Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2016

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, 2016, 995,093 shares were available for future grant.

Share-based compensation expense for 2016, 2015 and 2014 was $8.5 million, $7.8 million and $8.3 million or $5.2 million, $5.0 million and $5.2 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, 2016, 2015 and 2014.

The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2016:

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

Non-vested January 1, 2016		696,097	$	37.02
Granted		420,368	$	33.46
Vested		(219,951)	$	36.34
Forfeited		(115,574)	$	35.75
Non-vested at December 31, 2016		780,940	$	35.48

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

Restricted stock grants	2016		2015		2014

Employees		394,243		316,531		273,910
Outside directors		26,125		22,000		20,000
Total		420,368		338,531		293,910

Weighted average grant date fair value	$	33.46	$	37.60	$	39.66

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, 2016, 2015 and 2014 was $7.5 million, $8.7 million and $9.4 million, respectively.

As of December 31, 2016, there was $20.8 million of unrecognized compensation cost related to non-vested share-based compensation that is expected to be recognized over a weighted average period of 2.98 years.

During January 2017, we granted 324,797 shares of restricted stock to certain employees and 27,500 shares of restricted stock to outside directors with a weighted average grant date fair value of $43.75. The stock vests over a three to five year period.

- 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.

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