CAPITAL STOCK (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Treasury Stock |
Below is a
summary of the Company’s treasury stock activity for the
years ended December 31, 2013, 2014 and 2015:
|
|
|
|
|
|
|
|
|
| |
|
Number
of |
|
|
|
|
| |
|
Treasury
Shares |
|
|
Cost |
|
|
Balance at January 1,
2013
|
|
|
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 |
|
|
Restricted stock
forfeitures (1)
|
|
|
17,897 |
|
|
|
— |
|
|
Restricted stock
withholdings (2)
|
|
|
108,472 |
|
|
|
4,770 |
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31, 2015
|
|
|
4,183,504 |
|
|
$ |
66,577 |
|
|
|
|
|
|
|
|
|
|
| (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
$28.84 to $44.67 per share.
|
|
| Stock Options |
Below is a
summary of stock option activity and related information for the
years ended December 31, 2013 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, 2013 |
|
|
Year Ended
December 31, 2014 |
|
| |
|
Number
of
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Number
of
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Outstanding at
January 1
|
|
|
22,022 |
|
|
$ |
7.63 |
|
|
|
14,584 |
|
|
$ |
7.63 |
|
|
Exercised
|
|
|
(7,438 |
) |
|
$ |
7.63 |
|
|
|
(14,584 |
) |
|
$ |
7.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at
December 31
|
|
|
14,584 |
|
|
$ |
7.63 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested options at
December 31
|
|
|
14,584 |
|
|
$ |
7.63 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Restricted Stock |
Below is a
summary of restricted stock activity for the years ended
December 31, 2013, 2014 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, 2013 |
|
|
Year Ended
December 31, 2014 |
|
|
Year Ended
December 31, 2015 |
|
| |
|
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
|
|
|
1,534,163 |
|
|
$ |
18.85 |
|
|
|
1,260,913 |
|
|
$ |
21.86 |
|
|
|
878,897 |
|
|
$ |
24.92 |
|
|
Granted
|
|
|
271,532 |
|
|
$ |
30.09 |
|
|
|
269,774 |
|
|
$ |
28.93 |
|
|
|
226,212 |
|
|
$ |
42.79 |
|
|
Vested
|
|
|
(522,129 |
) |
|
$ |
17.27 |
|
|
|
(625,843 |
) |
|
$ |
20.53 |
|
|
|
(329,437 |
) |
|
$ |
23.72 |
|
|
Forfeited
|
|
|
(22,653 |
) |
|
$ |
22.92 |
|
|
|
(25,947 |
) |
|
$ |
22.94 |
|
|
|
(17,897 |
) |
|
$ |
27.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December
31
|
|
|
1,260,913 |
|
|
$ |
21.86 |
|
|
|
878,897 |
|
|
$ |
24.92 |
|
|
|
757,775 |
|
|
$ |
30.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Restricted Stock Award Activity |
Below is a
summary of restricted stock award activity recorded for the periods
indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2013 |
|
|
2014 |
|
|
2015 |
|
|
Compensation expense
recognized during the period
|
|
$ |
12,738 |
|
|
$ |
9,534 |
|
|
$ |
9,600 |
|
|
Fair value of restricted
shares that vested during the period
|
|
$ |
10,161 |
|
|
$ |
18,773 |
|
|
$ |
14,424 |
|
|
Income tax deduction upon
vesting of restricted stock awards
|
|
$ |
4,268 |
|
|
$ |
5,625 |
|
|
$ |
3,823 |
|
|
| 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, 2013, 2014 and 2015 at each of the three levels
of financial performance (excluding forfeitures):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Granted During the Year
Ended December 31, |
|
| |
|
2013 |
|
|
2014 |
|
|
2015 |
|
| |
|
Number
of |
|
|
Value
at |
|
|
Number
of |
|
|
Value
at |
|
|
Number
of |
|
|
Value
at |
|
| |
|
Units |
|
|
Grant (1) |
|
|
Units |
|
|
Grant (1) |
|
|
Units |
|
|
Grant (1) |
|
|
at IRR of at least 8.5%
(7.5% for 2015 grant)
|
|
|
38,366 |
|
|
$ |
1,129 |
|
|
|
65,832 |
|
|
$ |
1,879 |
|
|
|
47,640 |
|
|
$ |
2,057 |
|
|
at IRR of at least 10.5%
(9.5% for 2015 grant)
|
|
|
76,741 |
|
|
$ |
2,259 |
|
|
|
131,683 |
|
|
$ |
3,758 |
|
|
|
95,282 |
|
|
$ |
4,115 |
|
|
at IRR of at least 12.5%
(11.5% for 2015 grant)
|
|
|
115,107 |
|
|
$ |
3,389 |
|
|
|
197,515 |
|
|
$ |
5,637 |
|
|
|
142,917 |
|
|
$ |
6,173 |
|
| (1) |
The weighted average grant date fair values for units issued
during the years ended December 31, 2013, 2014, and 2015 were
$29.44, $28.54 and $43.19, respectively.
|
|
| 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, |
|
| |
|
2013 |
|
|
2014 |
|
|
2015 |
|
|
Number of restricted stock
unit awards that vested during the period
|
|
|
295,751 |
|
|
|
395,751 |
|
|
|
123,769 |
|
|
Fair value of restricted
stock unit awards that vested during the period
|
|
$ |
8,723 |
|
|
$ |
11,420 |
|
|
$ |
5,483 |
|
|
Accumulated dividends paid
upon vesting of restricted stock unit awards
|
|
$ |
939 |
|
|
$ |
1,352 |
|
|
$ |
442 |
|
|
Income tax benefit
recognized upon vesting of restricted stock unit awards
|
|
$ |
3,663 |
|
|
$ |
4,796 |
|
|
$ |
2,303 |
|
|
Compensation expense
recognized during the period
|
|
$ |
4,148 |
|
|
$ |
3,284 |
|
|
$ |
6,158 |
|
|