Quarterly report pursuant to Section 13 or 15(d)

Treasury Stock and Share Based Awards (Tables)

v3.19.3
Treasury Stock and Share Based Awards (Tables)
9 Months Ended
Sep. 30, 2019
Summary of Treasury Stock Activity Below is a summary of the Company’s treasury stock activity for the nine months ended September 30, 2019:

 

 

 

Number of

 

 

 

 

 

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Cost

 

Balance at January 1, 2019

 

 

4,626,191

 

 

$

79,259

 

Restricted stock withholdings (1)

 

 

57,456

 

 

 

2,247

 

Restricted stock forfeitures

 

 

19,351

 

 

 

Balance at September 30, 2019

 

 

4,702,998

 

 

$

81,506

 

 

(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 $36.81 to $40.32 per share.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the nine months ended September 30, 2019:

 

 

 

Shares of

 

 

Weighted

Average

 

 

 

Restricted

 

 

Grant Date

 

 

 

Stock

 

 

Fair Value

 

Outstanding at January 1, 2019

 

 

704,353

 

 

$

38.68

 

Granted

 

 

308,250

 

 

$

37.42

 

Vested

 

 

(198,711

)

 

$

41.38

 

Forfeited

 

 

(19,351

)

 

$

37.41

 

Outstanding at September 30, 2019

 

 

794,541

 

 

$

37.55

 

Unvested restricted stock at September 30, 2019

 

 

794,541

 

 

$

37.55

 

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, 2019 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 6%

 

 

136,285

 

 

$

5,011

 

at IRR of at least 8%

 

 

204,427

 

 

$

7,517

 

at IRR of at least 14%

 

 

306,651

 

 

$

11,276

 

Restricted Stock  
Summary of Restricted Stock Award Activity

 

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

Compensation expense recognized during the period

 

$

7,456

 

 

$

7,266

 

Fair value of restricted shares that vested during the period

 

$

7,630

 

 

$

7,815

 

Income tax benefit recognized upon vesting of restricted stock awards

 

$

1,473

 

 

$

1,751

 

 

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

 

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

Number of restricted stock unit awards that vested during the period

 

 

88,074

 

 

 

127,084

 

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

 

$

3,550

 

 

$

4,846

 

Accumulated dividends paid upon vesting of restricted stock unit awards

 

$

375

 

 

$

526

 

Compensation expense recognized during the period

 

$

3,030

 

 

$

3,098

 

Income tax benefit recognized upon vesting of restricted stock unit awards

 

$

175

 

 

$

740