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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2019
Share-based Compensation [Abstract] |
Stock-Based Compensation | Stock-Based Compensation A summary of restricted and deferred stock transactions during the three months ended March 31, 2019 is as follows:
| Number of shares
Non-vested stock awards outstanding at January 1, 2019 | 2,142,743 |
Awarded: |
Time-vesting shares | 108,525 |
Performance-based shares | 202,876 |
Released: |
Time-vesting shares | (68,923 | )
Forfeitures: |
Time-vesting shares | (12,000 | )
Performance-based shares | (129,207 | )
Non-vested stock awards outstanding at March 31, 2019 | 2,244,014 |
The performance-based share awards are subject to either a market condition or a performance condition. For awards subject to a market condition, the performance metric is the Company's total shareholder return, which includes share price appreciation and dividends paid during the three-year term of the award, measured against a peer group of companies. These awards cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of market performance achieved, ranging between 0% and 200% of the shares originally awarded, and are settled in stock. For awards subject to a performance condition, the performance metric is the Company's average return on invested capital over the three-year term. These awards cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of performance achieved, ranging between 0% and 200% of the shares originally awarded, and are settled in stock. The time-vesting restricted and deferred stock awards vest ratably over three to five years. The weighted average grant-date fair values of awards issued during the three months ended March 31, 2019 were $43.07 for the time-vesting stock awards and $46.08 for the performance-based stock awards. The fair value of the performance-based shares subject to a market condition awarded in 2019 was calculated using a Monte Carlo valuation model, including a weighted average stock price volatility of 21.4%, an expected term of three years, and a weighted average risk-free interest rate of 2.45%. As of March 31, 2019, unrecognized compensation cost related to outstanding non-vested stock awards was $76. The weighted average period over which the expense is expected to be recognized is 3.3 years. The aggregate market value of the shares released on the vesting dates was $3 for the three months ended March 31, 2019.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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