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Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock options activity for the years ended December 31, 2015, 2014 and 2013:

		Shares				Weighted-average exercise prices
Outstanding at December 31, 2012			5,177,582			$	2.06
Granted			150,000				23.36
Exercised			(4,042,046	)			1.99
Outstanding at December 31, 2013			1,285,536			$	4.77
Granted			100,000				24.01
Forfeitures			(31,164	)			1.30
Exercised (1)			(945,040	)			1.96
Repurchased			(93,332	)			4.83
Outstanding at December 31, 2014			316,000			$	19.56
Expired			(50,000	)			23.36
Forfeitures			(126,000	)			18.81
Outstanding at December 31, 2015			140,000			$	18.88
Exercisable at December 31, 2015			33,333			$	24.01

⁽¹⁾  At December 31, 2014, the total intrinsic value of options exercised during the year amounted to $19.3 million.

Fully Vested Stock Options

The following table presents information about fully vested stock options for the years ended December 31, 2015, 2014 and 2013:

		Years ended December 31,
		2015								2014								2013
		Shares				Weighted average exercise price				Shares				Weighted average exercise price				Shares				Weighted average exercise price
Vested stock options (1)(2)(3)			33,333			$	24.01				766,995			$	3.75				3,757,099			$	2.07

⁽¹⁾  At December 31, 2015, there is no intrinsic value for vested stock options as the options are out-of-the-money. For December 31, 2014 and 2013, the aggregate intrinsic value amounted to $14.0 million and $84.9 million, respectively.

⁽²⁾  The weighted average contractual term of fully vested options is 8.16 years, 6.06 years and 7.04 years as of December 31, 2015, 2014 and 2013, respectively.

⁽³⁾  The fair value of vested stock options at December 31, 2015, 2014 and 2013 amounted to $1.4 million, $17.0 million and $92.7 million, respectively.

Assumptions used to Estimate Fair Value of Stock Option Granted

The fair value of stock options granted during 2014 and 2013, none were granted in 2015, was estimated using the Black-Scholes-Merton (“BSM”) option pricing model, with the following assumptions:

		Years ended December 31,
		2014				2013
		Stock options granted under the 2013 Plan				Stock options granted under the 2010 Plan
Stock Price		$	24.01 per share			$	23.36 per share
Risk-free rate			1.80	%			1.68	%
Expected volatility			36.98	%			36.56	%
Expected annual dividend yield			1.63	%			1.71	%
Expected term			6 years				6 years

Nonvested Restricted Shares and RSUs Activity

The following table summarizes the nonvested restricted shares and RSUs activity for the years ended December 31, 2015, 2014 and 2013:

Nonvested restricted shares and RSUs		Shares				Weighted-average grant date fair value
Nonvested at December 31, 2012			115,420			$	5.90
Granted			9,133				24.64
Vested			(115,420	)			5.90
Nonvested at December 31, 2013			9,133			$	24.64
Granted			23,252				22.04
Vested			(9,133	)			24.64
Nonvested at December 31, 2014			23,252			$	22.04
Granted			596,238				22.24
Vested			(94,550	)			21.33
Forfeited			(33,214	)			23.61
Nonvested at December 31, 2015			491,726			$	22.32

Share-Based Compensation Recognized

Share-based compensation recognized was as follows:

		Years ended December 31,
(Dollar amounts in thousands)		2015				2014				2013
Share-based compensation recognized, net
Stock options		$	193			$	4,305			$	5,820
Restricted shares and RSUs			5,011				282				359

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