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Note 20 - Incentive Plans | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
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 Monte Carlo method for performance shares or the Black-Scholes option pricing formula, 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 $21.6 million, $19.1 million and $18.5 million, for the years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017, the Company had $27.5 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 2.7 years. The Company had 10,410,343, 10,015,040 and 9,095,416 shares of the Company’s common stock available for issuance under the Plans at December 31, 2017, 2016 and 2015, respectively. Stock Options During 2017, 2016 and 2015, the Company did not grant any stock options. Information with respect to stock options outstanding under the Plan for the years ended December 31, 2017, 2016 and 2015 are as follows:
|  | Shares |  |  | Weighted-Average Exercise Price Per Share |  |  | Aggregate Intrinsic V alue (in millions) |
Options outstanding, January 1, 2015 |  |  | 11,893,761 |  |  | $ | 30.23 |  |  | $ | 29.8 |
Exercised |  |  | (1,019,240 | ) |  | $ | 18.36 |  |  | $ | 7.4 |
Forfeited |  |  | (1,862,080 | ) |  | $ | 32.55 |  |  |  |  |
Options outstanding, December 31, 2015 |  |  | 9,012,441 |  |  | $ | 31.09 |  |  | $ | 27.4 |
Exercised |  |  | (1,167,819 | ) |  | $ | 18.03 |  |  | $ | 12.4 |
Forfeited |  |  | (1,830,893 | ) |  | $ | 39.69 |  |  |  |  |
Options outstanding, December 31, 2016 |  |  | 6,013,729 |  |  | $ | 32.09 |  |  | $ | 12.1 |
Exercised |  |  | (83,863 | ) |  | $ | 18.20 |  |  | $ | 3.4 |
Forfeited |  |  | (2,464,920 | ) |  | $ | 35.91 |  |  |  |  |
Options outstanding, December 31, 201 7 |  |  | 3,464,946 |  |  | $ | 27.81 |  |  | $ | - |
Options exercisable (fully vested) - |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2015 |  |  | 7,617,882 |  |  | $ | 32.90 |  |  | $ | 20.0 |
December 31, 2016 |  |  | 5,144,416 |  |  | $ | 32.56 |  |  | $ | 11.3 |
December 31, 201 7 |  |  | 3,464,946 |  |  | $ | 27.81 |  |  | $ | 4.0 |
The exercise price per share for options outstanding as of December 31, 2017 ranges from $11.54 to $40.79. The Company estimates forfeitures based on historical data. The weighted-average remaining contractual life for options outstanding as of December 31, 2017 was 2.3 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2017, was 2.3 years. As of December 31, 2017, all of the Company’s outstanding options were vested. Cash received from options exercised under the Plan was $1.5 million, $21.1 million and $18.7 million for the years ended December 31, 2017, 2016 and 2015, respectively. Restricted Stock Information with respect to restricted stock under the Plan for the years ended December 31, 2017, 2016 and 2015 are as follows:
|  | 201 7 |  |  | 201 6 |  |  | 201 5 |
Restricted stock outstanding as of January 1, |  |  | 1,930,732 |  |  |  | 1,712,534 |  |  |  | 1,911,145 |
Granted (1) |  |  | 646,142 |  |  |  | 756,530 |  |  |  | 729,160 |
Vested |  |  | (783,872 | ) |  |  | (520,539 | ) |  |  | (875,202 | )
Forfeited |  |  | (15,573 | ) |  |  | (17,793 | ) |  |  | (52,569 | )
Restricted stock outstanding as of December 31, |  |  | 1,777,429 |  |  |  | 1,930,732 |  |  |  | 1,712,534 |
(1) The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2017, 2016 and 2015 were $25.04, $26.15 and $25.98, respectively. 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. For the years ended December 31, 2017, 2016 and 2015, the dividends paid on unvested restricted shares were $2.4 million, $2.2 million, and $1.8 million, respectively. Performance Shares Information with respect to performance share awards under the Plan for the years ended December 31, 2017, 2016 and 2015 are as follows:
| 2017 |  | 2016 |  | 2015
Performance share award outstanding as of January 1, | 197,249 |  | 202,754 |  | 114,268
Granted (1) | 135,780 |  | 100,170 |  | 145,620
Vested (2) | (97,079) |  | (105,675) |  | (57,134)
Performance share award outstanding as of December 31, | 235,950 |  | 197,249 |  | 202,754
( 1 ) The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2017, 2016 and 2015 were $23.35, $28.60 and $27.87, respectively. ( 2 ) For the years ended December 31, 2017, 2016 and 2015, the corresponding common stock equivalent of these vested awards were 0, 130,080 and 91,862, respectively. The more significant assumptions underlying the determination of fair values for these awards granted during 2017, 2016 and 2015 were as follows:
|  | 201 7 |  |  | 201 6 |  |  | 201 5 |
Stock price |  | $ | 24.91 |  |  | $ | 26.29 |  |  | $ | 26.83 |
Dividend yield (1) |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Risk-free rate |  |  | 1.45 | % |  |  | 0.87 | % |  |  | 0.98 | %
Volatility (2) |  |  | 18.93 | % |  |  | 18.80 | % |  |  | 16.81 | %
Term of the award (years) |  |  | 2.88 |  |  |  | 2.88 |  |  |  | 1.88, 2.88 |
( 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.
( 2 ) | Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.
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, is fully vested and funded as of December 31, 2017. The Company’s contributions to the plan were $2.1 million, $2.0 million and $2.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. The Company recognized severance costs associated with employee terminations during the years ended December 31, 2017, 2016 and 2015, of $5.5 million, $1.7 million and $4.8 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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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