Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

NOTE 13. Stock-Based Compensation Plans

In 1996, we adopted a Long-Term Incentive Plan (the “1996 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 1996 Incentive Plan was 1,800,000. In 1997, we adopted a second Long-Term Incentive Plan (the “1997 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 1997 Incentive Plan was 600,000. In 1999 we adopted a third Long-Term Incentive Plan (the “1999 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 1999 Incentive Plan was 2,400,000. In 2002, we adopted a fourth Long-Term Incentive Plan (the “2002 Incentive Plan”). The number of shares of Class A Common Stock reserved for issuance under the 2002 Incentive Plan was 2,400,000. In 2003, we amended our 2002 Incentive Plan to add an additional 2,000,000 shares of Class A Common Stock that are reserved for issuance. In 2007, we amended our 2002 Incentive Plan to add an additional 1,000,000 shares of Class A Common Stock that are reserved for issuance. Under the 2002 Incentive Plan, stock options, stock appreciation rights, restricted stock, restricted stock units and performance units may be granted for the purpose of attracting and motivating our key employees and non-employee directors. We have not granted any stock options since 2003 and have no stock options outstanding. Restricted stock vests over a three to five year period. As of December 31, 2015, 526,747 shares were available for future grant. When stock options are exercised, either new shares are issued or shares are issued out of treasury.

Share-based compensation expense for 2015, 2014 and 2013 was $7.8 million, $8.3 million and $7.7 million or $5.0 million, $5.2 million and $4.6 million, net of taxes, respectively.

Intrinsic value for stock options is defined as the difference between the current market value and the grant price. There were no options exercised during the year ended December 31, 2015 or 2014. The total intrinsic value of options exercised during the year ended December 31, 2013 was $0.6 million. Cash received from stock options exercised during the year ended December 31, 2013 was $0.04 million. The tax benefit realized for tax deductions from stock options exercised for the year ended December 31, 2013 was $0.2 million.

The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2015:

			Weighted
			Average
			Grant Date
Non-vested restricted stock	Shares		Fair Value

Non-vested January 1, 2015		728,670	$	35.81
Granted		338,531	$	37.60
Vested	(232,466)		$	34.49
Forfeited	(138,638)		$	36.33
Non-vested at December 31, 2015		696,097	$	37.02

The following table summarizes the restricted stock granted during the respective years:

Restricted stock grants	2015		2014		2013

Employees		316,531		273,910		280,900
Outside directors		22,000		20,000		20,000
Total		338,531		293,910		300,900

Weighted average grant date fair value	$	37.60	$	39.66	$	34.64

Vesting period	3-5 years		3-5 years		3-5 years

The fair value of non-vested restricted stock is equal to the market price of our stock at the date of grant.

The total fair value of restricted shares vested during the years ended December 31, 2015, 2014 and 2013 was $8.7 million, $9.4 million and $7.5 million, respectively.

As of December 31, 2015, there was $19.3 million of unrecognized compensation cost related to non-vested share-based compensation that is expected to be recognized over a weighted average period of 2.94 years.

During January 2016, we granted 339,852 shares of restricted stock to certain employees and 22,000 shares of restricted stock to outside directors with a weighted average grant date fair value of $32.95. The stock vests over a three to five year period.