Treasury Stock and Share Based Awards (Tables)

3 Months Ended

Mar. 31, 2015

Below is a summary of the Company’s treasury stock activity for the three months ended March 31, 2015:


	Number of
	Treasury
	Shares		Cost
Balance at January 1, 2015		4,057,135	$	61,807
Restricted stock withholdings ⁽¹⁾		107,825		4,748
Restricted stock forfeitures		11,737		—

Balance at March 31, 2015		4,176,697	$	66,555

⁽¹⁾

The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $41.21 to $44.67 per share.

Restricted Stock

Below is a summary of restricted stock activity for the three months ended March 31, 2015:


	Shares of			Weighted Average
	Restricted			Grant Date
	Stock			Fair Value
Outstanding at January 1, 2015		878,897		$	24.92
Granted		169,862		$	43.28
Vested		(298,251	)	$	22.97
Forfeited		(11,737	)	$	25.72

Outstanding at March 31, 2015		738,771		$	29.93

Unvested restricted stock at March 31, 2015		738,771		$	29.93

Summary of Restricted Stock Award Activity


	Three Months Ended March 31,
	2015		2014
Compensation expense recognized during the period	$	2,590	$	2,616
Fair value of restricted shares that vested during the period	$	13,161	$	17,466
Income tax deduction upon vesting of restricted stock awards	$	3,311	$	6,645

Number of Shares Vested Under Restricted Stock Unit Awards

Below is a table summarizing the potential number of shares that could vest under restricted stock unit awards granted during the three months ended March 31, 2015 at each of the three target levels of financial performance (excluding forfeiture assumptions):


	Number of
	Shares		Value at
	Vesting		Grant
at IRR of at least 7.5%		45,994	$	1,991
at IRR of at least 9.5%		91,988	$	3,981
at IRR of at least 11.5%		137,982	$	5,972

Summary of Activity for Restricted Stock Unit Awards


	Three Months Ended March 31,
	2015		2014
Number of restricted stock unit awards that vested during the period		123,769		392,238
Fair value of restricted stock unit awards that vested during the period	$	5,501	$	11,194
Accumulated dividends paid upon vesting of restricted stock unit awards ⁽¹⁾	$	46	$	—
Income tax benefit recognized upon vesting of restricted stock unit awards	$	2,303	$	4,751
Compensation expense recognized during the period	$	908	$	907

⁽¹⁾	Additional dividends of approximately $396 and $1,341 were paid during April 2015 and 2014, respectively.