Treasury Stock and Share Based Awards (Tables)

9 Months Ended

Sep. 30, 2015

Below is a summary of the Company’s treasury stock activity for the nine months ended September 30, 2015:


	Number of Treasury Shares		Cost
Balance at January 1, 2015		4,057,135	$	61,807
Restricted stock withholdings ⁽¹⁾		108,472		4,770
Restricted stock forfeitures		14,158		—

Balance at September 30, 2015		4,179,765	$	66,577

⁽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 $35.44 to $44.67 per share.

Restricted Stock

Below is a summary of restricted stock activity for the nine months ended September 30, 2015:


	Shares of Restricted Stock			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015		878,897		$	24.92
Granted		226,212		$	42.79
Vested		(328,532	)	$	23.71
Forfeited		(14,158	)	$	25.93

Outstanding at September 30, 2015		762,419		$	30.74

Unvested restricted stock at September 30, 2015		762,419		$	30.74

Summary of Restricted Stock Award Activity


	Nine Months Ended September 30,
	2015		2014
Compensation expense recognized during the period	$	7,142	$	7,264
Fair value of restricted shares that vested during the period	$	10,291	$	18,571
Income tax deduction upon vesting of restricted stock awards	$	3,823	$	7,109

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 nine months ended September 30, 2015 at each of the three target levels of financial performance (excluding forfeiture assumptions):


	Number of Shares Vesting		Value at Grant
at IRR of at least 7.5%		47,640	$	2,057
at IRR of at least 9.5%		95,282	$	4,115
at IRR of at least 11.5%		142,922	$	6,173

Summary of Activity for Restricted Stock Unit Awards


	Nine Months Ended September 30,
	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	$	5,483	$	11,312
Accumulated dividends paid upon vesting of restricted stock unit awards	$	442	$	1,341
Income tax benefit recognized upon vesting of restricted stock unit awards	$	2,303	$	4,751
Compensation expense recognized during the period	$	2,708	$	2,300