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Stock-Based Compensation Plans | 3 Months Ended
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Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation Plans | NOTE 14 – STOCK-BASED COMPENSATION PLANS The Company grants stock options and stock equivalent units (“SEUs”) from time to time as a long-term performance incentive. In certain cases the grants are subject to performance conditions such as the Company’s stock price. Where performance conditions apply the Monte Carlo simulation model is used to determine the fair values. Otherwise the Black-Scholes model is used to determine the fair values. Stock option plans The following table summarizes the transactions of the Company’s stock option plans for the three months ended March 31, 2019:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant-Date Fair Value |
Outstanding at December 31, 2018 |  |  | 545,249 |  |  | $ | 32.46 |  |  | $ | 36.06 |
Granted - at discount |  |  | 67,230 |  |  | $ | 0.00 |  |  | $ | 71.54 |
- at market value |  |  | 12,539 |  |  | $ | 81.07 |  |  | $ | 22.69 |
Exercised |  |  | (70,632 | ) |  | $ | 13.78 |  |  | $ | 27.78 |
Forfeited |  |  | (1,584 | ) |  | $ | 62.39 |  |  | $ | 26.57 |
Outstanding at March 31, 2019 |  |  | 552,802 |  |  | $ | 31.92 |  |  | $ | 41.16 |
At March 31, 2019, there were 45,170 stock options that were exercisable, of which 6,592 had performance conditions attached. The stock option compensation cost for the first three months of 2019 was $1.6 million (first three months of 2018 – $0.8 million). The total intrinsic value of options exercised in the first three months of 2019 was $2.1 million (first three months of 2018 – $1.9 million). The total compensation cost related to non-vested stock options not yet recognized at March 31, 2019 was $14.1 million and this cost is expected to be recognized over the weighted-average period of 2.32 years. Stock equivalent units The following table summarizes the transactions of the Company’s SEUs for the three months ended March 31, 2019:
|  | Number of SEUs |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant-Date Fair Value |
Outstanding at December 31, 2018 |  |  | 418,936 |  |  | $ | 3.47 |  |  | $ | 52.45 |
Granted - at discount |  |  | 119,315 |  |  | $ | 0.00 |  |  | $ | 71.70 |
- at market value |  |  | 4,359 |  |  | $ | 81.07 |  |  | $ | 22.69 |
Exercised |  |  | (118,772 | ) |  | $ | 2.42 |  |  | $ | 47.35 |
Forfeited |  |  | (750 | ) |  | $ | 0.00 |  |  | $ | 51.05 |
Outstanding at March 31, 2019 |  |  | 423,088 |  |  | $ | 3.59 |  |  | $ | 59.01 |
At March 31, 2019, there were 41,312 SEUs that are exercisable, of which 37,920 had performance conditions attached. The charges for SEUs are spread over the life of the award subject to a revaluation to fair value each quarter. The revaluation may result in a charge or a credit to the income statement in the quarter dependent upon our share price and other performance criteria. The SEU compensation cost for the first three months of 2019 was $7.5 million (first three months of 2018 – $1.2 million). The total intrinsic value of SEUs exercised in the first three months of 2019 was $6.2 million (first three months of 2018 - $1.6 million). The weighted-average remaining vesting period of non-vested SEUs is 2.39 years.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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