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Equity Incentive Awards | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Equity Incentive Awards | Equity Incentive Awards Our 2014 Equity Incentive Plan (the "2014 Plan") was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014. Pursuant to the 2014 Plan, our officers, directors, employees and consultants may be awarded restricted stock, options, including non-qualified stock options and incentive stock options, and other forms of equity awards subject to conditions and restrictions determined by the Compensation, Nominating, and Corporate Governance Committee of our Board of Directors (the "Compensation Committee"). Equity awards under the 2014 Plan are made by the Compensation Committee, who determines the individuals eligible to receive awards, the types of awards, and the terms, conditions and restrictions applicable to any award. Grants to directors are determined by the Board of Directors. As of December 31, 2019, 5,664,562 shares remained available for future grants. Restricted stock and options under the 2014 Plan have a maximum contractual term of ten years from the date of grant and have an exercise price not less than the fair value of the stock on the grant date. Individual grants could have different vesting periods but generally no longer than three and a half years. All restricted stock awards have non-forfeitable rights to dividend payments even if the underlying stock does not entirely vest. Grants Issued During the quarter ended March 31, 2019, 122,400 shares of restricted stock were awarded to certain members of our management team. Of these shares, 50% are time-based awards, vesting in equal installments over a three-year period on January 31, 2020, January 29, 2021, and January 31, 2022, respectively, and have a grant date fair value of $3.2 million. The remaining 50% are performance-based awards, vesting in equal installments over a three-year period on January 31, 2020, January 29, 2021, and January 31, 2022, respectively, upon meeting performance conditions to be established by the Compensation Committee in the year of the vesting period. They are valued using the closing price at the grant date when all the key terms and conditions are known to all parties. The 20,402 shares of restricted stock awarded in 2019 subject to 2019 performance goals have a grant date fair value of $1.1 million. During the quarter ended June 30, 2019, 70,862 shares of restricted stock were awarded to certain members of our Board of Directors at a fair value of approximately $4.1 million. These shares are time-based awards subject to various vesting dates between October 30, 2019 and April 30, 2022. Stock-based compensation expense, reported in general and administrative on the Consolidated Statements of Income and Comprehensive income, for the years ended December 31, 2019, 2018 and 2017 was $10.5 million, $10.0 million and $9.4 million, respectively. Restricted Stock A summary of our restricted stock activities and related information, as adjusted for stock split, is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2016 | 131,214 |  |  | $31.84
Shares granted | 260,852 |  |  | $38.13
Shares forfeited | (1,980 | ) |  | $40.27
Shares vested | (250,542 | ) |  | $34.40
Balance at December 31, 2017 | 139,544 |  |  | $38.89
Shares granted | 385,010 |  |  | $43.01
Shares vested | (224,852 | ) |  | $40.74
Balance at December 31, 2018 | 299,702 |  |  | $42.78
Shares granted | 193,262 |  |  | $55.51
Shares vested | (74,222 | ) |  | $43.72
Balance at December 31, 2019 | 418,742 |  |  | $48.32
Compensation expense to be recognized subsequent to December 31, 2019 for restricted stock granted during or prior to 2019 that have not yet vested was $11.1 million, which is expected to be recognized over a weighted average term of 1.7 years. Stock Options The fair value of stock options granted was estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions made in the valuation, as adjusted for stock split:
| 2018 |  | 2017
Dividend Yield | 2.5% |  | 2.4%
Risk-free interest rate | 2.8% |  | 1.9%
Expected Life | 5.6 years |  | 5.5 years
Expected Volatility | 16.7% |  | 17.8%
Weighted Average Grant Date Fair Value Per Share | $6.48 |  | $5.50
There were no stock options granted during 2019. No options were forfeited or expired during the years ended December 31, 2019, 2018 and 2017. A summary of our stock option activity and related information, as adjusted for stock split, is as follows:
| Shares Subject To Options |  | Weighted Average Exercise Price Per Share |  | Weighted Average Outstanding Contractual Life (in years) |  | Average Intrinsic Value (in millions)
Balance at December 31, 2016 | 866,300 |  |  | $10.72 |  | 1.7 |  | $22.0
Options issued | 13,860 |  |  | $40.58 |  |  |  |
Options exercised | (440,000 | ) |  | $11.02 |  |  |  | $14.5
Balance at December 31, 2017 | 440,160 |  |  | $11.36 |  | 1.6 |  | $14.6
Options issued | 12,540 |  |  | $44.83 |  |  |  |
Options exercised | (405,600 | ) |  | $9.43 |  |  |  | $16.9
Balance at December 31, 2018 | 47,100 |  |  | $36.95 |  | 7.3 |  | $0.5
Options exercised | (5,600 | ) |  | $9.43 |  |  |  | $0.2
Balance at December 31, 2019 | 41,500 |  |  | $40.65 |  | 7.3 |  | $1.2
Exercisable at December 31, 2019 | 37,782 |  |  | $40.24 |  | 7.2 |  | $1.1
Cash proceeds received from stock options exercised during the years ended 2019 and 2018 and 2017 were $0.1 million,$3.8 million and $4.9 million respectively.

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