Annual report pursuant to Section 13 and 15(d)

STOCK BASED AND DEFERRED COMPENSATION (Tables)

v3.3.1.900
STOCK BASED AND DEFERRED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity
Summary of Stock Option Activity:
 
 
Year Ended December 31, 2015
 
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
(In thousands)
Options outstanding at beginning of year
 
181,440

 
$
18.69

 
 
 
 
Granted
 

 
N/A

 
 
 
 
Exercised
 
(147,040
)
 
$
19.62

 
 
 
 
Cancelled
 
(20,000
)
 
$
13.69

 
 
 
 
Outstanding at end of year
 
14,400

 
$
16.11

 
0.24
 
$
257

Vested at end of year
 
14,400

 
$
16.11

 
0.24
 
$
257

Exercisable at end of year
 
14,400

 
$
16.11

 
0.24
 
$
257

Price range of options exercised
 
$ 11.48 - $22.11
 
 
 
 
Price range of options outstanding
 
$ 11.48 - $22.11
 
 
 
 
 
 
 
 
 
 
 
 
 
Total shares reserved for existing or future equity award grants at end of year
 
2,224,800

 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
2014
 
2013
 
 
Options
 
Weighted
Average
Exercise
Price
 
Options
 
Weighted
Average
Exercise
Price
Options outstanding at beginning of year:
 
258,815

 
$
19.63

 
609,585

 
$
27.44

Granted
 

 
N/A

 

 
N/A

Exercised
 
(60,695
)
 
$
17.16

 
(347,370
)
 
$
33.40

Cancelled
 
(16,680
)
 
$
38.86

 
(3,400
)
 
$
14.00

Outstanding at end of year
 
181,440

 
$
18.69

 
258,815

 
$
19.63

Exercisable at end of year
 
181,440

 
$
18.69

 
225,415

 
$
20.36

Price range of options exercised
 
$ 11.48 - $42.82

 
 
 
$ 8.06 - $44.44

 
 
Price range of options outstanding
 
$ 11.48 - $22.11

 
 
 
$ 11.48 - $42.82

 
 
Schedule of Stock Options Outstanding
Stock options Outstanding at December 31, 2015:
 
 
 
Stock Options Outstanding
 
Stock Options Exercisable
Range of Exercise Prices
 
Number
Outstanding
 
Weighted
Average
Contractual
Life
 
Weighted
Average
Exercise Price
 
Number
Exercisable
 
Weighted
Average
Exercise Price
$11.48 - $11.48
 
500

 
0.24
 
$
11.48

 
500

 
$
11.48

$14.00 - $14.00
 
10,000

 
0.10
 
$
14.00

 
10,000

 
$
14.00

$22.11 - $22.11
 
3,900

 
0.61
 
$
22.11

 
3,900

 
$
22.11

 
 
14,400

 
 
 
 
 
14,400

 
 
Summary of Nonvested (Restricted) Shares and Units 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.
 
 
 

Nonvested
Restricted Share
Activity
(time-based)
 

Weighted
Average
Grant Date
Fair Value
 

Nonvested
Restricted
Share Activity
(performance-
Based)
 

Weighted
Average
Grant Date
Fair Value
Outstanding at January 1, 2013
 
825,650

 
$
25.43

 
180,000

 
$
22.81

Granted
 
355,795

 
42.78

 
62,500

 
42.56

Vested (Earned/Released)
 
(215,850
)
 
41.72

 
(67,500
)
 
41.97

Forfeited (1)
 
(81,700
)
 
31.27

 

 
N/A

Outstanding as of December 31, 2013
 
883,895

 
32.22

 
175,000

 
30.10

Granted
 
374,683

 
45.23

 
52,083

 
45.60

Vested (Earned/Released)
 
(256,137
)
 
45.34

 
(56,250
)
 
45.56

Forfeited (1)
 
(99,000
)
 
38.77

 

 
N/A

Outstanding at December 31, 2014
 
903,441

 
37.51

 
170,833

 
35.43

Granted
 
434,387

 
40.48

 
66,187

 
41.17

Vested (Earned/Released)
 
(318,651
)
 
41.14

 
(56,250
)
 
40.34

Forfeited (1)
 
(135,470
)
 
40.53

 

 
N/A

Outstanding at December 31, 2015
 
883,707

 
40.75

 
180,770

 
42.93

 
(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.
Summary of Compensation Expense and Stock Award Activity
Below is a summary of compensation expense and stock award activity (in thousands):
 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
Stock-based compensation expense
 
$
15,781

 
$
12,211

 
$
9,483

Cash received by Company from exercises
 
$
2,886

 
$
1,042

 
$
11,601

Summary of Additional Information Regarding Stock Plan
The following table includes additional information regarding our Plan (dollars in thousands):
 
 
As of
 
 
December 31, 2015
 
December 31, 2014
Unrecognized stock-based compensation cost
 
$
18,545

 
$
20,577

Weighted average years expense recognition period
 
2.34

 
2.11

Total equity awards outstanding (1)
 
1,078,877

 
1,255,714


(1)     Includes options outstanding and unvested restricted stock awards and restricted stock units.