XML 43 R19.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Stock-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2015
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, 2015, there are 5.6 million remaining shares available to grant under these plans. The Company generally issues new shares of common stock to satisfy employee performance share awards and purchases shares on the open market for nonemployee director stock awards. Total stock-based compensation expense (after tax) was $2.9 million, $4.4 million and $3.9 million in 2015, 2014 and 2013, respectively. As of December 31, 2015, total remaining unrecognized compensation expense related to stock-based compensation was approximately $5.6 million (before income taxes) which will be amortized over a weighted average period of 1.5 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 58,181 shares with a fair value of $1.1 million, 43,088 shares with a fair value of $1.1 million and 36,713 shares with a fair value of $1.1 million issued under this plan during the years ended December 31, 2015, 2014 and 2013, respectively. 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, 2015, were as follows:
Grant Date | Performance Period | Target Grant of Shares |
March 2013 | 2013-2015 | 188,388 |
February 2014 | 2014-2016 | 142,989 |
February 2015 | 2015-2017 | 220,078 |
June 2015 | 2015-2017 | 14,441 |
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 2015, 2014 and 2013 were:
|  |  | 2015 |  |  |  | 2014 |  |  |  | 2013 |
Weighted average grant-date fair value |  |  |  | $18.98 |  |  |  |  | $41.13 |  |  |  |  | $29.01 |
Blended volatility range | 22.86 | % | – | 24.61 | % | 18.94 | % | – | 20.43 | % | 16.10 | % | – | 19.39 | %
Risk-free interest rate range | .05 | % | – | 1.07 | % | .03 | % | – | .74 | % | .09 | % | – | .40 | %
Weighted average discounted dividends per share |  |  |  | $1.57 |  |  |  |  | $2.15 |  |  |  |  | $2.12 |
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 2015 and 2013. A summary of the status of the performance share awards for the year ended December 31, 2015, was as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value |
Nonvested at beginning of period | 688,455 |  | $ | 28.16 |
Granted | 258,454 |  | 18.98 |
Vested | — |  | — |
Forfeited | (381,013 | ) | 22.31 |
Nonvested at end of period | 565,896 |  | $ | 27.90 |

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=6418621&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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + 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