Quarterly report pursuant to Section 13 or 15(d)

Treasury Stock and Share Based Awards (Tables)

v3.20.2
Treasury Stock and Share Based Awards (Tables)
9 Months Ended
Sep. 30, 2020
Summary of Treasury Stock Activity Below is a summary of the Company’s treasury stock activity for the nine months ended September 30, 2020:

 

 

 

Number of

 

 

 

 

 

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Cost

 

Balance at January 1, 2020

 

 

4,711,859

 

 

$

81,567

 

Restricted stock withholdings (1)

 

 

100,548

 

 

 

2,865

 

Restricted stock forfeitures

 

 

56,133

 

 

 

 

Balance at September 30, 2020

 

 

4,868,540

 

 

$

84,432

 

 

(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 $8.03 to $32.12 per share.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the nine months ended September 30, 2020:

 

 

 

Shares of

 

 

Weighted

Average

 

 

 

Restricted

 

 

Grant Date

 

 

 

Stock

 

 

Fair Value

 

Outstanding at January 1, 2020

 

 

783,823

 

 

$

37.53

 

Granted

 

 

1,045,885

 

 

$

18.35

 

Vested

 

 

(326,281

)

 

$

35.63

 

Forfeited

 

 

(56,133

)

 

$

33.63

 

Outstanding at September 30, 2020

 

 

1,447,294

 

 

$

24.25

 

Unvested restricted stock at September 30, 2020

 

 

1,447,294

 

 

$

24.25

 

Summary of Potential Number of Shares that Could Vest 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, 2020 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%

 

 

190,707

 

 

$

6,125

 

at IRR of at least 8%

 

 

286,060

 

 

$

9,188

 

at IRR of at least 14%

 

 

436,681

 

 

$

14,026

 

Restricted Stock  
Summary of Restricted Stock and Restricted Stock Unit Award Activity

 

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

Compensation expense recognized during the period

 

$

8,235

 

 

$

7,456

 

Fair value of restricted shares that vested during the period

 

$

8,944

 

 

$

7,630

 

Income tax benefit recognized upon vesting of restricted stock awards

 

$

2,678

 

 

$

1,473

 

 

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

 

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

Number of restricted stock unit awards that vested during the period

 

 

120,293

 

 

 

88,074

 

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

 

$

3,669

 

 

$

3,550

 

Accumulated dividends paid upon vesting of restricted stock unit awards

 

$

576

 

 

$

375

 

Compensation expense recognized during the period

 

$

4,624

 

 

$

3,030

 

Income tax benefit recognized upon vesting of restricted stock unit awards

 

$

215

 

 

$

175