of

 

 

Weighted

Average

 

 

 

Restricted

 

 

Grant Date

 

 

 

Stock

 

 

Fair Value

 

Outstanding at January 1, 2018

 

 

650,581

 

 

$

35.81

 

Granted

 

 

260,019

 

 

$

39.03

 

Vested

 

 

(202,341

)

 

$

29.45

 

Forfeited

 

 

(11,303

)

 

$

37.96

 

Outstanding at March 31, 2018

 

 

696,956

 

 

$

38.82

 

Unvested restricted stock at March 31, 2018

 

 

696,956

 

 

$

38.82

 

 

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, 2018 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 7%

 

 

74,867

 

 

$

2,922

 

at IRR of at least 9.5%

 

 

149,735

 

 

$

5,844

 

at IRR of at least 13%

 

 

224,602

 

 

$

8,766

 

 

Restricted Stock  
Summary of Restricted Stock Award Activity

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Compensation expense recognized during the period

 

$

2,375

 

 

$

2,127

 

Fair value of restricted shares that vested during the period

 

$

7,807

 

 

$

6,013

 

Income tax benefit recognized upon vesting of restricted stock     awards

 

$

1,399

 

 

$

1,972

 

 

Restricted Stock Units (RSUs)  
Summary of Restricted Stock Unit Award Activity

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Number of restricted stock unit awards that vested during

   the period

 

 

125,063

 

 

 

97,115

 

Fair value of restricted stock unit awards that vested during

   the period

 

$

3,594

 

 

$

4,155

 

Accumulated dividends paid upon vesting of restricted stock

   unit awards

 

$

522

 

 

$

68

 

Compensation expense recognized during the period

 

$

1,051

 

 

$

1,114

 

Income tax benefit recognized upon vesting of restricted stock

   unit awards

 

$

723

 

 

$

1,745