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Stock-Based Compensation Plans | 3 Months Ended
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Mar. 31, 2020
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans Employee Stock Purchase Plan Shares issued under the 2017 Employee Stock Purchase Plan during the three months ended March 31, 2020 and 2019, totaled 31,794 and 32,174, respectively. Stock Options A summary of stock option activity is as follows:
| Number of Shares |  | Weighted Average Exercise Price ($) |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value of In-the-Money Options ($)
Outstanding as of December 31, 2019 | 4,006,816 |  |  | $ | 18.18 |  |  |  |  |
Exercised | (23,223) |  |  | 17.21 |  |  |  |  |
Forfeited | (57,744) |  |  | 19.08 |  |  |  |  |
Expired | (6,090) |  |  | 18.44 |  |  |  |  |
Outstanding as of March 31, 2020 | 3,919,759 |  |  | $ | 18.17 |  |  | 3.13 |  | $ | 23,427,581 |
Exercisable as of March 31, 2020 | 3,772,523 |  |  | $ | 18.10 |  |  | 3.18 |  | $ | 22,816,683 |
The total intrinsic value of stock options exercised during the three months ended March 31, 2020 and 2019, was $0.3 million and $5.3 million, respectively. There were no stock options granted during the three months ended March 31, 2020 or 2019. Long-term Incentive Program Performance Share Awards A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) is as follows:
| Number of Shares at Expected Attainment |  | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2019 | 669,469 |  |  | $ | 20.12 |
Vested | (668,240) |  |  | 20.12 |
Forfeited | (5,368) |  |  | 20.12 |
Change in attainment | 4,139 |  |  | 20.12 |
Nonvested as of March 31, 2020 | — |  |  | $ | — |
During the three months ended March 31, 2020, a total of 668,240 LTIPs vested. The Company withheld 165,237 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. Restricted Share Awards A summary of nonvested restricted share awards (“RSAs”) is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2019 | 92,842 |  |  | $ | 20.13 |
Vested | (88,913) |  |  | 20.12 |
Forfeited | (3,929) |  |  | 20.35 |
Nonvested as of March 31, 2020 | — |  |  | $ | — |
During the three months ended March 31, 2020, a total of 88,913 RSAs vested. The Company withheld 28,233 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. Total Shareholder Return Awards A summary of nonvested total shareholder return awards (“TSRs”) is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2019 | 1,062,291 |  |  | $ | 35.77 |
Granted | 677,195 |  |  | 30.01 |
Vested | (199,413) |  |  | 24.37 |
Forfeited | (59,733) |  |  | 38.95 |
Change in payout rate | (14,259) |  |  | 24.37
Nonvested as of March 31, 2020 | 1,466,081 |  |  | $ | 34.64 |
During the three months ended March 31, 2020, a total of 199,413 TSRs awards granted in fiscal 2017 vested and achieved a payout rate of 93% based on the Company's total shareholder return as compared to a group of peer companies over a three-year performance period. The Company withheld 53,033 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. The fair value of TSRs granted during the three months ended March 31, 2020 and 2019, were estimated on the date of grant using the Monte Carlo simulation model, acceptable under ASC 718, using the following weighted average assumptions:
| Three Months Ended March 31, |  |
| 2020 |  | 2019
Expected life (years) | 2.8 |  | 2.8
Risk-free interest rate | 0.5 | % |  | 2.5 | %
Expected volatility | 31.4 | % |  | 29.3 | %
Expected dividend yield | — |  |  | — |
Restricted Share Units A summary of nonvested restricted share unit awards (“RSUs”) is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2019 | 1,009,404 |  |  | $ | 29.96 |
Granted | 726,012 |  |  | 25.43 |
Vested | (327,491) |  |  | 28.40 |
Forfeited | (74,771) |  |  | 30.02 |
Nonvested as of March 31, 2020 | 1,333,154 |  |  | $ | 27.87 |
During the three months ended March 31, 2020, a total of 327,491 RSUs vested. The Company withheld 103,839 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. As of March 31, 2020, there were unrecognized compensation costs of $33.7 million related to nonvested RSUs, $31.5 million related to nonvested TSRs, and less than $0.1 million related to nonvested stock options, which the Company expects to recognize over weighted average periods of 2.4 years, 2.5 years, and 0.9 years, respectively. The Company recorded stock-based compensation expense recognized under ASC 718 for the three months ended March 31, 2020 and 2019, of $7.0 million and $6.6 million, respectively, with the corresponding tax benefits of $1.4 million and $1.2 million, respectively.

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