Annual report pursuant to Section 13 and 15(d)

STOCK BASED AND DEFERRED COMPENSATION (Tables)

v3.6.0.2
STOCK BASED AND DEFERRED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity
Summary of Stock Option Activity:
 
 
Year Ended December 31, 2016
 
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
(In thousands)
Options outstanding at beginning of year
 
14,400

 
$
16.11

 
 
 
 
Granted
 

 
N/A

 
 
 
 
Exercised
 
(14,400
)
 
$
16.11

 
 
 
 
Cancelled
 

 
N/A

 
 
 
 
Outstanding at end of year
 

 
N/A

 

 
$

Vested at end of year
 

 
N/A

 

 
$

Exercisable at end of year
 

 
N/A

 

 
$

Price range of options exercised
 
$ 11.48 - $22.11
 
 
 
 
Price range of options outstanding
 
N/A
 
 
 
 
 
 
 
Years Ended December 31,
 
 
2015
 
2014
 
 
Options
 
Weighted
Average
Exercise
Price
 
Options
 
Weighted
Average
Exercise
Price
Options outstanding at beginning of year:
 
181,440

 
$
18.69

 
258,815

 
$
19.63

Granted
 

 
N/A

 

 
N/A

Exercised
 
(147,040
)
 
$
19.62

 
(60,695
)
 
$
17.16

Cancelled
 
(20,000
)
 
$
13.69

 
(16,680
)
 
$
38.86

Outstanding at end of year
 
14,400

 
$
16.11

 
181,440

 
$
18.69

Exercisable at end of year
 
14,400

 
$
16.11

 
181,440

 
$
18.69

Price range of options exercised
 
$ 11.48 - $22.11

 
 
 
$ 11.48 - $42.82

 
 
Price range of options outstanding
 
$ 11.48 - $22.11

 
 
 
$ 11.48 - $22.11

 
 
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 executive officers. 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, 2014
 
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 as of 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

Granted
 
499,865

 
31.60

 
66,698

 
34.39

Vested (Earned/Released)
 
(305,359
)
 
30.87

 
(41,665
)
 
31.02

Forfeited (1)
 
(115,910
)
 
36.79

 
(20,835
)
 
42.56

Outstanding at December 31, 2016
 
962,303

 
37.00

 
184,968

 
34.84

 
(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 officers' 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,
 
 
2016
 
2015
 
2014
Stock-based compensation expense
 
$
13,741

 
$
15,781

 
$
12,211

Cash received by Company from exercises
 
$
232

 
$
2,886

 
$
1,042

Summary of Additional Information Regarding Stock Plan
The following table includes additional information regarding our Plan (dollars in thousands):
 
 
At December 31,
 
 
2016
 
2015
Unrecognized stock-based compensation cost
 
$
18,528

 
$
18,545

Weighted average years expense recognition period
 
2.56

 
2.34

Total equity awards outstanding
 
1,147,271

 
1,078,877