Annual report pursuant to Section 13 and 15(d)

CAPITAL STOCK (Tables)

v3.6.0.2
CAPITAL STOCK (Tables)
12 Months Ended
Dec. 31, 2016
Summary of Treasury Stock Activity

Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2014, 2015 and 2016.

 

     Number of         
     Treasury
Shares
     Cost  

Balance at January 1, 2014

     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  

Restricted stock forfeitures (1)

     56,808        —    

Restricted stock withholdings (2)(3)

     206,690        6,834  
  

 

 

    

 

 

 

Balance at December 31, 2016

     4,447,002      $ 73,411  
  

 

 

    

 

 

 

 

(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.

(3) 

The Company determined the number of shares to be withheld based upon market values that ranged from $29.17 to $39.20 per share.

Restricted Stock  
Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the years ended December 31, 2014, 2015 and 2016:

 

     Year Ended
December 31, 2014
     Year Ended
December 31, 2015
     Year Ended
December 31, 2016
 
     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

     1,260,913     $ 21.86        878,897     $ 24.92        757,775     $ 30.73  

Granted

     269,774     $ 28.93        226,212     $ 42.79        335,707     $ 30.98  

Vested

     (625,843   $ 20.53        (329,437   $ 23.72        (430,056   $ 26.60  

Forfeited

     (25,947   $ 22.94        (17,897   $ 27.58        (56,808   $ 33.81  
  

 

 

      

 

 

      

 

 

   

Outstanding at December 31

     878,897     $ 24.92        757,775     $ 30.73        606,618     $ 33.51  
  

 

 

      

 

 

      

 

 

   
Summary of Restricted Stock Award Activity

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

 

     Year Ended December 31,  
     2014      2015      2016  

Compensation expense recognized during the period

   $ 9,534      $ 9,600      $ 8,250  

Fair value of restricted shares that vested during the period

   $ 18,773      $ 14,424      $ 14,662  

Income tax deduction upon vesting of restricted stock awards

   $ 5,625      $ 3,823      $ 5,555  
Restricted Stock Units (RSUs)  
Summary of Restricted Stock Unit Award Activity

The financial performance factors and respective vesting rates for each of the 2014, 2015 and 2016 grants are as follows:

 

     Year Ended
December 31,
    Percentage of
Shares Vesting
 
     2014     2015     2016        

Threshold IRR

     8.5     7.5     6.0     33.3

Target IRR

     10.5     9.5     8.0     66.6

Maximum IRR

     12.5     11.5     10.0     100

 

Below is a table summarizing the potential number of units that could vest under restricted stock unit awards granted during the years ended December 31, 2014, 2015 and 2016 at each of the three levels of financial performance (excluding forfeitures):

 

     Granted During the Year Ended December 31,  
     2014      2015      2016  
     Number
of

Units
     Value
at
Grant  (1)
     Number
of

Units
     Value
at
Grant  (1)
     Number
of

Units
     Value
at
Grant  (1)
 

at threshold IRR

     65,832      $ 1,879        47,640      $ 2,057        84,554      $ 2,522  

at target IRR

     131,683      $ 3,758        95,282      $ 4,115        169,107      $ 5,044  

at maximum IRR

     197,515      $ 5,637        142,917      $ 6,173        253,661      $ 7,568  

 

(1) 

The grant date fair values for units issued during the years ended December 31, 2014, 2015, and 2016 were $28.54, $43.19 and $29.83, respectively.

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

 

     Year Ended December 31,  
     2014      2015      2016  

Number of restricted stock unit awards that vested during the period

     395,751        123,769        213,984  

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

   $ 11,420      $ 5,483      $ 7,260  

Accumulated dividends paid upon vesting of restricted stock unit awards

   $ 1,352      $ 442      $ 662  

Income tax benefit recognized upon vesting of restricted stock unit awards

   $ 4,796      $ 2,303      $ 3,049  

Compensation expense recognized during the period

   $ 3,284      $ 6,158      $ 5,144