Annual report pursuant to Section 13 and 15(d)

CAPITAL STOCK (Tables)

v2.4.1.9
CAPITAL STOCK (Tables)
12 Months Ended
Dec. 31, 2014
Treasury Stock

Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2012, 2013 and 2014:

 

     Number of         
     Treasury
Shares
     Cost  

Balance at January 1, 2012

     3,391,592       $ 45,219   

Restricted stock forfeitures (1)

     14,423         —     

Restricted stock withholdings (2)

     147,070         3,263   
  

 

 

    

 

 

 

Balance at December 31, 2012

     3,553,085       $ 48,482   

Restricted stock forfeitures (1)

     22,653         —     

Restricted stock withholdings (2)

     119,197         3,464   
  

 

 

    

 

 

 

Balance at December 31, 2013

     3,694,935       $ 51,946   

Restricted stock forfeitures (1)

     25,947         —     

Restricted stock withholdings (2)

     336,253         9,861   
  

 

 

    

 

 

 

Balance at December 31, 2014

     4,057,135       $ 61,807   
  

 

 

    

 

 

 

 

(1) 

The Company repurchased forfeited and canceled restricted shares at a cost of $0.001 per share in accordance with the Company’s Amended and Restated 2006 Long Term Incentive Plan.

(2) 

The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock. The Company determined the number of shares to be withheld based upon market values that ranged from $22.40 to $30.83 per share.

Stock Options

Below is a summary of stock option activity and related information for the years ended December 31, 2012, 2013 and 2014:

 

     Year Ended
December 31, 2012
     Year Ended
December 31, 2013
     Year Ended
December 31, 2014
 
     Number
of
Options
    Weighted
Average
Exercise

Price
     Number
of
Options
    Weighted
Average
Exercise

Price
     Number
of
Options
    Weighted
Average
Exercise

Price
 

Outstanding at January 1

     82,166      $ 7.63         22,022      $ 7.63         14,584      $ 7.63   

Exercised

     (60,144   $ 7.63         (7,438   $ 7.63         (14,584   $ 7.63   
  

 

 

      

 

 

      

 

 

   

Outstanding at December 31

     22,022      $ 7.63         14,584      $ 7.63         —       
  

 

 

      

 

 

      

 

 

   

Vested options at December 31

     22,022      $ 7.63         14,584      $ 7.63         —       
  

 

 

      

 

 

      

 

 

   
Restricted Stock

Below is a summary of restricted stock activity for the years ended December 31, 2012, 2013 and 2014:

 

     Year Ended
December 31, 2012
     Year Ended
December 31, 2013
     Year Ended
December 31, 2014
 
     Shares of
Restricted
Stock
    Weighted
Average
Grant  Date
Fair Value
     Shares of
Restricted
Stock
    Weighted
Average
Grant  Date
Fair Value
     Shares of
Restricted
Stock
    Weighted
Average
Grant Date
Fair Value
 

Outstanding at January 1

     1,384,390      $ 16.85         1,534,163      $ 18.85         1,260,913      $ 21.86   

Granted

     653,229      $ 21.70         271,532      $ 30.09         269,774      $ 28.93   

Vested

     (489,033   $ 17.00         (522,129   $ 17.27         (625,843   $ 20.53   

Forfeited

     (14,423   $ 18.58         (22,653   $ 22.92         (25,947   $ 22.94   
  

 

 

      

 

 

      

 

 

   

Outstanding at December 31

     1,534,163      $ 18.85         1,260,913      $ 21.86         878,897      $ 24.92   
  

 

 

      

 

 

      

 

 

   
Summary of Restricted Stock Award Activity

Below is a summary of restricted stock award activity recorded for the periods indicated:

 

     Year Ended December 31,  
     2012      2013      2014  

Compensation expense recognized during the period

   $ 10,637       $ 12,738       $ 9,534   

Fair value of restricted shares that vested during the period

   $ 9,702       $ 10,161       $ 18,773   

Income tax deduction upon vesting of restricted stock awards

   $ 4,075       $ 4,268       $ 5,625   
Number of Shares Vested 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 years ended December 31, 2012, 2013 and 2014 at each of the three levels of financial performance (excluding forfeitures):

 

     Granted During the Year Ended December 31,  
     2012      2013      2014  
     Number
of
     Value
at
     Number
of
     Value
at
     Number
of
     Value
at
 
     Units      Grant      Units      Grant      Units      Grant  

at IRR of at least 8.5%

     50,981       $ 1,103         38,366       $ 1,129         65,832       $ 1,879   

at IRR of at least 10.5%

     101,974       $ 2,206         76,741       $ 2,259         131,683       $ 3,758   

at IRR of at least 12.5%

     152,955       $ 3,308         115,107       $ 3,389         197,515       $ 5,637   
Summary of Activity for Restricted Stock Unit Awards

Below is a summary of activity for restricted stock unit awards for the periods indicated:

 

     Year Ended December 31,  
     2012      2013      2014  

Number of restricted stock unit awards that vested during the period

     196,051         295,751         395,751   

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

   $ 4,400       $ 8,723       $ 11,420   

Accumulated dividends paid upon vesting of restricted stock unit awards

   $ 600       $ 939       $ 1,352   

Income tax benefit recognized upon vesting of restricted stock unit awards

   $ 1,848       $ 3,663       $ 4,796   

Compensation expense recognized during the period

   $ 4,433       $ 4,148       $ 3,284