CAPITAL STOCK (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Summary of Treasury Stock Activity |
Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2017, 2018 and 2019.
|
|
Number of
Treasury Shares
|
|
|
Cost
|
|
|
Balance at January 1, 2017
|
|
4,447,002
|
|
|
$
|
73,411
|
|
|
Restricted stock withholdings (1)
|
|
68,527
|
|
|
|
2,943
|
|
|
Restricted stock forfeitures (2)
|
|
10,341
|
|
|
|
—
|
|
|
Balance at December 31, 2017
|
|
4,525,870
|
|
|
$
|
76,354
|
|
|
Restricted stock withholdings (1)
|
|
75,801
|
|
|
|
2,905
|
|
|
Restricted stock forfeitures (2)
|
|
24,520
|
|
|
|
—
|
|
|
Balance at December 31, 2018
|
|
4,626,191
|
|
|
$
|
79,259
|
|
|
Restricted stock withholdings (1)
|
|
59,060
|
|
|
|
2,308
|
|
|
Restricted stock forfeitures (2)
|
|
26,608
|
|
|
|
—
|
|
|
Balance at December 31, 2019
|
|
4,711,859
|
|
|
$
|
81,567
|
|
|
(1)
|
The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values that ranged from $29.17 to $44.44 per share.
|
|
(2)
|
The Company repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with the 2017 Omnibus Plan.
|
|
| Summary of Restricted Stock Activity |
Below is a summary of restricted stock activity for the years ended December 31, 2017, 2018 and 2019:
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
December 31, 2017
|
|
|
December 31, 2018
|
|
|
December 31, 2019
|
|
|
|
|
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
|
|
|
606,618
|
|
|
$
|
33.51
|
|
|
|
650,581
|
|
|
$
|
35.81
|
|
|
|
704,353
|
|
|
$
|
38.68
|
|
|
Granted
|
|
|
246,534
|
|
|
$
|
41.70
|
|
|
|
328,734
|
|
|
$
|
38.72
|
|
|
|
315,899
|
|
|
$
|
37.34
|
|
|
Vested
|
|
|
(192,230
|
)
|
|
$
|
36.26
|
|
|
|
(250,442
|
)
|
|
$
|
31.27
|
|
|
|
(209,821
|
)
|
|
$
|
41.10
|
|
|
Forfeited
|
|
|
(10,341
|
)
|
|
$
|
33.48
|
|
|
|
(24,520
|
)
|
|
$
|
38.62
|
|
|
|
(26,608
|
)
|
|
$
|
37.69
|
|
|
Outstanding at December 31
|
|
|
650,581
|
|
|
$
|
35.81
|
|
|
|
704,353
|
|
|
$
|
38.68
|
|
|
|
783,823
|
|
|
$
|
37.53
|
|
|
| Summary of Potential Number of Units that Could Vest Under Restricted Stock Unit Awards |
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, 2017, 2018 and 2019 at each of the three levels of financial performance (excluding forfeitures):
|
|
|
Granted During the Year Ended December 31,
|
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
|
|
Number of
|
|
|
Value at
|
|
|
Number of
|
|
|
Value at
|
|
|
Number of
|
|
|
Value at
|
|
|
|
|
Units
|
|
|
Grant(1)
|
|
|
Units
|
|
|
Grant(1)
|
|
|
Units
|
|
|
Grant(1)
|
|
|
at threshold IRR
|
|
|
58,545
|
|
|
$
|
2,481
|
|
|
|
76,065
|
|
|
$
|
2,967
|
|
|
|
136,285
|
|
|
$
|
5,011
|
|
|
at target IRR
|
|
|
117,089
|
|
|
$
|
4,961
|
|
|
|
152,129
|
|
|
$
|
5,938
|
|
|
|
204,427
|
|
|
$
|
7,517
|
|
|
at maximum IRR
|
|
|
175,634
|
|
|
$
|
7,442
|
|
|
|
228,194
|
|
|
$
|
8,906
|
|
|
|
306,651
|
|
|
$
|
11,276
|
|
|
(1)
|
The grant date fair value for units issued during the year ended December 31, 2017 was $42.37. The grant date fair values for the units issued during the year ended December 31, 2018 ranged from $37.55 to $39.03. The grant date fair value for units issued during the year ended December 31, 2019 was $36.77 per share.
|
|
| Summary of Current Financial Performance Thresholds and Vesting Rates |
The current financial performance factors and respective vesting rates for each of the 2017, 2018 and 2019 grants are as follows:
|
|
|
Year Ended December 31,
|
|
|
Percentage of Shares Vesting
|
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
|
|
|
|
Threshold IRR
|
|
6.0%
|
|
|
6.0%
|
|
|
6.0%
|
|
|
33.3%
|
|
|
Target IRR
|
|
8.0%
|
|
|
8.0%
|
|
|
8.0%
|
|
|
66.6%
|
|
|
Maximum IRR
|
|
14.0%
|
|
|
14.0%
|
|
|
14.0%
|
|
|
100.0%
|
|
|
| Restricted Stock |
|
| Summary of Restricted Stock and Restricted Stock Unit Award Activity |
Below is a summary of restricted stock award activity recorded for the periods indicated.
|
|
|
Year Ended December 31,
|
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Compensation expense recognized during the period
|
|
$
|
8,384
|
|
|
$
|
9,655
|
|
|
$
|
10,185
|
|
|
Fair value of restricted shares that vested during the period
|
|
$
|
8,172
|
|
|
$
|
9,501
|
|
|
$
|
8,024
|
|
|
Income tax deduction upon vesting of restricted stock awards
|
|
$
|
2,667
|
|
|
$
|
1,744
|
|
|
$
|
1,516
|
|
|
| Restricted Stock Units (RSUs) |
|
| Summary of Restricted Stock and Restricted Stock Unit Award Activity |
Below is a summary of activity for restricted stock unit awards for the periods indicated:
|
|
|
Year Ended December 31,
|
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Number of restricted stock unit awards that vested during the period
|
|
|
97,115
|
|
|
|
127,084
|
|
|
|
90,895
|
|
|
Fair value of restricted stock unit awards that vested during the period
|
|
$
|
4,155
|
|
|
$
|
4,846
|
|
|
$
|
3,658
|
|
|
Accumulated dividends paid upon vesting of restricted stock unit awards
|
|
$
|
558
|
|
|
$
|
526
|
|
|
$
|
386
|
|
|
Compensation expense recognized during the period
|
|
$
|
4,297
|
|
|
$
|
4,681
|
|
|
$
|
4,430
|
|
|
Income tax benefit recognized upon vesting of restricted stock unit awards
|
|
$
|
1,745
|
|
|
$
|
708
|
|
|
$
|
397
|
|
|