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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation |
10. | Share-Based Compensation
The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for stock-based awards, measured at the fair value of the awards at the grant date. The Company recognized expense of $0.6 million and $0.4 million during the three-month periods ended September 30, 2016 and 2015, respectively, and $1.7 million and $1.3 million during the nine-month periods ended September 30, 2016 and 2015, respectively. The Company granted no options during the three-month period ended September 30, 2016 and 154,000 options during the three-month period ended September 30, 2015. The Company granted approximately 100,000 and 250,000 options during the nine-month periods ended September 30, 2016 and 2015, respectively. The weighted-average fair value of stock options granted during the nine months ended September 30, 2016 and 2015 was estimated at $2.07 and $4.53 per option, respectively, using the Black-Scholes option-pricing model based on the following assumptions: Expected Volatility: The Company utilizes a volatility factor based on the Company’s historical stock prices for a period of time equal to the expected term of the stock option utilizing weekly price observations. For the nine months ended September 30, 2016 and 2015, the Company utilized a weighted-average volatility factor of 39% and 45%, respectively. Expected Term: For the nine months ended September 30, 2016, and 2015, the Company utilized a weighted-average expected term factor of 6.5 years and 6.4 years, respectively. Risk-Free Interest Rate: The risk-free interest rate factor utilized is based upon the implied yields currently available on U.S. Treasury zero-coupon issues over the expected term of the stock options. For the nine months ended September 30, 2016 and 2015, the Company utilized a weighted-average risk-free interest rate factor of 2.1% and 1.9%, respectively. Expected Dividends: The Company utilized a weighted average expected dividend rate of 3.6% and 2.3% to value options granted during the nine months ended September 30, 2016 and 2015, respectively. The Company granted approximately 165,000 and 310,000 restricted stock units during the three-month periods ended September 30, 2016 and 2015, respectively, and approximately 270,000 and 320,000 restricted stock units during the nine-month periods ended September 30, 2016 and 2015, respectively. The weighted-average fair value of restricted stock units granted during the nine months periods ended September 30, 2016 and 2015 was estimated at $9.77 and $9.48 per unit, respectively, using the value of stock in the open market on the date of grant. The fair value of the stock-based awards granted is recorded as compensation expense on a straight-line basis over the vesting periods of the awards adjusted for the Company’s estimate of pre-vesting forfeitures. The pre-vesting forfeiture estimate is based on historical activity and is reviewed periodically and updated as necessary. There is a portion of the outstanding restricted stock units that have both performance and service-based vesting conditions. The Company has determined that the performance condition is likely to be met. As such, the related expense will be recognized over the service period. There were approximately 74,000 options exercised during the nine months ended September 30, 2016. The Company received $0.5 million and $0.1 million in cash from employees and directors exercising options during the nine months ended September 30, 2016 and 2015, respectively. The intrinsic value of options exercised during the nine months ended September 30, 2016 and 2015 was $0.2 million.

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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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