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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2014
Share-based Compensation [Abstract]  
Stock-based compensation
Stock-Based Compensation
The Company has several stock-based compensation plans under which it is currently authorized to grant restricted stock and stock. As of December 31, 2014, there are 5.6 million remaining shares available to grant under these plans. The Company generally issues new shares of common stock to satisfy restricted stock, stock and performance share awards.
Total stock-based compensation expense (after tax) was $4.4 million, $3.9 million and $4.0 million in 2014, 2013 and 2012, respectively.
As of December 31, 2014, total remaining unrecognized compensation expense related to stock-based compensation was approximately $8.0 million (before income taxes) which will be amortized over a weighted average period of 1.6 years.
Stock awards
Nonemployee directors may receive shares of common stock instead of cash in payment for directors' fees under the nonemployee director stock compensation plan. There were 43,088 shares with a fair value of $1.1 million, 36,713 shares with a fair value of $1.1 million and 53,888 shares with a fair value of $1.1 million issued under this plan during the years ended December 31, 2014, 2013 and 2012, respectively.
A key employee of the Company received an award of 43,103 shares of common stock under a long-term incentive plan with a fair value of $930,000 during the year ended December 31, 2012.
Performance share awards
Since 2003, key employees of the Company have been awarded performance share awards each year. Entitlement to performance shares is based on the Company's total shareholder return over designated performance periods as measured against a selected peer group.
Target grants of performance shares outstanding at December 31, 2014, were as follows:
Grant Date
Performance
Period
Target Grant
of Shares

February 2012
2012-2014
251,196

March 2013
2013-2015
240,419

February 2014
2014-2016
196,840


Participants may earn from zero to 200 percent of the target grant of shares based on the Company's total shareholder return relative to that of the selected peer group. Compensation expense is based on the grant-date fair value as determined by Monte Carlo simulation. The blended volatility term structure ranges are comprised of 50 percent historical volatility and 50 percent implied volatility. Risk-free interest rates were based on U.S. Treasury security rates in effect as of the grant date. Assumptions used for grants of performance shares issued in 2014, 2013 and 2012 were:
 
 
 
2014

 
 
2013

 
 
2012

Grant-date fair value
 
 

$41.13

 
 

$29.01

 
 

$17.18

Blended volatility range
18.94
%
–
20.43
%
16.10
%
–
19.39
%
24.29
%
–
25.81
%
Risk-free interest rate range
.03
%
–
.74
%
.09
%
–
.40
%
.10
%
–
.35
%
Discounted dividends per share
 
 

$2.15

 
 

$2.12

 
 

$1.19


The fair value of the performance shares that vested during the year ended December 31, 2014, was $16.6 million. There were no performance shares that vested in 2013 or 2012.
A summary of the status of the performance share awards for the year ended December 31, 2014, was as follows:
 
Number of
Shares

Weighted
Average
Grant-Date
Fair Value

Nonvested at beginning of period
749,991

$
21.99

Granted
196,840

41.13

Additional performance shares earned
236,699

19.99

Vested
(491,213
)
19.99

Forfeited
(3,862
)
29.01

Nonvested at end of period
688,455

$
28.16