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Share-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Share-Based Compensation Plans | SHARE-BASED COMPENSATION PLANS We have an incentive plan under which stock options, stock awards, stock units and other share-based compensation may be granted to officers, non-employee directors and key employees of the Company. Under the terms of this plan, 3,250,000 shares were authorized, and 1,160,086 shares are available for grant or issuance as of December 31, 2019. Any issuances under this plan are valued at the fair market value of the common stock on the grant date. The vesting and expiration of any stock option grants and the vesting schedule of any stock awards or stock units are determined by the Compensation and Personnel Committee of our Board of Directors at the time of the grant. Forfeitures are recognized as they occur. The following table summarizes activity regarding our stock options and awards of shares and stock units since December 31, 2016:
Stock Options |  | Restricted Stock Units
|  | Shares |  | Weighted Average Price |  |  |  | Shares |  | Weighted Average Price
Balance, December 31, 2016 |  | 143,000 |  |  | $ | 23.06 |  |  | Balance, December 31, 2016 |  | 492,288 |  |  | $ | 44.93 |
Granted |  | — |  |  | — |  |  | Granted |  | 198,179 |  |  | $ | 68.33 |
Expired |  | — |  |  | — |  |  | Forfeited |  | (1,200 | ) |  | $ | 60.68 |
Exercised |  | (50,000 | ) |  | $ | 20.42 |  |  | Vested |  | (180,395 | ) |  | $ | 44.57 |
Balance, December 31, 2017 |  | 93,000 |  |  | $ | 24.48 |  |  | Balance, December 31, 2017 |  | 508,872 |  |  | $ | 54.13 |
Granted |  | — |  |  | — |  |  | Granted |  | 135,259 |  |  | $ | 80.37 |
Expired |  | — |  |  | — |  |  | Forfeited |  | (1,250 | ) |  | $ | 71.27 |
Exercised |  | (53,000 | ) |  | $ | 24.48 |  |  | Vested |  | (166,295 | ) |  | $ | 48.44 |
Balance, December 31, 2018 |  | 40,000 |  |  | $ | 24.48 |  |  | Balance, December 31, 2018 |  | 476,586 |  |  | $ | 63.52 |
Granted |  | — |  |  | — |  |  | Granted |  | 169,766 |  |  | $ | 64.34 |
Expired |  | — |  |  | — |  |  | Forfeited |  | (2,545 | ) |  | $ | 71.88 |
Exercised |  | (20,000 | ) |  | $ | 24.48 |  |  | Vested |  | (226,229 | ) |  | $ | 51.64 |
Balance, December 31, 2019 |  | 20,000 |  |  | $ | 24.48 |  |  | Balance, December 31, 2019 |  | 417,578 |  |  | $ | 70.24 |
We recognized approximately $11.4 million, $11.0 million, and $9.9 million of compensation expense for stock units awarded to non-employee directors and employees pursuant to incentive plans for the years ended December 31, 2019, 2018, and 2017, respectively. We have approximately $8.7 million of compensation expense, net of income taxes, which will be recognized over the remaining vesting periods of up to approximately 3 years. In addition, an aggregate of 72,310 restricted stock units granted to non-employee directors vested as of December 31, 2019, but issuance has been deferred up to 5 years. All outstanding stock options were fully vested; therefore, no compensation expense was recognized with respect to stock options for the years ended December 31, 2019, 2018, and 2017. The income tax benefit derived in 2019, 2018, and 2017 as a result of stock option exercises and other share-based compensation was approximately $2.6 million, $3.6 million, and $3.9 million, respectively, of which approximately $1.0 million, $1.6 million, and $1.6 million, respectively, represented excess tax benefits. The total intrinsic value of options (the amounts by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2019, 2018, and 2017 was approximately $1.2 million, $2.7 million, and $2.3 million, respectively. At December 31, 2019, 2018, and 2017, 20,000 options, 40,000 options and 93,000 options were outstanding and exercisable, respectively. The weighted average exercise price for all such options was $24.48. The total aggregate intrinsic value of options outstanding and exercisable as of December 31, 2019, 2018, and 2017 were approximately $1.2 million, $1.4 million, and $5.3 million, respectively. The following table summarizes information about our outstanding stock options as of December 31, 2019:
Stock Options Outstanding and Exercisable
Range of Exercise Prices |  | Number |  | Weighted Average Remaining Life |  | Weighted Average Exercise Price
$24.48 |  | 20,000 |  | 0.45 Years |  | $24.48
We have an employee stock purchase plan. Under the terms of this plan, the maximum number of shares of our common stock that may be purchased is 3,000,000 shares. Generally, our corporate employees and non-union employees of our United States subsidiaries are eligible to participate in this plan. Employees covered by collective bargaining agreements generally are not eligible to participate in this plan.

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