XML 38 R19.htm IDEA: XBRL DOCUMENT
v3.21.1

Stock Compensation Plans | 3 Months Ended
--- | ---
Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock Compensation Plans | Stock Compensation Plans Pursuant to the Company’s 2016 Stock Incentive Plan, as amended, the Company may issue stocks, stock options, restricted stock, restricted stock units (“RSUs”), stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of the Company and its subsidiaries. The Company has granted RSUs as its primary incentive awards. Stock options have not been issued during the last three years and no stock options were outstanding as of both March 31, 2021 and December 31, 2020. The following table presents a summary of the total share-based compensation expense and the related net tax benefits (deficiencies) associated with the Company’s various employee share-based compensation plans for the three months ended March 31, 2021 and 2020:
($ in thousands) |  | Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Stock compensation costs |  | $ | 7,817 |  |  | $ | 7,209 |  |  |  |  |
Related net tax benefits (deficiencies) for stock compensation plans |  | $ | 1,620 |  |  | $ | (1,566) |  |  |  |  |
Restricted Stock Units — RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs generally cliff vest after three years of continued employment from the date of the grant, and are authorized to settle predominantly in shares of the Company’s common stock. Certain RSUs are settled in cash. Dividend are accrued during the vesting period and paid at the time of vesting. While a portion of RSUs are time-based vesting awards, others vest subject to the attainment of specified performance goals referred to as “performance-based RSUs.” Performance-based RSUs are granted annually upon approval by the Company’s Compensation Committee based on the performance in the year prior to the grant date of the award. The number of awards that vest can range from zero to a maximum of 200% of the granted number of awards based on the Company’s achievement of specified performance criteria over a performance period of three years. Compensation costs are calculated using the quoted market price of the Company’s common stock at the grant date. Compensation costs for certain time-based awards that will be settled in cash are adjusted to fair value based on changes in the share price of the Company’s common stock up to the settlement date. For performance-based RSUs, the compensation costs are based on grant date fair value which considers both performance and market conditions, and is subject to subsequent adjustments based on the Company’s outcome of meeting the performance criteria at the end of performance period. Compensation costs of both time-based and performance-based awards are estimated based on awards ultimately expected to vest, and are recognized net of estimated forfeitures on a straight-line basis from the grant date until the vesting date of each grant. For accounting on stock-based compensation plans, see Note 1 — Summary of Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements of the Company’s 2020 Form 10-K for additional information. The following table presents a summary of the activities for the Company’s time-based and performance-based RSUs that will be settled in shares for the three months ended March 31, 2021. The number of performance-based RSUs stated below reflects the number of awards granted on the grant date.
|  |  |  |  |  | Time-Based RSUs |  | Performance-Based RSUs
|  |  |  |  |  |  |  |  | Shares |  | Weighted-Average Grant Date Fair Value |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding, January 1, 2021 |  |  |  |  |  |  |  |  |  | 1,345,635 |  |  | $ | 50.22 |  |  | 398,057 |  |  | $ | 53.66 |
Granted |  |  |  |  |  |  |  |  |  | 374,875 |  |  | 71.40 |  |  | 91,960 |  |  | 77.67 |
Vested |  |  |  |  |  |  |  |  |  | (275,503) |  |  | 67.30 |  |  | (120,286) |  |  | 70.13 |
Forfeited |  |  |  |  |  |  |  |  |  | (26,369) |  |  | 60.94 |  |  | — |  |  | — |
Outstanding, March 31, 2021 |  |  |  |  |  |  |  |  |  | 1,418,638 |  |  | $ | 52.30 |  |  | 369,731 |  |  | $ | 54.28 |
The following table presents a summary of the activities for the Company’s time-based RSUs that will be vested in cash for the three months ended March 31, 2021:
|  |  |  | Shares
Outstanding, January 1, 2021 |  |  |  | 21,802 |
Granted |  |  |  | 15,803 |
Vested |  |  |  | — |
Forfeited |  |  |  | (4,075) |
Outstanding, March 31, 2021 |  |  |  | 33,530 |
As of March 31, 2021, there were $37.0 million and $22.1 million of total unrecognized compensation costs related to unvested time-based and performance-based RSUs, respectively. These costs are expected to be recognized over a weighted-average period of 2.21 years and 2.29 years, respectively.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration