XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Note 6 - Share-based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2016
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
6. | Share-based Compensation
We maintain a Management Incentive Plan (the “Plan”) that provides various share-based financial methods to compensate our key employees with shares of our common stock or common stock equivalents. Under the Plan, as amended, we have, from time to time, utilized restricted share units, performance share units, restricted shares, and nonstatutory stock options to compensate our employees and directors. We currently are utilizing restricted and performance share units. Our restricted share units have various vesting schedules generally ranging from 3 to 10 years when awarded. These restricted share units do not contain rights to vote or receive dividends until the vesting date. Unvested restricted share units are forfeited if the employee terminates for any reason other than death, disability, or special circumstances as determined by the Compensation Committee. Restricted share units are valued based on the fair value of the award on the grant date, adjusted for dividend estimates based on grant date dividend rates. Our performance share units vest based on the passage of time (generally 2 to 10 years) and achievement of performance criteria. Performance share units do not contain rights to vote or receive dividends until the vesting date. Unvested performance share units are forfeited if the employee terminates for any reason other than death or disability. Performance shares are valued based on the fair value of the award on the grant date, adjusted for dividend estimates based on grant date dividend rates. In the past, nonstatutory stock options have been granted to key employees for the purchase of our common stock for 100% of the fair market value of the common stock at the grant date as awarded by the Compensation Committee. These options generally vested over a 10 -year period and were forfeited immediately if the employee terminated for any reason other than death, disability or retirement after age 55. We did not grant any stock options during the years ended December 31, 2016, 2015, and 2014. An employee is allowed to surrender shares of common stock that the employee has owned for at least six months in full or partial payment of the option price of an option being exercised and/or to satisfy tax withholding obligations incident to the vesting of restricted share units, performance share units, or the exercise of an option. We account for our restricted share units, performance share units, and stock options in accordance with current accounting standards for share-based payments. These standards require that the cost of all share-based payments to employees, including grants of employee stock options, be recognized in our Consolidated Financial Statements based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award, subject to the attainment of performance metrics established for performance share units. Share-based compensation expense is recorded in salaries, wages, and employee benefits in our Consolidated Statements of Earnings, along with other compensation expenses to employees. The following table summarizes the components of our share-based compensation program expense (in thousands):
|  | Years ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Restricted share units |  |  |  |  |  |  |  |  |  |  |  |
Pretax compensation expense |  | $ | 29,938 |  |  | $ | 27,898 |  |  | $ | 27,256 |
Tax benefit |  |  | 11,347 |  |  |  | 10,629 |  |  |  | 10,360 |
Restricted share units, net of tax |  | $ | 18,591 |  |  | $ | 17,269 |  |  | $ | 16,896 |
Performance share units |  |  |  |  |  |  |  |  |  |  |  |
Pretax compensation expense |  | $ | 10,687 |  |  | $ | 9,330 |  |  | $ | 7,882 |
Tax benefit |  |  | 4,050 |  |  |  | 3,555 |  |  |  | 2,996 |
Performance share awards, net of tax |  | $ | 6,637 |  |  | $ | 5,775 |  |  | $ | 4,886 |
Stock options |  |  |  |  |  |  |  |  |  |  |  |
Pretax compensation expense |  | $ | - |  |  | $ | - |  |  | $ | 195 |
Tax benefit |  |  | - |  |  |  | - |  |  |  | 74 |
Stock option expense, net of tax |  | $ | - |  |  | $ | - |  |  | $ | 121 |
A summary of our restricted share units, performance share units, and nonstatutory stock options is as follows:
Restricted Share Units |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2013 |  |  | 2,421,430 |  |  | $ | 41.49 |
Granted |  |  | 447,780 |  |  |  | 75.61 |
Vested |  |  | (808,914 | ) |  |  | 37.33 |
Forfeited |  |  | (119,298 | ) |  |  | 47.81 |
Unvested at December 31, 2014 |  |  | 1,940,998 |  |  | $ | 51.74 |
Granted |  |  | 390,143 |  |  |  | 74.86 |
Vested |  |  | (783,483 | ) |  |  | 39.45 |
Forfeited |  |  | (30,908 | ) |  |  | 54.89 |
Unvested at December 31, 2015 |  |  | 1,516,750 |  |  | $ | 63.96 |
Granted |  |  | 540,746 |  |  |  | 75.03 |
Vested |  |  | (520,619 | ) |  |  | 54.78 |
Forfeited |  |  | (34,221 | ) |  |  | 69.14 |
Unvested at December 31, 2016 |  |  | 1,502,656 |  |  | $ | 71.16 |
Performance Share Units |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2013 |  |  | 408,025 |  |  | $ | 56.78 |
Granted |  |  | 106,945 |  |  |  | 76.22 |
Vested |  |  | (81,075 | ) |  |  | 53.26 |
Forfeited |  |  | - |  |  |  | - |
Unvested at December 31, 2014 |  |  | 433,895 |  |  | $ | 62.23 |
Granted |  |  | 160,574 |  |  |  | 74.37 |
Vested |  |  | (103,796 | ) |  |  | 58.28 |
Forfeited |  |  | - |  |  |  | - |
Unvested at December 31, 2015 |  |  | 490,673 |  |  | $ | 67.04 |
Granted |  |  | 142,114 |  |  |  | 74.71 |
Vested |  |  | (148,733 | ) |  |  | 62.84 |
Forfeited |  |  | - |  |  |  | - |
Unvested at December 31, 2016 |  |  | 484,054 |  |  | $ | 70.58 |
Stock Options |  | Number of Shares (in thousands) |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in millions) |
Outstanding at December 31, 2013 |  |  | 440 |  |  | $ | 19.08 |  |  |  | 1.67 |  |  | $ | 25.6 |
Exercised |  |  | (341 | ) |  |  | 18.70 |  |  |  | - |  |  |  | 19.9 |
Forfeited |  |  | (1 | ) |  |  | 19.08 |  |  |  | - |  |  |  | - |
Outstanding at December 31, 2014 |  |  | 98 |  |  | $ | 20.40 |  |  |  | 0.86 |  |  | $ | 6.3 |
Exercised |  |  | (95 | ) |  |  | 20.35 |  |  |  | - |  |  |  | 5.8 |
Forfeited |  |  | (1 | ) |  |  | 24.27 |  |  |  | - |  |  |  | - |
Outstanding at December 31, 2015 |  |  | 2 |  |  | $ | 20.76 |  |  |  | 0.05 |  |  | $ | 0.1 |
Exercised |  |  | (2 | ) |  |  | 20.76 |  |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at December 31, 2016 |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | - |
Exercisable |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | - |
At December 31, 2016, we had $66.9 million and $19.4 million of total unrecognized compensation expense related to restricted share units and performance share units, respectively, that is expected to be recognized on a straight-line basis over the remaining weighted average vesting period of approximately 3.6 years for restricted share units and 2.5 years for performance share units. The aggregate intrinsic value of restricted and performance share units vested and options exercised during the years ended December 31, 2016, 2015, and 2014, was $56.7 million, $80.8 million, and $88.5 million, respectively. The aggregate intrinsic value of unvested restricted and performance share units was $192.8 million at December 31, 2016. The total fair value of shares vested for restricted share, performance share, and stock option awards during the years ended December 31, 2016, 2015, and 2014, was $38.1 million, $37.3 million, and $37.5 million, respectively.

X
- 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=65895303&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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + 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