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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Note 15 — Stock-Based Compensation Incentive Plans The Company currently has outstanding stock-based awards granted under the 2007 Stock Option and Incentive Plan and the 2012 Omnibus Incentive Plan. Only the 2012 Plan is active and available for future grants. At September 30, 2016, there were 4,275,314 shares available for grant. Stock Options Stock options granted and outstanding under the incentive plans vest over periods ranging from immediately vested to five years and are exercisable over the contractual term of ten years. A summary of the stock option activity for the three and nine months ended September 30, 2016 and 2015 is as follows (option amounts not in thousands):
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Weighted |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | Number of |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Options |  |  | Price |  |  | Term |  |  | Value |
Outstanding at January 1, 2016 |  |  | 110,000 |  |  | $ | 3.19 |  |  |  | 2.3 years |  |  | $ | 3,482 |
Outstanding at March 31, 2016 |  |  | 110,000 |  |  | $ | 3.19 |  |  |  | 2.1 years |  |  | $ | 3,312 |
Outstanding at June 30, 2016 |  |  | 110,000 |  |  | $ | 3.19 |  |  |  | 1.8 years |  |  | $ | 2,650 |
Outstanding at September 30, 2016 |  |  | 110,000 |  |  | $ | 3.19 |  |  |  | 1.6 years |  |  | $ | 2,989 |
Exercisable at September 30, 2016 |  |  | 110,000 |  |  | $ | 3.19 |  |  |  | 1.6 years |  |  | $ | 2,989 |
Outstanding at January 1, 2015 |  |  | 230,000 |  |  | $ | 3.00 |  |  |  | 3.0 years |  |  | $ | 9,256 |
Outstanding at March 31, 2015 |  |  | 230,000 |  |  | $ | 3.00 |  |  |  | 2.8 years |  |  | $ | 9,861 |
Exercised |  |  | (80,000 | ) |  | $ | 2.50 |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2015 |  |  | 150,000 |  |  | $ | 3.26 |  |  |  | 2.9 years |  |  | $ | 6,142 |
Exercised |  |  | (10,000 | ) |  | $ | 6.30 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2015 |  |  | 140,000 |  |  | $ | 3.04 |  |  |  | 2.4 years |  |  | $ | 5,002 |
Exercisable at September 30, 2015 |  |  | 140,000 |  |  | $ | 3.04 |  |  |  | 2.4 years |  |  | $ | 5,002 |
There were no options exercised during the three and nine months ended September 30, 2016. For the three months ended September 30, 2015, the Company recognized aggregate tax benefits of $117 for 10,000 options exercised of which the aggregate intrinsic value was $320. For the nine months ended September 30, 2015, the Company recognized aggregate tax benefits of $1,309 for 90,000 options exercised of which the aggregate intrinsic value was $3,508. Restricted Stock Awards From time to time, the Company has granted and may grant restricted stock awards to its executive officers, other employees and nonemployee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome. The determination of fair value with respect to the awards concerning only performance or service-based conditions is based on the market value of the Company’s common stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the three and nine months ended September 30, 2016 and 2015 is as follows:
|  | Number of |  |  | Weighted |
|  | Restricted |  |  | Average |
|  | Stock |  |  | Grant Date |
|  | Awards |  |  | Fair Value |
Nonvested at January 1, 2016 |  |  | 620,513 |  |  | $ | 30.33 |
Vested |  |  | (20,917 | ) |  | $ | 48.42 |
Cancelled |  |  | (160,000 | ) |  | $ | 26.27 |
Forfeited |  |  | (750 | ) |  | $ | 45.25 |
Nonvested at March 31, 2016 |  |  | 438,846 |  |  | $ | 30.93 |
Granted |  |  | 102,440 |  |  | $ | 32.21 |
Vested |  |  | (24,235 | ) |  | $ | 37.34 |
Forfeited |  |  | (5,147 | ) |  | $ | 42.20 |
Nonvested at June 30, 2016 |  |  | 511,904 |  |  | $ | 30.77 |
Vested |  |  | (2,000 | ) |  | $ | 37.68 |
Forfeited |  |  | (5,890 | ) |  | $ | 36.67 |
Nonvested at September 30, 2016 |  |  | 504,014 |  |  | $ | 30.67 |
Nonvested at January 1, 2015 |  |  | 639,705 |  |  | $ | 28.33 |
Vested |  |  | (41,695 | ) |  | $ | 36.15 |
Forfeited |  |  | (1,088 | ) |  | $ | 48.42 |
Nonvested at March 31, 2015 |  |  | 596,922 |  |  | $ | 27.75 |
Granted |  |  | 83,260 |  |  | $ | 44.46 |
Vested |  |  | (16,000 | ) |  | $ | 13.48 |
Forfeited |  |  | (33,324 | ) |  | $ | 23.20 |
Nonvested at June 30, 2015 |  |  | 630,858 |  |  | $ | 30.55 |
Vested |  |  | (2,000 | ) |  | $ | 37.68 |
Forfeited |  |  | (4,344 | ) |  | $ | 45.52 |
Nonvested at September 30, 2015 |  |  | 624,514 |  |  | $ | 30.43 |
The Company recognized compensation expense related to restricted stock, which is included in other operating expenses, of $1,124 and $1,258 for the three months ended September 30, 2016 and 2015, respectively, and $3,072 and $4,047 for the nine months ended September 30, 2016 and 2015, respectively. At September 30, 2016 and 2015, there was approximately $7,401 and $8,986, respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 18 months. The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the three and nine months ended September 30, 2016 and 2015:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Deferred tax benefits recognized |  | $ | 434 |  |  | $ | 485 |  |  | $ | 1,185 |  |  | $ | 1,561 |
Tax benefits realized for restricted stock and paid dividends |  | $ | 45 |  |  | $ | 28 |  |  | $ | 176 |  |  | $ | 527 |
Fair value of vested restricted stock |  | $ | 75 |  |  | $ | 75 |  |  | $ | 1,993 |  |  | $ | 1,798 |
During the three and nine months ended September 30, 2016, no awards were issued with other than time-based vesting conditions.

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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=65895303&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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
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