CAPITAL STOCK (Tables)
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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.
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Number
of |
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Treasury
Shares |
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Cost |
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Balance at January 1,
2014
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3,694,935 |
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$ |
51,946 |
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Restricted stock
forfeitures (1)
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25,947 |
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— |
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Restricted stock
withholdings (2)
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336,253 |
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9,861 |
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Balance at
December 31, 2014
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4,057,135 |
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$ |
61,807 |
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Restricted stock
forfeitures (1)
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17,897 |
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— |
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Restricted stock
withholdings (2)
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108,472 |
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4,770 |
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Balance at
December 31, 2015
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4,183,504 |
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$ |
66,577 |
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Restricted stock
forfeitures (1)
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56,808 |
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— |
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Restricted stock
withholdings (2)(3)
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206,690 |
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6,834 |
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Balance at
December 31, 2016
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4,447,002 |
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$ |
73,411 |
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(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.
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(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.
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(3) |
The Company determined the number of shares to be withheld
based upon market values that ranged from $29.17 to $39.20 per
share.
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Restricted Stock |
|
Summary of Restricted Stock Activity |
Below is a
summary of restricted stock activity for the years ended
December 31, 2014, 2015 and 2016:
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Year Ended
December 31, 2014 |
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Year Ended
December 31, 2015 |
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Year Ended
December 31, 2016 |
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Shares of
Restricted
Stock |
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Weighted
Average
Grant Date
Fair Value |
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Shares of
Restricted
Stock |
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Weighted
Average
Grant Date
Fair Value |
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Shares of
Restricted
Stock |
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Weighted
Average
Grant Date
Fair Value |
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Outstanding at January
1
|
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1,260,913 |
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$ |
21.86 |
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|
878,897 |
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$ |
24.92 |
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757,775 |
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$ |
30.73 |
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Granted
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269,774 |
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$ |
28.93 |
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226,212 |
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$ |
42.79 |
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335,707 |
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$ |
30.98 |
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Vested
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(625,843 |
) |
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$ |
20.53 |
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(329,437 |
) |
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$ |
23.72 |
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(430,056 |
) |
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$ |
26.60 |
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Forfeited
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(25,947 |
) |
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$ |
22.94 |
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(17,897 |
) |
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$ |
27.58 |
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(56,808 |
) |
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$ |
33.81 |
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Outstanding at December
31
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878,897 |
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$ |
24.92 |
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757,775 |
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$ |
30.73 |
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606,618 |
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$ |
33.51 |
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Summary of Restricted Stock Award Activity |
Below is a
summary of restricted stock award activity recorded for the periods
indicated.
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Year Ended
December 31, |
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2014 |
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2015 |
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2016 |
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Compensation expense
recognized during the period
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$ |
9,534 |
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$ |
9,600 |
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$ |
8,250 |
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Fair value of restricted
shares that vested during the period
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$ |
18,773 |
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$ |
14,424 |
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$ |
14,662 |
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Income tax deduction upon
vesting of restricted stock awards
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$ |
5,625 |
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$ |
3,823 |
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$ |
5,555 |
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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:
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Year Ended
December 31, |
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Percentage of
Shares Vesting |
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2014 |
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2015 |
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2016 |
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Threshold IRR
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8.5 |
% |
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7.5 |
% |
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6.0 |
% |
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33.3 |
% |
Target IRR
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10.5 |
% |
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9.5 |
% |
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8.0 |
% |
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66.6 |
% |
Maximum IRR
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12.5 |
% |
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11.5 |
% |
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10.0 |
% |
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|
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):
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Granted During the Year
Ended December 31, |
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2014 |
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2015 |
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2016 |
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Number
of
Units
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Value
at
Grant
(1) |
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Number
of
Units
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Value
at
Grant
(1) |
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Number
of
Units
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Value
at
Grant
(1) |
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at threshold IRR
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65,832 |
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$ |
1,879 |
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47,640 |
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$ |
2,057 |
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84,554 |
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$ |
2,522 |
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at target IRR
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131,683 |
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$ |
3,758 |
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95,282 |
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$ |
4,115 |
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169,107 |
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$ |
5,044 |
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at maximum IRR
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197,515 |
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$ |
5,637 |
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142,917 |
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$ |
6,173 |
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253,661 |
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$ |
7,568 |
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(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 $29.83, respectively.
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Below is a
summary of activity for restricted stock unit awards for the
periods indicated:
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Year Ended
December 31, |
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2014 |
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2015 |
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|
2016 |
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Number of restricted stock
unit awards that vested during the period
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395,751 |
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|
123,769 |
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|
213,984 |
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Fair value of restricted
stock unit awards that vested during the period
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$ |
11,420 |
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$ |
5,483 |
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$ |
7,260 |
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Accumulated dividends paid
upon vesting of restricted stock unit awards
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$ |
1,352 |
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$ |
442 |
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$ |
662 |
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Income tax benefit
recognized upon vesting of restricted stock unit awards
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$ |
4,796 |
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$ |
2,303 |
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$ |
3,049 |
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Compensation expense
recognized during the period
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$ |
3,284 |
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$ |
6,158 |
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$ |
5,144 |
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