XML 39 R19.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Equity Incentive Plans | 9 Months Ended
--- | ---
Sep. 30, 2016
Share-based Compensation [Abstract] |
Equity Incentive Plans | Equity Incentive Plan All grants of common shares and options to purchase common shares were issued under the Company's 2007 Equity Incentive Plan prior to May 12, 2016 and under the 2016 Equity Incentive Plan on and after May 12, 2016. Under the 2016 Equity Incentive Plan, an aggregate of 1,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. At September 30, 2016, there were 1,950,000 shares available for grant under the 2016 Equity Incentive Plan. Share Options Share options granted under the 2007 Equity Incentive Plan and the 2016 Equity Incentive Plan have exercise prices equal to the fair market value of a common share at the date of grant. The options may be granted for any reasonable term, not to exceed 10 years, and for employees typically become exercisable at a rate of 25% per year over a four-year period. The Company generally issues new common shares upon option exercise. A summary of the Company’s share option activity and related information is as follows:
| Number of options |  | Option price per share |  | Weighted avg. exercise price
Outstanding at December 31, 2015 | 516,305 |  |  | $ | 19.02 |  |  | — |  |  | $ | 65.50 |  |  | $ | 48.42 |
Exercised | (128,027 | ) |  | 19.41 |  |  | — |  |  | 65.50 |  |  | 38.13 |
Outstanding at September 30, 2016 | 388,278 |  |  | $ | 19.02 |  |  | — |  |  | $ | 65.50 |  |  | $ | 51.81 |
There were no options granted during the nine months ended September 30, 2016. The weighted average fair value of options granted was $16.35 during the nine months ended September 30, 2015. The intrinsic value of stock options exercised was $3.4 million and $6.7 million for the nine months ended September 30, 2016 and 2015, respectively. Additionally, the Company repurchased 86,337 shares into treasury shares in conjunction with the stock options exercised during the nine months ended September 30, 2016 with a total value of $5.6 million. At September 30, 2016, stock-option expense to be recognized in future periods was $1.2 million. The expense related to share options included in the determination of net income for the nine months ended September 30, 2016 and 2015 was $0.7 million and $2.2 million (including $1.4 million included in retirement severance expense in the accompanying consolidated statements of income), respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates for the nine months ended September 30, 2015: risk-free interest rate of 1.9%, dividend yield of 5.9%, volatility factors in the expected market price of the Company’s common shares of 48.0%, 0.78% expected forfeiture rate and an expected life of approximately six years. The Company uses historical data to estimate the expected life of the option and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Additionally, expected volatility is computed based on the average historical volatility of the Company’s publicly traded shares. The following table summarizes outstanding options at September 30, 2016:
Exercise price range |  | Options outstanding |  | Weighted avg. life remaining |  | Weighted avg. exercise price |  | Aggregate intrinsic value (in thousands)
$ 19.02 - 19.99 |  | 11,097 |  |  | 2.6 |  |  |  |  |
20.00 - 29.99 |  | — |  |  | — |  |  |  |  |
30.00 - 39.99 |  | 1,428 |  |  | 3.3 |  |  |  |  |
40.00 - 49.99 |  | 160,251 |  |  | 4.5 |  |  |  |  |
50.00 - 59.99 |  | 100,820 |  |  | 6.9 |  |  |  |  |
60.00 - 65.50 |  | 114,682 |  |  | 6.4 |  |  |  |  |
|  | 388,278 |  |  | 5.7 |  |  | $ | 51.81 |  |  | $ | 10,457 |
The following table summarizes exercisable options at September 30, 2016:
Exercise price range |  | Options outstanding |  | Weighted avg. life remaining |  | Weighted avg. exercise price |  | Aggregate intrinsic value (in thousands)
$ 19.02 - 19.99 |  | 11,097 |  |  | 2.6 |  |  |  |  |
20.00 - 29.99 |  | — |  |  | — |  |  |  |  |
30.00 - 39.99 |  | 1,428 |  |  | 3.3 |  |  |  |  |
40.00 - 49.99 |  | 145,971 |  |  | 4.3 |  |  |  |  |
50.00 - 59.99 |  | 48,679 |  |  | 6.6 |  |  |  |  |
60.00 - 65.50 |  | 48,697 |  |  | 3.8 |  |  |  |  |
|  | 255,872 |  |  | 4.6 |  |  | $ | 49.48 |  |  | $ | 7,486 |
Nonvested Shares A summary of the Company’s nonvested share activity and related information is as follows:
| Number of shares |  | Weighted avg. grant date fair value |  | Weighted avg. life remaining
Outstanding at December 31, 2015 | 390,441 |  |  | $ | 54.84 |  |  |
Granted | 300,752 |  |  | 61.53 |  |  |
Vested | (156,876 | ) |  | 52.74 |  |  |
Forfeited | — |  |  | — |  |  |
Outstanding at September 30, 2016 | 534,317 |  |  | $ | 59.22 |  |  | 1.27
The holders of nonvested shares have voting rights and receive dividends from the date of grant. These shares vest ratably over a period of three to four years. The fair value of the nonvested shares that vested was $9.2 million and $17.1 million (including $6.7 million in retirement severance expense in the accompanying consolidated statements of income) for the nine months ended September 30, 2016 and 2015, respectively. At September 30, 2016, unamortized share-based compensation expense related to nonvested shares was $18.6 million. Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows:
| Number of shares |  | Weighted avg. grant date fair value |  | Weighted avg. life remaining
Outstanding at December 31, 2015 | 18,036 |  |  | $ | 57.57 |  |  |
Granted | 15,805 |  |  | 70.93 |  |  |
Vested | (18,036 | ) |  | 57.57 |  |  |
Outstanding at September 30, 2016 | 15,805 |  |  | $ | 70.93 |  |  | 0.61
The holders of restricted share units receive dividend equivalents from the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. At September 30, 2016, unamortized share-based compensation expense related to restricted share units was $654 thousand.

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_ShareBasedCompensationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration