XML 108 R28.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Note 20 - Incentive Plans | 12 Months Ended
--- | ---
Dec. 31, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [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 Statements 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 based on the price on the date of grant. The Company recognized expense associated with its equity awards of $20.2 million, $18.2 million and $21.6 million, for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the Company had $33.8 million of total unrecognized compensation cost related to unvested stock compensation granted under the 2010 Plan. That cost is expected to be recognized over a weighted-average period of 2.8 years. At December 31, 2019, the Company had 1.1 million shares of common stock available for issuance under the Plans, net of shares delivered in settlement in accordance with the 2010 Plan. Stock Options During 2019, 2018 and 2017, the Company did not grant any stock options. Information with respect to stock options outstanding under the Plan for the years ended December 31, 2019, 2018 and 2017 are as follows:
|  | Shares |  |  | Weighted-Average Exercise Price Per Share |  |  | Aggregate Intrinsic V alue (in millions) |
Options outstanding, January 1, 2017 |  |  | 6,013,729 |  |  | $ | 32.09 |  |  | $ | 12.1 |
Exercised |  |  | (83,863 | ) |  | $ | 18.20 |  |  | $ | 3.4 |
Forfeited |  |  | (2,464,920 | ) |  | $ | 35.91 |  |  |  |  |
Options outstanding, December 31, 2017 |  |  | 3,464,946 |  |  | $ | 27.81 |  |  | $ | - |
Exercised |  |  | (42,259 | ) |  | $ | 14.00 |  |  | $ | 0.1 |
Forfeited |  |  | (1,781,321 | ) |  | $ | 36.53 |  |  |  |  |
Options outstanding, December 31, 2018 |  |  | 1,641,366 |  |  | $ | 18.78 |  |  | $ | 0.4 |
Exercised |  |  | (268,856 | ) |  | $ | 14.43 |  |  | $ | 1.1 |
Forfeited |  |  | (74,574 | ) |  | $ | 20.24 |  |  |  |  |
Options outstanding, December 31, 2019 |  |  | 1,297,936 |  |  | $ | 19.60 |  |  | $ | 2.0 |
Options exercisable (fully vested) - |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2017 |  |  | 3,464,946 |  |  | $ | 27.81 |  |  | $ | 4.0 |
December 31, 2018 |  |  | 1,641,366 |  |  | $ | 18.78 |  |  | $ | 0.4 |
December 31, 2019 |  |  | 1,297,936 |  |  | $ | 19.60 |  |  | $ | 2.0 |
The exercise price per share for options outstanding as of December 31, 2019 ranges from $13.05 to $24.12. The Company estimates forfeitures based on historical data. As of December 31, 2019, all of the Company’s outstanding options were vested. The weighted-average remaining contractual life for options outstanding and exercisable as of December 31, 2019 was 2.1 years. Cash received from options exercised under the Plan was $3.9 million, $0.6 million and $1.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. Restricted Stock Information with respect to restricted stock under the Plan for the years ended December 31, 2019, 2018 and 2017 are as follows:
|  | 201 9 |  |  | 201 8 |  |  | 201 7 |
Restricted stock outstanding as of January 1, |  |  | 2,104,914 |  |  |  | 1,777,429 |  |  |  | 1,930,732 |
Granted (1) |  |  | 884,170 |  |  |  | 1,100,590 |  |  |  | 646,142 |
Vested |  |  | (603,148 | ) |  |  | (751,201 | ) |  |  | (783,872 | )
Forfeited |  |  | (18,093 | ) |  |  | (21,904 | ) |  |  | (15,573 | )
Restricted stock outstanding as of December 31, |  |  | 2,367,843 |  |  |  | 2,104,914 |  |  |  | 1,777,429 |
(1) | The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2019, 2018 and 2017 were $18.03, $14.72 and $25.04, 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, 2019, 2018 and 2017, the dividends paid on unvested restricted shares were $3.0 million, $2.8 million, and $2.4 million, respectively. Performance Shares Information with respect to performance share awards under the Plan for the years ended December 31, 2019, 2018 and 2017 are as follows:
|  | 201 9 |  |  | 201 8 |  |  | 201 7 |
Performance share awards outstanding as of January 1, |  |  | 433,230 |  |  |  | 235,950 |  |  |  | 197,249 |
Granted (1) |  |  | 407,080 |  |  |  | 297,450 |  |  |  | 135,780 |
Vested (2) |  |  | (135,780 | ) |  |  | (100,170 | ) |  |  | (97,079 | )
Performance share awards outstanding as of December 31, |  |  | 704,530 |  |  |  | 433,230 |  |  |  | 235,950 |
(1) | The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2019, 2018 and 2017 were $22.00, $15.40 and $23.35, respectively.
(2) | For the years ended December 31, 2019, 2018 and 2017, the corresponding common stock equivalent of these vested awards were 104,551, 0 and 0 shares, respectively.
The more significant assumptions underlying the determination of fair values for these performance awards granted during 2019, 2018 and 2017 were as follows:
|  | 201 9 |  |  | 201 8 |  |  | 201 7 |
Stock price |  | $ | 17.81 |  |  | $ | 14.99 |  |  | $ | 24.91 |
Dividend yield (1) |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Risk-free rate |  |  | 2.52 | % |  |  | 2.39 | % |  |  | 1.45 | %
Volatility (2) |  |  | 24.55 | % |  |  | 22.90 | % |  |  | 18.93 | %
Term of the award (years) |  |  | 2.88 |  |  |  | 2.85 |  |  |  | 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, 2019. The Company’s contributions to the plan were $2.2 million, $2.2 million and $2.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Company recognized severance costs associated with employee terminations during the years ended December 31, 2019, 2018 and 2017, of $2.6 million, $3.8 million and $5.5 million, 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_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration