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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2016
Share-Based Compensation [Abstract] |
Share-Based Compensation | 8. Share-Based Compensation ﻿ ﻿ The Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (the “Plan”) provides for various types of share-based grants, including restricted and unrestricted stock units and stock options. Restricted and unrestricted stock units give the holder the right to exchange their stock units for shares of the Company’s common stock on a one-for-one basis. Stock options give the holder the right to purchase shar es of the Company’s common stock at an exercise price equal to the fair value of the Company’s common stock on the date of the stock option’s award. Restricted stock units and stock options are usually subject to certain service and performance conditions and may not be sold or otherwise transferred until those restrictions have been satisfied; however, unrestricted stock units have no such restrictions. The term for stock options is limited to 10 years from the date of grant. As of December 31, 2016, there were 327,584 shares available to be granted under the Company’s share-based compensation plan. ﻿ Many of the awards issued under the Plan contain separate tranches, each for a separate performance period and each with a performance target to be established subsequent to the award date; accordingly, the tranches are accounted for under ASC 718 Stock Compensation (“ASC 71 8”) as separate grants, with the grant date being the date the performance targets for a given tranche are established and communicated to the grantee. Similarly, for these awards, compliance with the requirements of the Plan is also based on the number of units granted in a given year, as determined by ASC 718, rather than the number of units awarded in a given year. A s a result, as of December 31, 2016, the Company had outstanding awards with 448,000 restricted stock units and 448,000 stock options that had not been granted yet. These units will be granted in 2017, 2018 and 2019 when the performance targets for those respective years are established. ﻿ The following table summarizes restricted stock unit and stock option activity: ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ | Restricted Stock Units |  | Stock Options
﻿ |  |  | Weighted- |  |  |  | Weighted-
﻿ |  |  | Average |  |  |  | Average
﻿ |  |  | Grant Date |  |  |  | Exercise/
﻿ |  |  | Fair Value |  |  |  | (Strike) Price
﻿ | Number |  | Per Share |  | Number |  | Per Share
﻿Outstanding as of December 31, 2013 | 361,668 |  | $ | 17.30 |  | 1,295,000 |  | $ | 20.20
﻿Granted | 996,597 |  |  | 27.10 |  | 714,000 |  |  | 18.40
﻿Expired or forfeited | (20,000) |  |  | 24.77 |  | — |  |  | —
﻿Vested/exercised | (281,668) |  |  | 16.76 |  | (20,000) |  |  | 12.54
﻿Outstanding as of December 31, 2014 | 1,056,597 |  | $ | 26.54 |  | 1,989,000 |  | $ | 19.63
﻿Granted | 321,500 |  |  | 23.07 |  | 259,000 |  |  | 16.07
﻿Expired or forfeited | (281,560) |  |  | 23.89 |  | (250,000) |  |  | 15.97
﻿Vested/exercised | (370,940) |  |  | 27.07 |  | — |  |  | —
﻿Outstanding as of December 31, 2015 | 725,597 |  | $ | 25.28 |  | 1,998,000 |  | $ | 19.62
﻿Granted | 483,387 |  |  | 19.14 |  | 274,000 |  |  | 16.20
﻿Vested/exercised | (52,500) |  |  | 18.74 |  | (97,500) |  |  | 12.72
﻿Outstanding as of December 31, 2016 | 1,156,484 |  | $ | 22.64 |  | 2,174,500 |  | $ | 19.50
﻿ The following table summarizes unrestricted stock units issued to the members of the Company’s Board of Directors as part of their annual retainers: ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | Unrestricted Stock Units
﻿ |  |  |  |  | Weighted-
﻿ |  |  |  |  | Average
﻿ |  |  |  |  | Grant Date
﻿ |  |  |  |  | Fair Value
﻿Year |  | Number |  | Per Share
﻿2014 |  | $ | 47,873 |  | $ | 30.81
﻿2015 |  |  | 68,160 |  |  | 21.93
﻿2016 |  |  | 64,603 |  |  | 21.67
﻿ The fair value of unrestricted stock units issued during 2016, 2015 and 2014 was approximately $1.4 million, $1.5 million and $1.5 million, respectively. ﻿ The fair value of restricted stock units that vested during 2016, 2015 and 2014 was approximately $1.0 million, $8.0 million and $8.0 million, respectively. The aggregate intrinsic value, representing the difference between the market value on the date of exercise and the option price of the stock options exercised during 2016 and 2014 wa s $1.1 million and $0.3 million, respectively. As of December 31, 2016, the balance of unamortized restricted stock and stock option expense was $6.5 million and $0.7 million, respectively, which will be recognized over weighted-average periods of 1.3 years for restricted stock units and 0.5 years for stock options. ﻿ The 2,174,500 outstanding stock options as of December 31, 2016 had an intrinsic value of $18.5 million and a weighted-average remaining contractual life of 4.3 years. O f those outstanding options: 1) 1,402,500 were exercisable with an intrinsic value of $11.3 million, a weighted-average exercise price of $19.95 per share and a weighted-average remaining contractual life of 3.1 years; and 2) 772,000 have been granted but have not vested, of which 756,876 are expected to vest and have an intrinsic value of $7.2 million, a weighted-average exercise price of $18.49 and a weighted-average remaining contractual life of 6.5 years. ﻿ The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Year Ended December 31,
﻿ | 2016 |  | 2015 |  | 2014
﻿Total stock options granted |  | 274,000 |  |  |  | 259,000 |  |  |  | 714,000 |
﻿Weighted-average grant date fair value | $ | 5.31 |  |  | $ | 12.48 |  |  | $ | 17.69 |
﻿Weighted-average assumptions: |  |  |  |  |  |  |  |  |  |  |
﻿Risk-Free Rate |  | 1.2 | % |  |  | 1.3 | % |  |  | 1.8 | %
﻿Expected life of options(a) |  | 4.2 |  |  |  | 4.7 |  |  |  | 5.7 |
﻿Expected volatility(b) |  | 40.6 | % |  |  | 45.5 | % |  |  | 50.6 | %
﻿Expected quarterly dividends | $ | — |  |  | $ | — |  |  | $ | — |
| (a) |  | Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees.
| (b) |  | Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option.
﻿ For the respective years ended December 31, 2016, 2015 and 2014, t he Company recognized, as part of general and administrative expense, costs for stock-based payment arrangements for both employees of $13.4 million, $9.5 million and $18.6 m illion and non-employee directors of $1.4 million, $1.5 million and $1.4 million, with related aggregate tax benefits of $6.1 million, $4.6 m illion and $8.1 m illion, respectively. ﻿

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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 -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
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