|
Stock Based Compensation (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Summary of stock options activity |
Summary of Stock Option Activity:
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Year Ended December 31, 2014 |
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|
Options |
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Life
|
|
Aggregate
Intrinsic
Value
|
|
|
|
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(In thousands) |
Options outstanding at beginning of year |
|
258,815 |
|
|
$ |
19.63 |
|
|
|
|
|
Granted |
|
— |
|
|
N/A |
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|
|
|
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Exercised |
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(60,695 |
) |
|
$ |
17.16 |
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|
|
|
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Cancelled |
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(16,680 |
) |
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$ |
38.86 |
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|
|
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Outstanding at end of year |
|
181,440 |
|
|
$ |
18.69 |
|
|
0.44 |
|
$ |
3,139 |
|
Vested at end of year |
|
181,440 |
|
|
$ |
18.69 |
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|
0.44 |
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$ |
3,139 |
|
Exercisable at end of year |
|
181,440 |
|
|
$ |
18.69 |
|
|
0.44 |
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$ |
3,139 |
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Price range of options exercised |
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$ 11.48 - $ 42.82 |
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Price range of options outstanding |
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$ 11.48 - $ 22.11 |
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Total shares reserved for existing or future equity award grants at end of year |
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2,885,481 |
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Years Ended December 31, |
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2013 |
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2012 |
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|
Options |
|
Weighted
Average
Exercise
Price
|
|
Options |
|
Weighted
Average
Exercise
Price
|
Options outstanding at beginning of year: |
|
609,585 |
|
|
$ |
27.44 |
|
|
897,767 |
|
|
$ |
23.56 |
|
Granted |
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— |
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N/A |
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|
— |
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|
N/A |
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Exercised |
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(347,370 |
) |
|
$ |
33.40 |
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(282,082 |
) |
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$ |
15.12 |
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Cancelled |
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(3,400 |
) |
|
$ |
14.00 |
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(6,100 |
) |
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$ |
25.73 |
|
Outstanding at end of year |
|
258,815 |
|
|
$ |
19.63 |
|
|
609,585 |
|
|
$ |
27.44 |
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Exercisable at end of year |
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225,415 |
|
|
$ |
20.36 |
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|
471,760 |
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$ |
30.93 |
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Price range of options exercised |
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$ 8.06 - $44.44 |
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$ 8.06 - $34.30 |
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Price range of options outstanding |
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$ 11.48 - $42.82 |
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$ 8.06 - $44.44 |
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| Stock options by exercise price range |
Stock options Outstanding at December 31, 2014:
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Stock Options Outstanding |
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Stock Options Exercisable |
Range of Exercise Prices |
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Number
Outstanding
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Weighted
Average
Contractual
Life
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Weighted
Average
Exercise Price
|
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Number
Exercisable
|
|
Weighted
Average
Exercise Price
|
$11.48 - $11.48 |
|
1,650 |
|
|
1.24 |
|
$ |
11.48 |
|
|
1,650 |
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|
$ |
11.48 |
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$13.69 - $13.69 |
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20,000 |
|
|
0.01 |
|
$ |
13.69 |
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|
20,000 |
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|
$ |
13.69 |
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$14.00 - $14.00 |
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15,450 |
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1.10 |
|
$ |
14.00 |
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15,450 |
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$ |
14.00 |
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$19.90 - $19.90 |
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139,840 |
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|
0.38 |
|
$ |
19.90 |
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139,840 |
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$ |
19.90 |
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$22.11 - $22.11 |
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4,500 |
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1.61 |
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$ |
22.11 |
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4,500 |
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$ |
22.11 |
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181,440 |
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181,440 |
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| Summary of nonvested (restricted) shares activity |
Summary of Nonvested (Restricted) Shares and Units Activity:
In addition to the stock options discussed above, we grant time-based and performance-based restricted shares. Performance-based restricted shares are only granted to our senior executive management group. All performance shares only vest upon the attainment of certain financial and operational criteria as established and approved by our Board of Directors.
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Nonvested
Restricted Share
Activity
(time-based)
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Weighted
Average
Grant Date
Fair Value
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Nonvested
Restricted
Share Activity
(performance-
Based)
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Weighted
Average
Grant Date
Fair Value
|
Outstanding at January 1, 2012 |
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649,516 |
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$ |
22.68 |
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|
191,250 |
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$ |
20.41 |
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Granted |
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386,500 |
|
|
27.21 |
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|
56,250 |
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|
20.72 |
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Vested (Earned/Released) |
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(166,566 |
) |
|
18.92 |
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|
(33,750 |
) |
|
14.27 |
|
Forfeited (1) |
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(43,800 |
) |
|
25.10 |
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(33,750 |
) |
|
14.27 |
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Outstanding as of December 31, 2012 |
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825,650 |
|
|
25.43 |
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|
180,000 |
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|
22.81 |
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Granted |
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355,795 |
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|
42.78 |
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|
62,500 |
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|
42.56 |
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Vested (Earned/Released) |
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(215,850 |
) |
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41.72 |
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(67,500 |
) |
|
41.97 |
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Forfeited (1) |
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(81,700 |
) |
|
31.27 |
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— |
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N/A |
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Outstanding at December 31, 2013 |
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883,895 |
|
|
32.22 |
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|
175,000 |
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|
30.10 |
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Granted |
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374,683 |
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|
45.23 |
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|
52,083 |
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|
45.60 |
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Vested (Earned/Released) |
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(256,137 |
) |
|
45.34 |
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(56,250 |
) |
|
45.56 |
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Forfeited (1) |
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(99,000 |
) |
|
38.77 |
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|
— |
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|
N/A |
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Outstanding at December 31, 2014 |
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903,441 |
|
|
37.51 |
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|
170,833 |
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|
35.43 |
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(1) |
Forfeitures on time-based nonvested shares are a result of terminations of employment, while forfeitures on performance-based nonvested shares are a result of failing to attain certain goals as outlined in our executive management group's compensation agreements. |
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| Summary of compensation expense and stock award activity |
Below is a summary of compensation expense and stock award activity (in thousands):
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Years Ended December 31, |
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|
2014 |
|
2013 |
|
2012 |
Stock-based compensation expense |
|
$ |
12,211 |
|
|
$ |
9,483 |
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|
$ |
8,319 |
|
Cash received by Company from exercises |
|
$ |
1,042 |
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|
$ |
11,601 |
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$ |
4,267 |
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|
| Summary of stock based compensation agreements |
The following table includes additional information regarding our Plan (dollars in thousands):
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As of |
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|
December 31, 2014 |
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December 31, 2013 |
Unrecognized stock-based compensation cost |
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$ |
20,577 |
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$ |
17,385 |
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Weighted average years expense recognition period |
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2.11 |
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|
2.18 |
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Total equity awards outstanding (1) |
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1,255,714 |
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1,317,710 |
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(1) Includes options outstanding and unvested restricted stock awards and restricted stock units.
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