Quarterly report pursuant to Section 13 or 15(d)

Treasury Stock and Share Based Awards (Tables)

v3.8.0.1
Treasury Stock and Share Based Awards (Tables)
9 Months Ended
Sep. 30, 2017
Summary of Treasury Stock Activity

Below is a summary of the Company’s treasury stock activity for the nine months ended September 30, 2017:

 

 

 

Number of

 

 

 

 

 

 

 

Treasury

 

 

 

 

 

 

 

Shares

 

 

Cost

 

Balance at January 1, 2017

 

 

4,447,002

 

 

$

73,411

 

Restricted stock withholdings (1)

 

 

68,523

 

 

 

2,943

 

Restricted stock forfeitures

 

 

9,550

 

 

 

 

Balance at September 30, 2017

 

 

4,525,075

 

 

$

76,354

 

 

(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 ranging from $33.36 to $44.44 per share.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the nine months ended September 30, 2017:

 

 

 

Shares of

 

 

Weighted

Average

 

 

 

Restricted

 

 

Grant Date

 

 

 

Stock

 

 

Fair Value

 

Outstanding at January 1, 2017

 

 

606,618

 

 

$

33.51

 

Granted

 

 

237,933

 

 

$

41.94

 

Vested

 

 

(192,152

)

 

$

36.26

 

Forfeited

 

 

(9,550

)

 

$

33.00

 

Outstanding at September 30, 2017

 

 

642,849

 

 

$

35.82

 

Unvested restricted stock at September 30, 2017

 

 

642,849

 

 

$

35.82

 

 

Summary of Restricted Stock Unit Award Activity

Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the nine months ended September 30, 2017 at each of the three target levels of financial performance (excluding forfeiture assumptions):

 

 

 

Number of

 

 

 

 

 

 

 

Shares

 

 

Value at

 

 

 

Vesting

 

 

Grant

 

at IRR of at least 7%

 

 

58,545

 

 

$

2,481

 

at IRR of at least 9.5%

 

 

117,089

 

 

$

4,961

 

at IRR of at least 13%

 

 

175,634

 

 

$

7,442

 

 

Restricted Stock  
Summary of Restricted Stock Award Activity

 

 

 

Nine Months Ended

September 30,

 

 

 

2017

 

 

2016

 

Compensation expense recognized during the period

 

$

6,298

 

 

$

6,551

 

Fair value of restricted shares that vested during the period

 

$

8,169

 

 

$

14,662

 

Income tax benefit recognized upon vesting of restricted stock     awards

 

$

2,665

 

 

$

5,555

 

 

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

 

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

Number of restricted stock unit awards that vested during

   the period

 

 

97,115

 

 

 

213,984

 

Fair value of restricted stock unit awards that vested during

   the period

 

$

4,155

 

 

$

7,260

 

Accumulated dividends paid upon vesting of restricted stock

   unit awards

 

$

313

 

 

$

662

 

Compensation expense recognized during the period

 

$

3,189

 

 

$

3,696

 

Income tax benefit recognized upon vesting of restricted stock

   unit awards

 

$

1,745

 

 

$

3,049