Annual report pursuant to Section 13 and 15(d)

CAPITAL STOCK (Tables)

v3.8.0.1
CAPITAL STOCK (Tables)
12 Months Ended
Dec. 31, 2017
Summary of Treasury Stock Activity

Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2015, 2016 and 2017.

 

 

Number of

Treasury Shares

 

 

Cost

 

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)

 

206,690

 

 

 

6,834

 

Balance at December 31, 2016

 

4,447,002

 

 

$

73,411

 

Restricted stock forfeitures (1)

 

10,341

 

 

 

Restricted stock withholdings (2)

 

68,527

 

 

 

2,943

 

Balance at December 31, 2017

 

4,525,870

 

 

$

76,354

 

 

(1)

The Company repurchased forfeited and canceled restricted shares at a cost of $0.001 per share in accordance with the Company’s 2017 Omnibus 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 $29.17 to $44.67 per share.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the years ended December 31, 2015, 2016 and 2017:

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2015

 

 

December 31, 2016

 

 

December 31, 2017

 

 

 

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

 

 

878,897

 

 

$

24.92

 

 

 

757,775

 

 

$

30.73

 

 

 

606,618

 

 

$

33.51

 

Granted

 

 

226,212

 

 

$

42.79

 

 

 

335,707

 

 

$

30.98

 

 

 

246,534

 

 

$

41.70

 

Vested

 

 

(329,437

)

 

$

23.72

 

 

 

(430,056

)

 

$

26.60

 

 

 

(192,230

)

 

$

36.26

 

Forfeited

 

 

(17,897

)

 

$

27.58

 

 

 

(56,808

)

 

$

33.81

 

 

 

(10,341

)

 

$

33.48

 

Outstanding at December 31

 

 

757,775

 

 

$

30.73

 

 

 

606,618

 

 

$

33.51

 

 

 

650,581

 

 

$

35.81

 

 

Summary of Restricted Stock Unit Financial Performance Thresholds and Vesting Rates

The financial performance factors and respective vesting rates for each of the 2015, 2016 and 2017 grants are as follows:

 

 

 

Year Ended December 31,

 

 

Percentage of Shares Vesting

 

 

 

2015

 

 

2016

 

 

2017

 

 

 

 

 

Threshold IRR

 

7.5%

 

 

6.0%

 

 

7.0%

 

 

33.3%

 

Target IRR

 

9.5%

 

 

8.0%

 

 

9.5%

 

 

66.6%

 

Maximum IRR

 

11.5%

 

 

10.0%

 

 

13.0%

 

 

100.0%

 

 

Summary of Restricted Stock Unit Award Activity

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, 2015, 2016 and 2017 at each of the three levels of financial performance (excluding forfeitures):

 

 

 

Granted During the Year Ended December 31,

 

 

 

2015

 

 

2016

 

 

2017

 

 

 

Number of

 

 

Value at

 

 

Number of

 

 

Value at

 

 

Number of

 

 

Value at

 

 

 

Units

 

 

Grant(1)

 

 

Units

 

 

Grant(1)

 

 

Units

 

 

Grant(1)

 

at threshold IRR

 

 

47,640

 

 

$

2,057

 

 

 

84,554

 

 

$

2,522

 

 

 

58,545

 

 

$

2,481

 

at target IRR

 

 

95,282

 

 

$

4,115

 

 

 

169,107

 

 

$

5,044

 

 

 

117,089

 

 

$

4,961

 

at maximum IRR

 

 

142,917

 

 

$

6,173

 

 

 

253,661

 

 

$

7,568

 

 

 

175,634

 

 

$

7,442

 

 

(1)

The grant date fair values for units issued during the years ended December 31, 2015, 2016, and 2017 were $43.19, $29.83 and $42.37, respectively.  

Restricted Stock  
Summary of Restricted Stock Award Activity

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

 

 

 

Year Ended December 31,

 

 

 

2015

 

 

2016

 

 

2017

 

Compensation expense recognized during the period

 

$

9,600

 

 

$

8,250

 

 

$

8,384

 

Fair value of restricted shares that vested during the period

 

$

14,424

 

 

$

14,662

 

 

$

8,172

 

Income tax deduction upon vesting of restricted stock awards

 

$

3,823

 

 

$

5,555

 

 

$

2,667

 

 

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

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

 

 

 

Year Ended December 31,

 

 

 

2015

 

 

2016

 

 

2017

 

Number of restricted stock unit awards that vested during the period

 

 

123,769

 

 

 

213,984

 

 

 

97,115

 

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

 

$

5,483

 

 

$

7,260

 

 

$

4,155

 

Accumulated dividends paid upon vesting of restricted stock unit awards

 

$

442

 

 

$

662

 

 

$

558

 

Income tax benefit recognized upon vesting of restricted stock unit awards

 

$

2,303

 

 

$

3,049

 

 

$

1,745

 

Compensation expense recognized during the period

 

$

6,158

 

 

$

5,144

 

 

$

4,297