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Employee Share Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Schedule of Share-Based Compensation Awards (Before Income Tax Expense) | During the years ended December 31, 2019, 2018 and 2017, we recognized compensation expense (before income tax expense) for these awards as follows (in thousands):
|  | 2019 |  |  | 2018 |  |  | 2017 |
Stock options |  | $ | 1,848 |  |  | $ | 2,609 |  |  | $ | 2,105 |
Restricted stock awards |  |  | 4,375 |  |  |  | 4,257 |  |  |  | 3,600 |
Performance share units |  |  | 1,031 |  |  |  | — |  |  |  | — |
Total share-based compensation expense |  | $ | 7,254 |  |  | $ | 6,866 |  |  | $ | 5,705 |
Stock Award Activity | Stock option activity during the year ended December 31, 2019 was as follows (number of options in thousands):
|  | Number of Options |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (in millions) |
Outstanding at December 31, 2018 |  |  | 3,622 |  |  | $ | 11.97 |  |  |  |  |  |  |
Granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Exercised |  |  | (1,210 | ) |  | $ | 8.77 |  |  |  |  |  |  |
Expired or canceled |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 2,412 |  |  | $ | 13.58 |  |  | 2.75 years |  | $ | 32.3 |
Vested and exercisable at December 31, 2019 |  |  | 1,456 |  |  | $ | 11.54 |  |  | 2.13 years |  | $ | 22.4 |
Schedule of Fair Value Option Award Weighted Average Assumptions Used | We utilized the Black-Scholes-Merton option-pricing model to determine the fair value of stock options on the date of grant. The fair value of stock options granted during the years ended December 31, 2018, and 2017 were $4.73 and $3.49, respectively. We didn’t grant any stock options during the year ended December 31, 2019. The following weighted average assumptions were utilized:
|  | 2018 |  |  | 2017 |
Expected volatility (1) |  |  | 22.04 | % |  |  | 22.22 | %
Expected option life (years) (2) |  |  | 4.62 |  |  |  | 4.61 |
Risk-free interest rate (3) |  |  | 2.80 | % |  |  | 1.85 | %
Expected dividend yield (4) |  |  | 0 | % |  |  | 0 | %
(1) | The expected volatility assumption was determined based upon the historical volatility of our stock price, using daily price intervals.
(2) | The expected option life was determined based upon our historical data using a midpoint scenario, which assumes all options are exercised halfway between the expiration date and the weighted average time it takes the option to vest.
(3) | The risk-free interest rate assumption was upon zero-coupon U.S. Treasury bonds with a term approximating the expected life of the respective options.
(4) | The expected dividend yield assumption was determined in view of our historical and estimated dividend payouts. We do not expect to change our dividend payout policy in the foreseeable future.
Schedule of Restricted Stock Award Activity | Restricted stock award activity during the year ended December 31, 2019 was as follows:
|  | Number of Shares (in thousands) |  |  | Weighted Average Grant-Date Fair Value (1) |
Non-vested at December 31, 2018 |  |  | 632 |  |  | $ | 15.35 |
Granted |  |  | 227 |  |  | $ | 19.78 |
Vested |  |  | (282 | ) |  | $ | 13.76 |
Forfeited |  |  | — |  |  | $ | — |
Non-vested at December 31, 2019 |  |  | 577 |  |  | $ | 17.87 |
(1) | Represents weighted average market value of the shares as the awards are granted at no cost to the recipients.
Performance Shares [Member] |
Stock Award Activity | The following table presents our PSU award activity during the twelve months ended December 31, 2019 (in thousands, except per share data):
|  | Number of PSUs (in thousands) |  |  | Grant-Date Fair Value Per Unit |
Outstanding at beginning of year |  |  | — |  |  | $ | — |
Granted |  |  | 173 |  |  | $ | 19.82 |
Vested |  |  | — |  |  | $ | — |
Adjustments for performance results |  |  | 27 |  |  | $ | 19.82 |
Expired or cancelled |  |  | — |  |  | $ | — |
Outstanding at December 31, 2019 |  |  | 200 |  |  | $ | 19.82 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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