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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2017
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 other stock awards. As of December 31, 2017, there were 5.1 million remaining shares available to grant under these plans. The Company generally purchases shares on the open market for non-employee director stock awards. The Company purchased shares on the open market for the employee performance shares that vested in 2017. The Company anticipates future employee performance share awards will continue to be satisfied by purchasing shares on the open market. Total stock-based compensation expense (after tax) was $2.7 million, $3.3 million and $2.9 million in 2017, 2016 and 2015, respectively. As of December 31, 2017, total remaining unrecognized compensation expense related to stock-based compensation was approximately $4.8 million (before income taxes) which will be amortized over a weighted average period of 1.5 years. Stock awards Non-employee directors receive shares of common stock in addition to and in lieu of cash payment for directors' fees. Shares of common stock were issued under the non-employee director stock compensation plan or the non-employee director long-term incentive compensation plan. There were 40,572 shares with a fair value of $1.1 million, 37,218 shares with a fair value of $1.1 million and 58,181 shares with a fair value of $1.1 million issued under these plans during the years ended December 31, 2017, 2016 and 2015, 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, 2017, were as follows:
Grant Date | Performance Period | Target Grant of Shares |
February 2016 | 2016-2018 | 258,825 |
March 2016 | 2016-2018 | 2,151 |
February 2017 | 2017-2019 | 164,558 |
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 2017, 2016 and 2015 were:
|  |  | 2017 |  |  |  | 2016 |  |  |  | 2015 |
Weighted average grant-date fair value |  |  |  | $24.31 |  |  |  |  | $14.60 |  |  |  |  | $18.98 |
Blended volatility range | 22.70 | % | – | 25.56 | % | 29.25 | % | – | 32.51 | % | 22.86 | % | – | 24.61 | %
Risk-free interest rate range | .69 | % | – | 1.61 | % | .47 | % | – | .92 | % | .05 | % | – | 1.07 | %
Weighted average discounted dividends per share |  |  |  | $1.70 |  |  |  |  | $1.56 |  |  |  |  | $1.57 |
The fair value of the performance shares that vested during the years ended December 31, 2017 and 2016, was $9.6 million and $953,000, respectively. There were no performance shares that vested in 2015. A summary of the status of the performance share awards for the year ended December 31, 2017, was as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value |
Nonvested at beginning of period | 664,188 |  | $ | 21.47 |
Granted | 203,646 |  | 24.31 |
Additional performance shares earned | 81,643 |  | 19.22 |
Less: |  |
Vested | 360,319 |  | 24.88 |
Forfeited | 163,624 |  | 24.46 |
Nonvested at end of period | 425,534 |  | $ | 18.35 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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