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Note 20 - Incentive Plans | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
20. | Incentive Plans:
The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method for performance shares, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant. The Company recognized expense associated with its equity awards of $18.5 million, $17.9 million and $18.9 million, for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the Company had $28.0 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans. That cost is expected to be recognized over a weighted average period of 3.6 years. The Company had 9,095,416, 9,251,021 and 8,049,534, shares of the Company’s common stock available for issuance under the Plan at December 31, 2015, 2014 and 2013, respectively. Stock Options The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing formula. The assumption for expected volatility has a significant effect on the grant date fair value. Volatility is determined based on the historical equity of common stock for the most recent historical period equal to the expected term of the options plus an implied volatility measure. The expected term is determined using the simplified method due to the lack of exercise and cancelation history for the current vesting terms. During 2015 and 2014, the Company did not grant any stock options. The more significant assumptions underlying the determination of fair values for options granted during the year ended December 31, 2013 were as follows:
|  | 2013 |
Weighted average fair value of options granted |  | $ | 5.04 |
Weighted average risk-free interest rates |  |  | 1.46 | %
Weighted average expected option lives (in years) |  |  | 6.25 |
Weighted average expected volatility |  |  | 35.95 | %
Weighted average expected dividend yield |  |  | 3.85 | %
Information with respect to stock options under the Plan for the years ended December 31, 2015, 2014 and 2013 are as follows:
|  | Shares |  |  | Weighted- Average Exercise Price Per Share |  |  | Aggregate Intrinsic Value (in millions) |
Options outstanding, January 1, 2013 |  |  | 16,557,997 |  |  | $ | 28.42 |  |  | $ | 14.9 |
Exercised |  |  | (1,636,300 | ) |  | $ | 23.15 |  |  |  |  |
Granted |  |  | 1,354,250 |  |  | $ | 21.55 |  |  |  |  |
Forfeited |  |  | (901,802 | ) |  | $ | 31.38 |  |  |  |  |
Options outstanding, December 31, 2013 |  |  | 15,374,145 |  |  | $ | 28.79 |  |  | $ | 13.1 |
Exercised |  |  | (1,474,432 | ) |  | $ | 16.19 |  |  |  |  |
Forfeited |  |  | (2,005,952 | ) |  | $ | 28.68 |  |  |  |  |
Options outstanding, December 31, 2014 |  |  | 11,893,761 |  |  | $ | 30.23 |  |  | $ | 29.8 |
Exercised |  |  | (1,019,240 | ) |  | $ | 18.36 |  |  |  |  |
Forfeited |  |  | (1,862,080 | ) |  | $ | 32.55 |  |  |  |  |
Options outstanding, December 31, 2015 |  |  | 9,012,441 |  |  | $ | 31.09 |  |  | $ | 27.4 |
Options exercisable (fully vested) - |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2013 |  |  | 12,039,439 |  |  | $ | 31.24 |  |  | $ | 8.2 |
December 31, 2014 |  |  | 10,159,570 |  |  | $ | 31.96 |  |  | $ | 19.9 |
December 31, 2015 |  |  | 7,617,882 |  |  | $ | 32.90 |  |  | $ | 20.0 |
The exercise prices for options outstanding as of December 31, 2015, range from $11.54 to $53.14 per share. The Company estimates forfeitures based on historical data. The weighted-average remaining contractual life for options outstanding as of December 31, 2015 was 3.2 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2015, was 2.8 years. The weighted-average remaining contractual term of options expected to vest as of December 31, 2015, was 6.8 years. As of December 31, 2015, the Company had 756,441 options expected to vest, with a weighted-average exercise price per share of $20.62 and an aggregate intrinsic value of $4.6 million. Cash received from options exercised under the Plan was $18.7 million, $23.9 million and $30.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. The total intrinsic value of options exercised during 2015, 2014 and 2013, was $7.4 million, $9.4 million, and $7.6 million, respectively. Restricted Stock and Performance Shares As of December 31, 2015, 2014 and 2013, the Company had restricted stock outstanding of 1,712,534, 1,911,145 and 1,591,082, respectively. These restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. The dividends paid on restricted shares were $1.8 million, $1.5 million, and $1.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2015, 2014 and 2013 were $25.98, $21.60 and $21.58, respectively. Information with respect to restricted stock under the Plan for the years ended December 31, 2015, 2014 and 2013 are as follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Restricted stock outstanding as of January 1, |  |  | 1,911,145 |  |  |  | 1,591,082 |  |  |  | 1,562,912 |
Granted |  |  | 729,160 |  |  |  | 804,465 |  |  |  | 549,263 |
Vested |  |  | (875,202 | ) |  |  | (418,309 | ) |  |  | (430,378 | )
Forfeited |  |  | (52,569 | ) |  |  | (66,093 | ) |  |  | (90,715 | )
Restricted stock outstanding as of December 31, |  |  | 1,712,534 |  |  |  | 1,911,145 |  |  |  | 1,591,082 |
As of December 31, 2015, 2014 and 2013, the Company had performance share awards outstanding of 202,754, 171,400 and 185,200, respectively. The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2015, 2014 and 2013 were $27.87, $22.65 and $24.78, respectively. The more significant assumptions underlying the determination of fair values for these awards granted during 2015, 2014 and 2013 were as follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Stock price |  | $ | 26.83 |  |  | $ | 21.49 |  |  | $ | 21.54 |
Dividend yield (1) |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Risk-free rate |  |  | 0.98 | % |  |  | 0.65 | % |  |  | 0.14 | %
Volatility |  |  | 16.81 | % |  |  | 25.93 | % |  |  | 16.90 | %
Term of the award (years) |  |  | 1.88, 2.88 |  |  |  | 0.88, 1.88, 2.88 |  |  |  | 0.88 |
| (1) | Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.
Other The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation (capped at $170,000 per the plan), is fully vested and funded as of December 31, 2015. The Company’s contributions to the plan were $2.1 million, $2.2 million and $2.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company recognized severance costs associated with employee terminations during the years ended December 31, 2015, 2014 and 2013 of $4.8 million, $6.3 million and $4.3 million, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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